I started this article originally as an auction update. It has been an interesting couple of months in the auction world and there are certainly some results, trends and opportunities to share with you all.

I thought instead of doing that this month, I’ll write an article on that subject in April giving a rundown of results for Q1. It’ll be a more complete article given the majority of auctions will have finished by the time I put pen to paper for April’s article.

Now, you can’t talk about auctions and data without talking about Essential Information Group (EIG). For avid readers of mine, you will be well aware of them as I talk about them in relation to auctions on a more than regular basis. For clarity, I am not commissioned nor am I a recognised brand ambassador.

Now whilst I firmly believe that within the auction space EIG is unmatched and supremely valuable, it is not the only data source we will be looking at.

With that out of the way, let’s talk data. As with all data, it is important to discern what is being measured, how it is measured and finally what results that data creates.

What is being Measured:
Success! Success is the primary metric that is being measured. There are several metrics which auctioneers prefer to be measured by:
1. Number of lots offered under the hammer (real or electronic) vs number of lots sold. Which gives the percentage
sold rate.

2. Amount raised. Gives an indication of the quality (in price terms) of the stock they have taken on and through the machinations of the auction, what the eventual and combined amount was sold on the day.

The two metrics above are very much the traditional metrics of an auctioneer and of course the public will be measuring the success of the auction.