It will be the highest auction for a single item on eBay since January 2014, when the company was launched in 2009.
EBay, which recently completed a $2.2 billion acquisition of social media site Facebook, has become the most valuable private company in the world.
The auction will take place on April 24, 2019, in New York City’s Greenwich Village, with a $1.5 million fee per listing.
After the auction, the auction house will release the full details of the sale, which it expects to be completed in September 2020.
For more:Read more about eBay auction house.
Read more articles by Amy L. Burch, CNBC contributorThe auction house’s new CEO, John Donahoe, said at the time of the deal, “We believe that the auction will help drive greater demand for eBay’s inventory, and the sale will drive the prices of eBay’s merchandise up, which will help spur consumer spending and drive demand for our new business.”
The auction is also expected to be a boon for the auction houses inventory.
Auctions are expensive, especially when there are lots of people bidding on a lot of items.
We saw this in the 1990s, when Amazon sold off millions of items to raise capital for its new e-commerce business.
With a $600 million auction, eBay could be on track to break Amazon’s record for the largest-ever auction, as well as potentially become the first online retailer to sell at least $1 million worth of merchandise in one day.
The company, however, has a number of problems.
Its stock has fallen more than 50% this year, with analysts expecting it to lose up to 30% of its value in the coming months.
The new CEO has also pledged to improve the company’s ability to deliver the products it needs to meet consumer demand, though he said it would be a “long-term commitment.”
The company has also been struggling to find new ways to keep its users happy.
According to its latest quarterly earnings report, it was the second-lowest-performing company in its segment in 2016.