How did auctions strike their peak as a business? And how did this embrace the modernity of the way to auction such an art piece?
What’s unexpected, though, is the pace and scope of the pandemic transformation, in terms not only of how sales are conducted but also in every facet of the process — and how technology has enabled these changes.
The in-person auction, with its traditional pattern and gavel-banging and crowd buzz, has been giving way in recent years to online business — a change accelerated by the coronavirus pandemic, which, according to one study, has advanced the pace of online commerce by two years.
The vast business sector is still recovering so much because the pandemic is still ongoing and the virus is not going anywhere. Hence, there are ways to how businesses like auctions are thriving to cope and get along with the waves.
With these changes and difficulties at times, online auctions have been a growing part of the business for years, and potential buyers have long been able to send in a bid online or by phone, but in-person live sales have remained de rigueur for the most valuable items. A live event held in front of a crowd had an element of theatricality.
The “new normal” for businesses suggests that:
The surge in online sales –
With consumers resorting more to online shopping amid pandemic restrictions, entrepreneurs have embraced the digital phenomenon of online shopping even more. E-commerce websites such as Lazada and Shopee are at the forefront of these online shopping platforms with expected surges in sales revenues in the millions.
Know the impact it will have on making a difference in your business’ liquidity
It’s good to know that in the case of receivables in USD Checks drawn from banks within the USA, you can have them deposited to your account in as fast as 8 days. Make sure that this is available within your bank branches.
With this, houses hold two kinds of auctions. One is life — essentially an in-person auction held virtually — and the other is the eBay model of submitting bids over a given time period.
For the highest of high-end auction houses such as Sotheby’s and Christie’s, the necessity of moving online during the pandemic spoiled their biggest attractions — formal gatherings of well-heeled bidders who can offer hundreds of thousands or even millions of dollars for rare paintings by the masters or one-of-a-kind automobiles.
And it’s not just the actual sales that have changed. Many of the technological improvements are focused on the front end of the process: getting people interested enough to bid in the first place.
Key takeaway
Many people hope that the in-person art auction does not go away completely. Next up for auction houses in the busy November season, traditionally packed with sales across categories. In the longer term, they must decide what the process will look like if a coronavirus vaccine is introduced.
Of course, with this transition, houses that provide art auctions prefer their older traditional auctioneers/clients would still sign on to the brave new world we are spearing.
