Online auction house The Auction Room has launched with its summer auction of Watches and Gentleman’s Jewellery, which will take place on July 16.
An online product catalogue is now available, featuring pieces that start at £300 and go up to £8,000. The auction is currently open to absentee bids that can be placed in advance of the auction date for people who are unable to bid on the actual evening of the auction.
The Auction Room is based in London and is an auction house that operates entirely online. It has been created with the intention of combining features of a traditional auction house with the advanced technology of a virtual salesroom.
The company was founded earlier this year by George Bailey and Lucinda Blythe who designed the software using their combined 25 years of experience at Sotheby’s.
The founders hope that the concept will transform the traditional auction experience, maximising on the global reach of the internet and also attracting younger first-time buyers who can bid from their iPad and iPhone. The buyer’s premium is 17.5%.
Talking about the current auction market, Bailey said: "If you go to a traditional auction house today, the salesroom is practically empty with people preferring to bid from the comfort of their own homes. Not only will The Auction Room make auctions more accessible to everyone via the internet, but also through its lower starting prices and transaction fees."
The four auctions being held in July will also be on exhibition to the public at Browns Hotel in Mayfair from July 11 to 13.