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World first: House is sold via online auction run by AI bot

A house in central Dublin has sold for €345,000 after being entered into an online auction run by an artificial intelligence based auctioneer.

Nigel Lewis

artificial intelligence

A property for sale in Ireland is the first to be sold via an online real-time auction run by an artificial intelligence (AI) based auctioneer.

Operated by online auction firm clicktopurchase, it was offered on behalf of Dublin agency Allen & Jacobs for €250,000 but eventually sold for €345,000 after several minutes of frenzied bidding.

The three-bedroom and partially-refurbished detached property is on Sweeney’s Terrace in central Dublin and its sale was completed entirely online without the need for a human auctioneer, via legally-binding offers.

Half a dozen bidders fought over the property and bids started at €200,000. Each bid was entered by verified online bidders and the proceedings were managed by the AI auctioneer until completion.

clicktopurchase says its platform enables any estate agent to set themselves up as an auctioneer and invite bids for properties although agents can opt to either use its ‘Gabi’ AI auctioneer or use a human one.

Artificial intellgence

The system uses blockchain technology to provide a fully electronic audit trail including the signing and completion of the sales contract.

“Every agent is now able to offer such a sales conclusion, and every buyer can purchase from anywhere in the world easily and without the intimidation of the auction room,” says Neil Singer, CEO of clicktopurchase.

“With bidders still able to participate in competitive bidding but in the knowledge that it is totally secure and transparent, I have no doubt that the live ballroom will soon be a thing of the past.”

December 11, 2018

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