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An eBay auction in cyberspace is like a football game without a live audience.  The essence of the live auction is not participation by everyone in attendance; instead it is the sensationalism and marketing dynamic it gives the art market.  That is not to say that online art auctions and purchases are a dying aspect of the art market.  To the contrary, I think the future for the electronic art market is bright as it has been able to survive despite major obstacles and failures of some companies. The issues of authenticity and the tangible nature of art, which while important, do not seem to have significantly deterred the buying of art online.

While I agree with Professor Finley that the "internet has taken out some of the "fan fare of the auction experience" (wiki comment), I believe the auction houses and the galleries (especially those affiliated with branded dealers), will continue to be the standard for buying and selling art, particularly any significant works.  The power of the branded auction houses and their media coverage is a key component of the success of the art market.  For those that can attend the preview, it may be just as important as the auction (if not more so) in terms of being seen amongst the art market players - something that can't be done over the internet.  And while going to the inspection may make bidding on line more comfortable, it cannot replace the auction.  Yes, art can be bought and sold without a Christie's or Sotheby's.  But the people in art world (and probably most all people) love the sensationalism associated with a major auction – it fuels the art market in a way that neither eBay nor any online art auction can.  They also like how the star-power of a branded dealer increases prices and notoriety of artists, which in turn I think helps grow the market.  So while I believe that internet art sales will expand, I don't see it significantly changing the dominance of the auction houses and galleries in the art market.

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