Seel and Co auctioneers received a record-breaking 1048 bids for one lot at its first online auction on March 31st.
Due to the coronavirus outbreak, the century old auctioneer held the auction fully online and got bidders to register and bid early for the lots in its catalogue but were shocked when more than 1000 bids came in for lot number 26.
Lot number 26 was a leasehold interest in a terraced house on Broadway, Cardiff. Its guide price was just £1, but it eventually sold for more than £21,000.
Huw Edwards, auctioneer at Seel and Co, said of the auction: “Lot 26 was an unusual lot in itself as it is a leasehold interest which is relatively short, which is why the guide price was so low. When we realised that the bids were mounting we were very surprised and pleased for our client.”
“We then realised that in fact we had more than 1048 bids on that one lot and have been told that this is a record for an online property auction, which was even better news.”
Huw added: “This was a new experience for us at Seel and Co, after more than 100 years in the auction business going online was a step into the unknown, but one that has really paid off.”
“All of the lots sold well in excess of their guide price and we had lots of bidders register, some of whom had never bought at an auction before. It was great that this format attracted a different buying audience.”
Seel and Co’s next online auction is being held on the 19th May. The catalogue will be available online from Friday 1st May and you will then be able to register to bid for each lot via our website at www.seelandco.com. Bidding will then commence on Friday the 15th May. Bidding will conclude on the 19th May, closing at the same time it would have done if it was a physical auction from 5pm for Lot 1.
We will be posting as many full 3D VR tours as possible, as well as photographs for this auction to allow interested parties to view from the comfort of their own home in these challenging times.
Seel and Co, is one of the oldest independent chartered surveyors, block management, lettings and auction houses in the UK.