Sotheby's and Ebay partnership will aim to reach a broader market as art masterpieces such as the works of Monet and Picasso will soon be available for online biddings. The deal call for online auction at eBay and physical auction house Sotheby's.

The Sotheby's and Ebay partnership makes this possible via the introduction of a web platform that lets customers bid, regardless of their location, on various art pieces and collectibles.

According to UK's wired.co, the platform enables eBay's 145 million active users to stream Sotheby's auctions as they are shown on a designated section of the website. The online access opens art collectors and enthusiasts from all over the world to a new level of viewing and buying experience. Sales exclusively made online will then be added later via the sophisticated bidding technology and payment system of eBay.

This joint venture is not a first for the two companies. Back in 2002, eBay and Sotheby's auctions have attempted to forge a partnership but was unsuccessful. Today, the vast number of active users of the popular online marketplace makes it possible for the real-life auction house to tap a broader market, all of whom are expected to be familiar with the workings of online biddings.

The COO of Sotheby's auctions Bruno Vinciguerra said that their partnership was properly timed given the growth of the art market and the latest technological advantages. The Sotheby's and Ebay partnership was carried out as part of their effort to make their products available to the international market. Through the help of the online technology by eBay, they will be make fine arts available to the widest market possible.

At present, the global art market is worth £65 billion. However, according to the Global Art Market report published by TEFAF Maastricht in the earlier part of 2014, online sales have dipped lower than average because of competition with other luxury products. Nonetheless, projections remain optimistic as online art sales are expected to hit $13 billion by 2020.