Amazon.com, Sotheby’s Plan Joint Web Site

Amazon.com Inc., the Internet’s largest retailer, said it will invest $45 million in international auction house Sotheby’s Holdings Inc. as the companies plan to introduce a joint auction site later this year that will sell coins, antiques and other collectibles. Amazon.com said it will buy 1 million Sotheby’s shares at $35.44 a share, Sotheby’s closing price Monday. It will also pay $10 million for three-year warrants that will let it buy another 1 million shares at $100 apiece. The companies have agreed to run https://www.sothebys.amazon.com for 10 years. The new site will give Amazon.com access to higher-priced auction goods, an international clientele and Sotheby’s database of customers’ purchasing history. Shares of Seattle-based Amazon.com rose $15.19 to close at $111.69 on Nasdaq. New York-based Sotheby’s rose $4.13 to close at $39.25 on the New York Stock Exchange.