LSH decided to launch an online platform to complement its existing successful ballroom auctions and partnered with Capita and Severn Trent Water for the inaugural sale. Interest for the lots was received on a local, national and international scale, with the eventual successful bidders being private individuals or small companies from within the region.
100% sale success rate
Oliver Childs, head of auctions for Lambert Smith Hampton, explains: "As online auction technology has improved, LSH decided the time was right to launch an online platform. This opens up the market to a much wider range of bidders, particularly individuals and local developers, who perhaps wouldn't have been able to travel to an auction room or may have felt intimidated bidding in the traditional manner. Taking an auction online puts the bidder firmly in control in terms of privacy and convenience. This increases reach and competition, maximising the number of bidders and providing clients with robust selling prices.
"LSH worked with Capita and Severn Trent Water as we have a long history of successful sales with them and we knew they would be realistic in their reserve prices and trust that our new method of sale would work! We concentrated hard in maximising the exposure of the sale, both nationally and locally, and this has been key to the high number of bidders and the sale success that we achieved."
Andrew Smith from Capita, comments: "It was great to be involved in this new auction platform which has clearly demonstrated and proved itself as an open and transparent means to achieve best value for clients. I’m confident it will prove to be an effective tool for other future sales we have in the pipeline”.
Adam Tustain, portfolio manager at Seven Trent, adds: “We are extremely pleased to see the online auction was a success and proved to be so popular with potential interested parties, with 116 people registering and taking part in the auction. I have no doubt that we will be using this technology again in the future and we wish all the successful bidders every success with their new acquisitions.”