In its first attempt to modernize live auctioning, Christie's sold an astounding $820,000 in wine. All browsing and bidding was done completely online.
A luxury marketer once told me that wealthy consumers will never buy anything online – sight unseen – for more than $10,000.
We may have to change that price to $50,000.
Christie’s sold $819,715 worth of wine during an online-only auction. Among the big sellers was a case of 1982 Château Lafite-Rothschild, which sold to an Asian collector for $42,350.
Christie's and other auction houses have long used the Internet to sell some products and to market for live auctions. But during the two-week timed wine auction, all browsing and bidding was done completely online. Its success could mean that online-only auctions are the wave of the future. (Read more: The 'Fairy Tales' of Art, Wine and Jewels)
Read more, CNBC