Friday - 28 November 2014

Is this a record for the slowest selling lot ever?

30 June 2014Written by ATG Reporter

Auctioneer Richard Madley believes he may have set a record for the longest time ever taken to sell a single lot.

The Dreweatts Bloomsbury director has been a fine art, classic car and cricket auctioneer for 36 years including, in the past few years, a role as the official auctioneer for the players in the IPL cricket auctions in India.

Now he has taken his first property auction, selling a huge property modestly described as a 'bungalow' for a charitable institution. "Opening the building at 261 crore rupees (£26.1m) and going up in two crore increments, my hammer eventually fell at 372 crore (£37.2m)," he told ATG.

"This is the highest price ever paid for a property in India. The other record I am checking on is whether it was the longest time ever taken for an auctioneer to sell a single lot? I opened the bidding at 10.30am and dropped my hammer at midday - 90 minutes to sell one lot.

"Do any of your readers know of any other examples of bidding at its słowest?"

 

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