Livestream auctions are the future, says Auction House London
Auction House London says the Coronavirus pandemic has proved that the power of livestream sales far outweighs the impact of ‘ebay-style’ online auctions, with its latest sale attracting its highest ever number of lots and successfully selling 90% of them.
Auctioneer and Director of Auction House London, Andrew Binstock says: “Since we were forced to move to livestream sales as a result of Covid, our numbers are just going up and up. In our last sale we had 172 properties listed - our highest ever in any auction. There are more sellers and buyers flocking to us at each sale and the figures speak for themselves. We’re doing better than ever, and I have no reason to want to turn back the clock - especially when we’re smashing it right now!”
Andrew Binstock continued: “Our feedback shows our clients love this way of buying and selling. Meanwhile, some of our comeptitors, trying to sell using the online-only route without interaction from an auctioneer, are struggling.
“The service we provide is second to none. Not many auctioneers are willing to spend nine-and-a-half hours on the rostrum! The skill of an auctioneer is crucial in sensing the temperature of a sale – something a computer and its algorithums simply can’t do.”
Andrew Binstock’s passion and pride for the livestream system they have honed over the last 18 months is well placed and he believes auctioneers will only be driven back to an actual auction room by a wish from some in the industry to keep a tradition going.
At its 27 October sale, Auction House London had a 90% success rate with sales reaching more than £20m (£20,584,200). Land without planning permission is attracting fierce bidding, with buyers snapping up small parcels with the potential of developing them at a later date. Lot 29 in Windridge Close, St Albans (pictured above) was guided at £15,000 and sold at £82,000.
Developers are seizing the moment with properties which can be converted or extended and in Blenheim Park Road in South Croydon, this 1930s property with permission to change into 4 flats was guided at £450,000 before selling at £750,000.
Auction House London next sale is on Wednesday 8 December 2021, at 12 noon, which is being streamed live.