Transformation of the
The Auction Industry
T
he auction world, a very old traditional and conservative sector, has had the cobwebs blasted off it by technology. Almost every aspect of the business is being transformed by technology says Simon Hope, Chairman of H&H Classics which has a distinguished track record of selling the best for the past 25 years.
Auction houses, just like any other business, are increasingly managed via the use of computers, with networked offices, online bidding, virtual auctions and live webcast auctions.
The days when one had to attend an auction in person are long gone. Today you can browse a sale beforehand and look at the classic cars on offer close up with all their history at your fingertips. You can receive an online catalogue to alert you to what is available.
Across the whole of the Collecting Market half of those who have bought at auction have only done so online.
Auctions are no longer the exclusive domain of the very rich. Massive growth is coming through at the lower
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and middle sections. The industry is boosting turnover by reaching out to a truly global market and is not limited by national borders anymore.
Consumers list the following reasons for buying at auction - better prices (value for money), unique items, quality, sustainability, bidding excitement and investment value.
Now when a car is secured for sale technology immediately kicks in. The car is catalogued on a computer and its image and provenance provided by email to potential buyers and the media for editorial and advertising purposes.
At the sale itself technology provides image and video of the cars for sale alongside the value of bids in three currencies, Sterling, the Euro and the US Dollar. This is essential as the bidding is coming in from around the globe.
Today we truly are a connected global village thanks to technology. So when H&H Classics offer a car for sale on their website – a Ferrari that will make $10m or a Mini for a much more
modest price – it gets attention around the world from the classic car buying community.
So the winners in the auction world are those auction houses which have both an online presence and a physical presence. They also need to build a trusted brand, delivering a great online experience, making access and transparency of pricing and procedures a priority. Technology rules.
For more information on classic cars, sales and auctions take a look at the H&H website at:
www.handh.co.uk
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