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Sellers turn to auction as bidder numbers and selling prices rocket

Auction House is reporting a wave of new sellers to its auctions, attracted by a rise in the number of bidders, and selling prices which are regularly reaching figures well-ahead of expectations. 

The group has already experienced its busiest ever March, with 476 lots entered into this month’s sales, compared to its previous highest figure of 434 in 2020. 

Commenting on the figures, Auction House founding director Roger Lake said: “In an ordinary year, this would be considered an excellent achievement; in the middle of a global pandemic, it’s a phenomenal one. Our auctions are often attracting viewer numbers well into four figures, and some lots are each receiving more than 100 bids before the hammer falls. One of our recent livestream auctions had over 1,000 bidders registered to take part.” 

During February, and despite the restrictions of a third lockdown, Auction House sold 395 auction lots from 490 offered, at a success rate of 80.6% and raised almost £59m. 

Lake added: “Ultimately, the auction process is far more responsive. The time it takes from someone’s decision to sell a property to the moment the money arrives in their bank account is unbelievably quick.”

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