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By John Oates
Published: 12 August 1999 15:41 BST
Sotheby's is to launch an online auction house this autumn - and claims to have already signed up more than 3,000 dealers to act as 'Internet partners' to back the scheme.
The 250-year-old company has signed a ten year agreement with Amazon.com to run two sites (www.sothebys.amazon.com and sothebys.com).
All lots in the auctions will be guaranteed as authentic.
Diana Brooks, president and CEO of Sotheby's, said that the development of a strong Internet auction business had been Sotheby's most important corporate priority this year.
The company also announced turnover for the first half of 1999 of $209.m, down from $215.1m for the first half of 1998.
Profits for the period were also down from $27.3m for the first half of 1998 to $22.2m for the same period this year.
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