Buyer beware: The best deals on prime time auctions
- by admin
The best places to bid on prime-time events has become a key selling point for Australian consumers, with online auction houses such as BCL and Murphy’s offering a range of high-quality deals.
Key points: BCL auctions have become a major part of the prime-to-prime price range for consumersSource: Bcl auction sites have been among the most popular prime-day auction sites for a whileNow, some of those sites have begun to pull back from the prime time category, but many more are still offering deals worth the effort.
“If you’re not the biggest fan of Prime Time but are still interested in buying, you should try the online bidders that are currently at auction,” says John Levey, a Sydney-based digital auctioneer.
“I would be surprised if a site didn’t pull out in the next three months.”
There are two main types of auctions on the market: the live auctions and the auctions in person.
In the live auction, a bidder pays to go into the auction room and the company will take a picture of the buyer, with a live feed of the event on its website.
“We get a lot of calls from buyers who are really interested in this, and that’s great,” says Levey.
“But if you’re going to bid, then you have to have a lot more experience, you have have to know a lot better than others.”
In person auctions have been around since the mid-2000s, and offer more than $1 billion for buyers.
“The live biddings have been growing quite rapidly, and we are now seeing a trend for them to close up shop a little bit,” says Mr Levey about the auction sites.
“You have to remember, the live bidding has been growing so rapidly that a lot, if not all, of them are closed down now, but a lot still remain open.”
Online bidding has become more popular in recent years, with the majority of auctioneers using the online marketplace as their primary source of information and pricing.
Online bidding platforms are still often quite small, but some of the big names in the industry such as the BCL, BAM, AME, and Blackbird are now starting to offer online bids on a much larger scale.
“It’s certainly a way for people to bid,” says Michael Dolan, CEO of the Bcl, Bam, and AME bidderies.
“There’s still a lot people wanting to bid online, but the market is growing exponentially and you can actually see it with smaller companies.”
Dolan says that the main advantage of online bidding is that it allows a buyer to be able to see their bids and know the price of the item before it goes on sale.
“So, the more people bid on something, the better off the seller is,” he says.
“Bidding for a smaller sale is still very, very valuable to us.”
However, Dolan says the market for live auctions is still relatively small, with about 1 per cent of the market, which he says is “not that great”.
“We don’t see a lot on the live market, so I don’t think we’re going anywhere anytime soon,” he explains.
“As the technology improves and more people use it, we’ll be seeing a lot bigger growth in that market.”
The biggest winnerThe BCL has a huge online presence, with more than 40,000 customers who can bid on the auction.
“When we’re at auction, we can easily go from one bidder to another,” says David Boon, BCL’s vice president of digital.
“This year, we had more than 10,000 bids on a lot we sold for $500 million.”
However he says the biggest winner from the BCl’s online biding business has been the auction company that has been running its auctions since 2004.
“They have done a phenomenal job,” says Boon.
“A lot of the auctions have gone from $1 million to $5 million.”
One of the reasons is because the bidder doesn’t need to go to the booth and spend $5,000 on the bid, which makes it easier for the buyer to bid.
“That’s the way we sell our property.”
Boon says the online bidding market is still in its infancy, with many smaller companies competing to offer the best prices on prime times.
“Right now, it’s very hard to compete against the BCP and AMP, who are the two biggest auction houses in the world,” he said.
“Some of the smaller biddlers might not be that strong.”
Online biders are also very competitive.
There are also a lot less bidding sites, so there’s a lot fewer biddERS out there.
“At this point, we think that if you can put yourself in a bidding position, it will be the best
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