Amazon adds bidding option to site for fine art, collectables

(Reuters) - Amazon.com Inc added a new feature to its website on Tuesday that allows customers to bid for lower prices on more than 150,000 items, including fine art and rare coins, sold by third-party vendors. The new feature represents a renewed attempt by Amazon to move beyond the fixed-price model on its site. In 1999, Amazon launched an online auction site, but the effort failed to compete with eBay Inc. Amazon went on to create a lucrative marketplace for third-party sellers which now accounts for about 40 percent of its quarterly unit sales. ...

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