The World Wide Wait

This week we have been discussing new technologies and the exciting range of possibilities that are appearing. The World Wide Web has opened the way for thousands of new clients across the world to bid and buy in the London auctions. 

So why do we not have internet bidding at our auctions?

Auction has proven itself over the ages to be a uniquely effective means of selling goods at the highest possible price, proving its superiority over a number of potential rivals including the 'countdown' method formerly represented by the once very popular 'sale by candle' and nowadays by such as Ebay. Many of us have experienced the enormous frustration of being 'sniped' on Ebay with no time left to respond. The public auction is uniquely able to marry the urgency of a 'last chance' situation with the spirit of direct competition.

Technology prematurely introduced can be ruinous in any business and this was strikingly proven recently when the failure of an Internet connection caused the postponement of an auction in Switzerland, with all the possible harm to realisations and negative publicity that this created.

The greatest threat that the internet bidding systems carry, however, is the harm that they can do to one of the most important aspect of the public auction - the room atmosphere.

Much study has been made of the psychology of this and auctioneers are taught to pace their selling to best create the correct tension within the room. A smooth rhythm with pauses of correct length is essential. When slowed down below a certain point the atmosphere of the room is lost and bidding deteriorates.

As our regular clients will know, our expected rate of selling is 200+ lots per hour, a pace that is expected and appreciated by those attending. With any of the internet bidding systems seen elsewhere, we would be fortunate to go at even a third of that speed. In May our auctions would have taken nearly two weeks to sell!

Are there alternative services for those who wish to participate directly but who can not attend?

Yes, for example telephone bidding. Our research indicates that pretty much 100% of people interested in internet bidding also have access to a telephone.

Bids may be safely emailed, faxed or posted to the auction house before the sale with full confidentiality then assured.

Do not forget also the role of auction agents, those powerful creatures who can participate fully in the auction room contest whilst maintaining the secrecy of those for whom they are 'really' bidding. Like us the agents know the importance of 'being there' rather than sitting at a remote computer.

However, if you truly want to be part of the auction experience, and especially if the results are important to you, we would urge all collectors to come on the day if at all possible.  Auctions can become collector events in themselves, gatherings of like-minded specialists who come firstly to see who they are 'up against' and often end up making new contacts, leading them to share knowledge and sometimes forming the friendships between collectors that do so much to breathe life into our hobby.

Will we never allow internet bidding ? It is very likely for we are no Luddites, as the efficiency of our other computer systems certainly demonstrates. The day will arrive when an internet bidding system can be used – but only when it is both entirely reliable  and sufficiently rapid to not be an ugly intruder in the room. Broadband speeds vary widely around the world and bidding systems available at this time simply can not yet provide the speed of response required to not cause delay and spoil the auction for those attending.

At Grosvenor we have an enormous respect for the traditions of the public sale. We enjoy its gladiatorial nature and are much appreciative of the effort made by our clients to turn up and participate in the live event. We would hate to see them driven away by the tedium of a slow auction.

So until we can provide this service at a level of speed and reliability in which we can be truly confident we, and our clients, will not be joining the World Wide Wait.

JG