Coronavirus killed the thrill of the auction house, as Sotheby’s, Christie’s and Phillips reach millennial bidders online
For car collectors, handbag hoarders and jewellery junkies, digital auctions are the new way to get their fix, but conservative bidders might miss the sight, sound and adrenaline of the hammer going down in person
There is certainly a lot to be said for the sensory experience that a live auction, especially a collector car auction, provides – the atmosphere of the crowd, the sights, sounds and smells of the cars driving across the stage, and the in-person interaction between client and auction house. However, as more and more international auction houses go digital, those live auctions may become few and far between.
“Putting the damage the economy will inflict on the luxury market aside, I think that luxury auction houses that decide to join us here in the 21st century are going to see more competition than ever,” says Emile L’Eplattenier, veteran art and design bidder in New York City.
Institutions like RM Sotheby’s, Christie’s and Phillips are now offering immersive online auction experiences so bidders worldwide can view luxury lots from the comfort and safety of their home.
According to Christie’s, the organisation sold 10,472 lots across 87 online-only sales in 2019, with a total spending of £66.9 million (US$84.6 million). Its Asian consumption in online sales rose 9 per cent year-on-year, while the number of Asian buyers taking part in online-only sales rose by 18 per cent.
Luxury auction house RM Sotheby’s started to build its online platform last summer to expand their services and clientele – but had no idea the need for virtual offerings would become entirely necessary just a few months later.
“The Covid-19 pandemic pushed us to accelerate our online-only programme and allowed us to seamlessly transition our live Palm Beach auction to an online sale just 10 days out from the original dates,” says Ian Kelleher, chief marketing officer, RM Sotheby’s. “The results of that sale showed us that collectors around the world are still buying and selling quality cars online.”
While this could be a spike caused by the global pandemic, online bidding may prove to be an enduring positive change in the luxury auction world – why commute to Paris for fine art, Miami for superyachts and Geneva for vintage Porsches when you could bid around the globe with the click of a mouse?
Luxury auction veterans agree that digital auction programmes make so much more sense for bidders and collectors who want to reach a broader number of lots without travelling – for them, it’s less about the experience of the live auction and more about being able to find the pieces they’re after.
