Because we have deep experience in the management of auctions we are often asked by customers how do we recommend they use our platform? What is our point of view?
It is tempting to look at it from our perspective and just say do everything with us. But you can really get to pretty much the same answer if you look at it from the perspective of what is best for the customer in terms of raising the most money and reducing hassle.
So, in a nutshell here is our point of view;
- We believe that customers should make it as easy as they can for as many bidders as possible to bid with the least amount of friction. More bids = more money. Always.
- We believe that auctions and parties do not mix well– why Sotheby’s does not hold their art auctions in the middle of a party. Bidders have to fight the crowd, search many clipboards that have items they want, face social distractions, awkward ending, etc. Auctions and a party are not a natural combination.
- We believe that you raise the most money if auctions run online 24×7 because that enables as many bidders as possible to engage and they should close online before or after the event when there are no social distractions and reduce set up hassle because there are way less items in the room.
- And if customers strongly believe they need items to close at the event we believe they should create scarcity in the room by focusing their bidders on just those that need bulk shipping (anything that can be shipped in an envelope should close online).
- And if they are closing items in the room they should ideally close them in a mobile bidding environment that reduces bidding friction (auction + party) while creating a dynamic and exciting bidding process with outbid alerts and a live leaderboard that drives more bidding= more money.
If any client follows these guidelines they will almost always make more money than if they flood the room with clipboards to compete with the party creating a lot of set up work and long checkout lines.
That is our POV. We hope this makes sense.