Results from the first timed auction on the-saleroom.com, hosted last month for McTear’s of Glasgow, indicate that this style of selling has a useful role to play alongside established live auctions of fine art and antiques.
"We were delighted to be the first
auctioneer to conduct a timed auction on the-saleroom.com," said
McTear's managing director Brian Clements. "We were very pleased
with the results. Timed auctions on the-saleroom.com have already
proven themselves to be an excellent additional means of auctioning
stock including items that have not sold at live auction."
For auctioneers a timed auction can be a
quick and easy way to bring lots to market without some of the
costs associated with a traditional sale. In the UK industrial and
commercial sector timed auctions are already the preferred format
for auctioneers and bidders, but they are envisaged as an adjunct
to the established art and antiques sale calendar.
Buyers will find timed sales listed
alongside live auctions on the-saleroom.com. Bidders can register in the
usual way and place confidential maximum bids on lots of interest.
They are automatically informed by email if they are outbid. If a
bid is placed within two minutes of a lot ending, the end time is
extended for a further two minutes.
Buyers can keep track of multiple bids using
the My Saleroom facility.