Briefing: Alibaba’s e-auction unit sales exceeded RMB 500 billion in 2018

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布局线下奢侈品拍卖 阿里拍卖2018年交易额超5000亿 – Sina Finance

What happened: Alibaba’s e-auction sales turnover exceeded RMB 500 billion ($73 billion) in 2018, up from RMB 200 billion in 2017 and RMB 100 billion in 2016, according to the company. Assets was the most popular category on the online platform, representing more 90% of the turnover, with luxury products such as handbags and watches coming in second. The e-auction unit is negotiating a partnership with Furui Tongyuan, a used luxury product auction house, to open offline outlets.

Why it’s important: Online auctions for assets and jewelry and gems are taking off in China as the newly wealthy look for diverse investment ideas. In addition to traditional auction houses which operate online auctions on their websites, major e-commerce players such as Alibaba, JD, and Suning are operating their own online auction businesses. Auction platforms for specific vertical industries like artwork and second-hand cars are also flourishing. Goods selling on online auctions vary from Boeing jets to yachts, stakes in listed companies, and bad debts.