Try your hand at online auctions

STREAMING: YOU ONLY NEED A COMPUTER OR CELLPHONE ʂ Internet bidding is becoming a favourite among local and international buyers.

Over the years, Park Village Auctions (PVA) has earned a reputation for pioneering numerous technological innovations and was the first auction house in South Africa to allow online bidders to participate in live auctions in real time.

PVA reports that in a hyperconnected world, online bidding has fast become a favourite among both local and international buyers.

“Online auctions allow bidders around the world to safely bid against bidders on the floor in real-time with the click of a mouse” explains Roy Lazarus of PVA, “This platform has greatly improved the results we are able to offer our clients. The beauty of this solution is that we can host an auction anywhere and that the participants only need a computer or cell phone with an internet connection.”

Lazarus explains that the process for participating in an online auction is straightforward and convenient: “Bidders pay an upfront deposit which enables them to register and bid. Live streaming webcast enables bidders to view the proceedings as they unfold. Bidders are further aided by virtual catalogues which appear on the screen accompanied by information about each lot.

“For the duration of the auction, real-time updates are displayed such as a preview of the following item on the roll as well as a snapshot of the sold items. An electronic vending roll sends a text message to the successful bidder, also in real time, to confirm that a bid is accepted and the display is projected at the auction site, allowing bidders on the floor to keep track as well.”

Bidders can also make use of PVA’s proxy bidding service where the audio from the auction floor is relayed by telephone to an office or home while viewing the proceedings on a PC or laptop.

Over and above online and proxy bidding services, PVA continues to offer a static online bidding system similar to that already widely used in the auction sector.

Lazarus offers the following advice to anyone interested in participating in future online auctions, “Online bidding has numerous benefits, but bidders need to be fully aware of the process. It is as secure as bidding in person as The Consumer Protection Act (CPA) requires full disclosure of any item up for auction. Bidders should view the items they wish to bid on before the auction, either online or in person, and know to ask the auctioneer as many questions as possible to assist in guiding their decision. No question will ever go unanswered.”

Online auctions allow bidders around the world to safely bid against bidders on the floor in real-time with the click of a mouse Roy Lazarus Park Village Auctions