All articles tagged with #online auctions
DOJ says Eblock, after acquiring Company A, and Company B employees conspired from 2020–2022 to suppress competition on a used-car online platform by sharing bidding data, fixing maximum bids, and deploying software to place shill bids under real dealerships, inflating prices; a whistleblower earned $1 million; Eblock agreed to a deferred prosecution with a $3.28 million fine and a compliance program.
Auction sales in the first half of 2025 declined by 6%, reaching their lowest in a decade, driven by economic concerns and a shift in collector demographics, with younger buyers favoring online and lower-priced items, signaling potential structural changes in the art market amid record wealth levels among the wealthy.
Wealthy, young collectors in Asia, particularly Gen Zers and millennials, have been driving demand for art, with mainland China being the top contributing region. They are showing a preference for online art auctions and are drawn to a diverse range of art forms, including sculptures, installations, digital art, and prints. The pandemic has accelerated the shift to digital in the art world, with auction houses investing in digital spaces to attract younger buyers who are more digitally savvy and globally connected.