Auction house hits £ 500million milestone

UK auctioneer Auction House reported raising more than half a billion pounds in the year to date – for the first time in the group’s 14-year history, with 3,045 lots sold out of 3,668 offered between January and October. .

According to the auctioneer, in October alone the group sold 401 out of the 479 lots on offer with a success rate of 83% and a total of £ 66,483,950.

Jeremy Prior, managing director of the auction house, comments: “This is a spectacular result for the group, helped in large part by our regional network of dedicated auction teams across the country, and our policy of betting on traditional ‘unconditional’ auctions, where sellers have the certainty of knowing that once the hammer falls, the deal is done.

“Many other auctioneers rely on ‘conditional’ sales, which involve a delicate 56-day limbo period after the auction itself – during which anything can happen to the sale – plus a tempting fee going up to 5% or 6%, which is usually paid by the buyer!

“Sellers often pay no fees in conditional sales, which leaves you wondering who the agent actually works for – seller or buyer – and where the agent’s real interests lie. “

Jeremy adds that auction house auctioneers have always worked hard to get the best possible price for their sellers, rather than trying to make a deal at any price.

He explains: “Some conditional auction practitioners have to ask who their customers are. Can they honestly say that they are striving to get the best price for their selling clients when their income is entirely dependent on the buyer’s payment of their fees?

“What’s more, many practitioners seem to ignore the fact that today’s buyers become tomorrow’s sellers – and those buyers have long memories. It’s no surprise that they neither expect nor appreciate having to pay by the teeth when they are already spending thousands of pounds of their hard-earned money on the price of the property itself.

“So it seems to me that ‘uncertain’ conditional auctions, coupled with the buyer paying ridiculously high fees, are both myopic and counter to the traditional auction.

He concludes : “In contrast, unconditional auctions are open, transparent, and the way buyers and sellers expect business to be done. This is what Auction House is good at and why we have become the leading specialists in the unconditional selling method. I think our latest reported sales figures of over half a billion pounds of goods sold in the year to date bear witness to this fact. “

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