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.