Online Auction is the New Retail Therapy

September 21 2020

While retailers across America shutter their doors or open to serve a disappointing trickle of customers, auction houses have become virtual one-stop shopping destinations for people buying luxury goods across all categories, thanks to Zoom previews, online video condition reports, and easy online bidding.

Online auctions are the new retail therapy. Sotheby's reported an increase of 30% in new bidders and buyers so far this year, saying too that 30% of all bidders are now under 40. Younger clients, who are comfortable bidding online even for high-ticket items, have turned watches into particularly hot category. And there's a rising level of enticing inventory as enthusiasts cull their collections. Auctioneers have reached a lot of new clients with smaller online sales and made sales more accessible. Adding to the thrill, bidding in auctions can be an addiction.

The brightest spot is that many young bidders started participating during the pandemic and have bought large ticket items. The younger generation is already comfortable online. Eliminating the in-person bidding makes the process less intimidating to them, thus increasing the participation.

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Auction Houses that Offer Online Bidding:

Skinner offers more than 60 auctions annually. Skinner auctions reach an international audience and showcase the unique, rare, and beautiful in dozens of categories, including the fine and decorative arts, jewelry, modern design, musical instruments, science and technology, wine, and many others.

Morphy Auctions has become one of the great success stories of the antique trade. Founded by Dan Morphy in 1997, Morphy’s has realized meteoric growth and set numerous world auction records in many categories, while attracting a global following of buyers that grows exponentially with each successive sale.

LiveAuctioneers is an auctions platform for collectibles, antiques, jewelry, and art. Founded in 2002, LiveAuctioneers broadcasts thousands of live auctions annually, presenting millions of items for live bidding.

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