Blog Post

Covid-19 - Transforming the auction industry

Publish Date: 24 March 2022

By Jade Shrubsole

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Further reading

Dialogue with David: Episode 1: Viewber

Hybrid auctions - The new normal?

Since Covid-19 struck almost overnight it put an immediate stop to in-room auctions, thankfully at EIG we already had a platform in use for auctioneers already holding online sales. When the pandemic hit, we scaled up, we had followed the virus closely so had anticipated a surge in demand for auctioneers wanting to be able to offer live-streamed and eBay-style auctions on their own websites.

David Sandeman EIG:

“We took on more staff and during the week before lockdown and two weeks afterwards we onboarded 70 or 80 different auction houses to use our services… I saw e-mails flying around at midnight to auctioneers. Everyone stepped up to the challenge,”

What auctioneers started to soon realise with online auctions is how much information you could gather about their prospective clients prior to the auction being held. Previously in room auctions, auctioneers would have a good idea of whether a lot would sell, with online auctions, bidders are asked to register to bid, as well as tracking legal downloads. Auctioneers are far more informed, and in a position to speak with vendors regarding reserve prices.

Auctioneers have adapted so seamlessly to holding online auctions, not only saving money on hiring venues but professionally online auctions can look better and offer a lot more convenience to the buyer and more information to the auctioneer.

Going back to the room for auctions we are sure will always have a place in our industry but we can see since the pandemic and the benefits to be had, with information available so freely, we predict online auctions will continue to appear online even alongside room auctions as a hybrid style auction model.