The site, founded in 2013 in the US, allows the auction house to move more into the middle market of online retailing, with the majority of items valued at $5000 and below.
It hopes to tap into the interior design market.
More than 60 galleries, showrooms and brands have signed up and it sells items from dealers such as Schumacher, Aerin, Jason Jacques Gallery and Casati Gallery.
Sotheby’s plans to expand its inventory by attracting more sellers. It charges individual vendors a commission of 50% of net proceeds if 20 or fewer items are listed, and 40% if 21 or more items are listed.
For showrooms and galleries, Sotheby's Home offers an undisclosed commission-only rate that it describes as “more advantageous”.
Doubling monthly revenues
Sotheby’s said the site “offers a solution encompassing all steps of the selling process, from curation and photography to moving and delivery”. Web traffic to viyet.com had increased by more than 200%, doubling monthly revenues since Sotheby’s bought it in February 2018.
The auction house has been diversifying from tradition auction areas and also runs retail business Sotheby’s Wine.
Tad Smith, Sotheby’s CEO, said: “Alongside Sotheby’s current online auction and retail platforms, Sotheby’s Home is another way we are uniting technology with wonderful objects to serve our clients.”
