Live Wine Auctions Online - Bringing More Bidders to the Room
I just returned from Chicago where I supervised the Internet broadcasting of Edward Roberts International May 2006 Fine and Rare Wine Auction. For the past 3 years, WineCommune has been working with ERI (among others), to allow Internet users to participate in live auctions and bid against in room bidders.
See the results of the most recent ERI auction.
Traditional live auctions are an excellent way to acquire rare wines. Staid auction houses often can access wines that cannot be found online or at your local retailer. They inspect each bottle and research its provenance and then offer it to the public. People bid on the wine either by submitting absentee bids or by showing up on the day of the auction to bid in the auction room.
The internet is a natural compliment to the traditional auction process. Broadcasting the auctions online opens up the bidding to those who can't be in the room, increases the competativeness and results in better results for the auctioneer (and his consignor).
We developed a Java applet that keeps the bidder informed of the lot and the current bid. He has one button that allows him to place a bid at the current increment. The rest of the GUI is information: what is the current bid, is your bid winning/losing, what lot number is up, etc.
The system is very efficient and keeps pace with the in room bidders. In the three years WineCommune has done this, I have found we can double the number of participants on auction day and many others use the system just to watch the action.
eBay's live auction program does something similar for small auction houses across the country. But none of the major auction houses do any online broadcasting. Places such as Christies, Sotheby's, and Zachy's are content to just display auction catalogues online, but require in room or absentee bids.
See the results of the most recent ERI auction.
Traditional live auctions are an excellent way to acquire rare wines. Staid auction houses often can access wines that cannot be found online or at your local retailer. They inspect each bottle and research its provenance and then offer it to the public. People bid on the wine either by submitting absentee bids or by showing up on the day of the auction to bid in the auction room.
The internet is a natural compliment to the traditional auction process. Broadcasting the auctions online opens up the bidding to those who can't be in the room, increases the competativeness and results in better results for the auctioneer (and his consignor).
We developed a Java applet that keeps the bidder informed of the lot and the current bid. He has one button that allows him to place a bid at the current increment. The rest of the GUI is information: what is the current bid, is your bid winning/losing, what lot number is up, etc.
The system is very efficient and keeps pace with the in room bidders. In the three years WineCommune has done this, I have found we can double the number of participants on auction day and many others use the system just to watch the action.
eBay's live auction program does something similar for small auction houses across the country. But none of the major auction houses do any online broadcasting. Places such as Christies, Sotheby's, and Zachy's are content to just display auction catalogues online, but require in room or absentee bids.
1 Comments:
Good points. Maybe some auction houses are avoiding live internet bidding to keep people coming to the in-room auctions.
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