The pandemic has proved that the power of livestream auctions far outweighs eBay-style online bidding, according to Auction House London, whose latest sale attracted its highest ever number of lots.
Since being forced to move to livestream sales due to Covid, numbers have been going up, says auctioneer and director Andrew Binstock (main pic), who reports that 172 properties were listed last month.
Client feedback about the auctions shows that they love working this way, he adds: “There are more sellers and buyers flocking to us at each sale and the figures speak for themselves, while some of our competitors, trying to sell using the online-only route without interaction from an auctioneer, are struggling. Not many auctioneers are willing to spend nine and a half hours on the rostrum.”
Binstock’s passion for the livestream system has grown during the last 18 months and he believes auctioneers will only be driven back to an actual auction room by a wish from some in the industry to keep a tradition going.
Algorithms and auctions
“The skill of an auctioneer is crucial in sensing the temperature of a sale – something a computer and its algorithms simply can’t do,” he says.
At the last Auction House London event, it successfully sold 90% of the lots, with sales reaching more than £20m. Land without planning permission attracted particularly fierce bidding, as buyers snapped up small parcels with the potential of developing them at a later date. Lot 29 in Windridge Close, St Albans, for example, was guided at £15,000 and sold at £82,000.
Auction House London is now taking entries for its next sale on 8th December at 12 noon.