Online auctions: it’s time to sell
LET’S ROLL back the clock to March 2006, when auction house Dreweatt Neate, now known as Dreweatts 1759, held the first online auction among the UK regional houses. Fast-forward 15 years and the modern era of internet bidding is fully integrated into the world of auctions, completely transforming the bidding process and bringing auctions to buyers from across the globe.
As a result of the pandemic, auction houses have witnessed considerable growth in online bidding. In January 2021, Dreweatts held the auction of Aynhoe Park, which attracted more than 3,000 online registrants compared to 200 online registrants at the same time the previous year. Considering lots were not viewed in person, it was amazing to see some pieces sell for figures of £100,000 to online bidders. That said, Christie’s recently accepted an online bid of more than US$69 million for Beeple’s non-fungible token, something that can never be physically touched or viewed in person.
It is easier than ever to submit an item for free valuation’
ADAPTING TO THE PANDEMIC
At the start of the Covid restrictions, auction houses, like many other businesses operating under a closed-door policy, had to think on their feet, coming up with new and creative ways of successfully showcasing and selling items.
The key was looking for ways to instil confidence in people to bid without
visiting the auction rooms on viewing days. Dreweatts invested in a 360° virtual-tour service, allowing potential buyers to walk through the showrooms to view the lots in situ from the comfort of their home.
Bidders could now feel part of the event; able to assess colours, consider scale and spot details that may not have immediately jumped out at them in the printed or online catalogue.
The stay-at-home restrictions were working to the advantage of the auction world, making buying online an engaging experience.
Dreweatts’ specialists also provided thorough condition reports and virtual private views over Facetime and Whatsapp to complement this new service.
The combination of online bidding facilities and innovative approaches taken by auction houses across the UK has created a buoyant auction market resulting in high prices and an opportune time to sell.
It is easier than ever to submit an item for a free valuation through most auction houses’ websites, including Chiswick Auctions, Roseberys and Dreweatts.
RISING ART PRICES
At the beginning of March 2021, Christie’s sold Tower of the Koutoubia Mosque by Winston Churchill for over £8 million against an estimated £1.5 to 2.5 million.
The rise in interest for online bidding has also led auction houses to present lots in timed online sales without an auctioneer. Sotheby’s Impressionist and Modern Art day sale took place online only and saw a work by Leonor Fini sell for nearly five times the bottom estimate at a hammer price of £499,000. And high prices are being seen across the regional auction houses, proving that the market is strong both in London and beyond.
Dreweatts’ recent Modern & Contemporary auction achieved a hammer price 71 per cent above the low estimate. More than 4,000 people viewed the online catalogue, with nearly 600 people registering to bid for just 200 lots. The most robust results were for a group of works by Edward Seago, which achieved £143,000 and a painting by Ivon Hitchens with a pre-sale estimate of £30,000-50,000 sold for £185,000.
The question has always been “when is it a good time to sell?” and the answer is “now”.