Online bidding takes off

The internet is transforming auctions for both auctioneers and collectors – at a recent Irish sale, 60 per cent of bidders were online

ON SATURDAY, March 3rd last a couple reading this page in Co Donegal were struck by a photograph of one of the lots in an auction due to be held the following week at Sheppard’s in Durrow. They wanted to buy the item – an unusual 19th-century Staffordshire holy water font, described as “rare” by the auctioneers, which had a pre-sale estimate of €80 to €120.

The couple were unable to travel to Co Laois for the auction but noticed that online bidding was possible as the sale was due to be broadcast via the internet. But they didn’t have broadband. So they asked their daughter – who lives in Florida – to bid on their behalf. The lot was due to go under the hammer mid-afternoon in Durrow or mid-morning, Miami time.

On the day of auction, however, their daughter, a business executive, was called away to a meeting and asked her secretary, a Latvian woman, to do the bidding for her. The secretary, armed with the woman’s credit card, joined the live streaming of the auction from across the Atlantic and duly secured the holy water font for €210.

The following day, Wednesday, the couple drove from Donegal to Durrow. They examined the item, found it was to their satisfaction, had it bubble-wrapped, paid (the item had simply been secured by their daughter’s credit card) and, by 3.50pm were on the road home.

The internet is transforming auctions for both auctioneers and collectors. Auction houses throughout Ireland can now attract bidding from around the world. Although some collectors will always prefer to attend a viewing and auction, a growing number seem happy to rely on the information supplied in online catalogues and to bid from afar.

It is increasingly possible to bid at an auction anywhere, anytime worldwide, and to see and hear what is happening "live". Auctioneers are embracing the technology and using the services of specialist web auction broadcasters such as the-saleroom.com, artfact.comand liveauctioneers.com.

At last month’s auction of the contents of Mount Congreve in Waterford – the biggest sale of the year – auctioneers Mealy’s said that half of all bids were made online and had originated in over 60 countries.

At Adam’s in Dublin between 10 and 15 per cent of sales are now made to online bidders and “this figure is creeping upwards”. According to Adam’s director, Eamon O’Connor: “online bidding is growing slowly but surely and is bringing a global audience to our salerooms who are a click away from experiencing the buzz of the room via live audio and video feeds”.

He said “recently we’ve seen an influx of bidders from the Middle East who are purchasing large pieces of quality furniture destined for Dubai, Lebanon and Qatar” and that bidders in China were “adept at buying over the internet”.

Sheppard’s said that during the past three years online bidding had grown by 17 per cent a year and that about one in four bids was now made via the internet especially from Asia-based collectors.

At Whyte’s last year, 36 per cent of all bidders were online and they bought 11 per cent of all lots sold.

The drift to online bidding is an international phenomenon. According to Christie’s, in the first six months of 2012, its website had 20 per cent more visitors than the corresponding period in 2011. Responding to “the profound impact of the internet”, chief executive officer Steven P Murphy announced the launch of a series of online-only auctions “that will run in parallel to the company’s traditional saleroom-based auctions”.

The first, an auction of fine and rare wines, got underway on August 6th and Christie’s said that “all browsing and bidding for individual lots will be done completely online, with the click of a mouse”.

Sotheby’s has also updated its website and added several features including BIDnow (an online bidding feature), mobile and iPhone/iPad website access, improved e-catalogue features, Chinese language e-catalogues and a new wine website.

Apart from auctions, many Irish shops, galleries and dealers in fine art and antiques are also using the internet in an effort to boost business, selling items either via their own individual websites or on collective sites such as Irish Times-owned myantiques.ieand the Francis Street dealers' site artsandantiquesquarter.ie