In the modern age it’s no longer an option for companies wishing to be competitive to lack an online presence. This applies to traditional auction houses as much as any other business. However, auctioneers are understandably often uncertain about how plunging into the world of online auctions will affect the more traditional side of their business. Live auction webcasting can be an ideal compromise for those who wish to expand their online reach but don’t yet feel ready to branch out into online-only auctions:
- Live auction webcasting dramatically expands the number of bidders and potential buyers taking part in auctions. It makes auctions that would otherwise only be accessible to a limited few available to an almost unlimited audience of people from all over the country – or even all over the world.
- Online bidding is often more convenient to long-distance bidders than telephone or e-mail bidding. Online auctions have the advantage of being more familiar to bidders than more conventional forms of proxy bidding. Online bidding also allows bidders to keep track of how the auction is progressing in real time, so they can respond immediately to any new bids.
- It encourages competition – the more bidders participating in an auction the more likely lots are to sell for a high price. Auctions that give access to online bidders often bring substantially higher profits than if the auction had been an offline-only event.
- The lack of immediacy and a professional auctioneer in online auctions can occasionally limit their success, as can the severe geographical limitations of live auctions. In effect, auction webcasting has some of the best aspects of both worlds. The online component of the auction will hugely broaden the number of potential bidders, while the atmosphere of the live event will maintain the highly competitive element. Bidders at the live event will be spurred to bid higher amounts, and the same is true of the online bidders.
- It increases publicity for an auction house by bringing your auction services to the attention of a wide audience. People who may not otherwise have been aware of your services, or able to avail themselves of them, can experience the standard of service you can offer.
- Even highly prestigious traditional auction houses such as Sotheby’s, Bonham’s and Christie’s have taken advantage of auction webcasting technology. Christie’s in particular has proven the enormous benefits that can come from giving Internet access to live auctions. The firm has been webcasting a large proportion of its auctions to great success over the past 5 years, and has recently expanded into online-only auctions.
Live auction webcasting does have its various disadvantages – auction houses are slowly but surely moving towards exclusively online auctions, which are more efficient and cost-effective than live auctions and can be held more frequently. Here we have a specialized team that will run all your items with a private auctioneer that will understand the singularity of your business and do all the job of presenting your items not only in live auction but in retail websites as well if that is your interest.