Covid transforms market as auction house results hit all-time high

The UK’s biggest property auctioneer says there is now clear evidence of the impact the global coronavirus pandemic has had on the auction market, as the group sees an all-time high for the annual amount of money he raised, as well as a dramatic shift in his website demographics.

The auction house’s own figures indicate that compared to all of pre-Covid 2019, money raised in 2021 jumped by more than a third (37.9%) from 439,705,781 £ to over £600m (£606,142,854) – an increase of £166.4m.

Meanwhile, analysis shows that not only does the auction house’s website have more users (from 1.6 million in 2019 to 2.4 million now), but that a greater proportion of young people access the group’s services online. While use by the 55-64 age group fell by 19%, there was a 42% increase in the number of 25-34 year olds and an incredible 441% increase in the number of 18- 24 years involved. .

Commenting on the figures, the auction house’s managing director, Jeremy Prior, said: “Without a doubt, the pandemic has created a seismic shift in the way the market works, with impacts that are likely to last forever. Lockdowns and social distancing meant we had to focus on a mix of live and online auctions, which itself boosted the involvement of a younger demographic.

In December alone, Auction House offered 489 lots and sold 418 – a spectacular success rate of 85.5%, fetching £69,145,075 in the process.

Back To Top