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ONLINE AUCTIONS, WHERE OLD MEETS NEW

In recent times auction has moved into the digital realm, online auctions have become a buzz word and is gaining traction at a rapid pace.

Posted: 27 August 2020

Auction is as old as commerce itself, having been recorded as early as 500 BC. Auction is steeped in tradition and has maintained a connection to its roots throughout the ages. Around the globe auction has maintained its status of a mainstream method of sale from low value assets to some of the most expensive pieces of artwork.

In recent times auction has moved into the digital realm, online auctions have become a buzz word and is gaining traction at a rapid pace. Online auctions offer buyers and sellers an opportunity to transact from a PC or an app without having to physically attend an auction.

Traditional auctions create an atmosphere of excitement and competitiveness. Online auction companies are faced with the challenge of simulating the feeling of a traditional auction whilst bidding on an online platform.  It is interesting to witness how various online auction companies have adapted their service offerings and created online auction formats that seek to generate a similar atmosphere of excitement that auctions are known for.

As a result of the current pandemic, real estate auctioneers have been forced to conduct auctions online or face the prospect of not being able to conduct auctions at all. Online auctions have now become an accepted method of transacting and it seems as if it is here to stay, even when the pandemic is a distant memory.

Source: Ari Ben , AuctionInc CEO

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