Auctions and salerooms

Published: 18th February 2011
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For centuries raising your hand was the only way to bid at an auction, whether you were buying classic cars or an old painting. In the 1960s auction houses across the world introduced bidding by telephone, but the take-up was slow. Most would-be buyers used the phone to leave a bid with the auctioneer rather than to issue live instructions, round by round. Now technology has opened up another possibility: online bidding. Live auctions online are a burgeoning marketplace, with huge potential audiences switching onto its capabilities as technology and service develop.



The success rate for online bidders is now approaching 20%, double the level at the end of last year, with under bidders participating on a further 10% of final sales online. The advantage of live auction bidding online is clear: Instead of having to visit an auction house to place a bid, or hang on the end of the phone, bidders can now log on from anywhere in the world and take part in the bidding process as it happens. The psychology of buying at auction still tends to favor the bidder in the room.




He or she is part of the audience and can judge more easily whether competing bidders are approaching their limit. One of the first rules in collecting "anything" is buy what you like. The same holds true for wine. The world would be pretty boring if everyone ended up with the same things. I’ve heard collectors say if you find wine you like, buy three bottles. One to drink now, and two to save for later. The variety is endless. wines like to be stored in cool places. If you’re serious, start a cellar. If a cellar seems like too big a leap, then consider a wine fridge. Even a dark corner in the basement will work. Whether it is wine your looking for or a coke a cola collectable finding it on line at a saleroom is easier than ever.





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