Watch Auctioneer sees Huge Benefit of Absentee Bids in Online Auction

A major watch auction company hosted a recent auction in Hong Kong through the NextLot platform. While the auction was largely successful overall, the client was particularly pleased with the amount of Internet activity before the live auction got underway. It was during this time that users were able to leave Absentee bids on items that they did not wish to bid on live online on auction day. It is with this absentee bid period that allowed the auction to generate over 20 Million Hong Kong Dollars in sales.

NextLot offers a unique Absentee Bid/Webcast system auction in which bidders can place sealed absentee bids on items before an auction without other users knowing the value of their bids. This style of bidding helped realize sold prices on over 42% of the lots sold online. One particular watch sold for 350,000 Hong Kong Dollars to an absentee bidder, the highest value lot sold online. Bidder’s enjoy being able to place absentee bids on items they have interest in because it has less stress involved than bidding only on the item while it is being sold live.

If you are an auctioneer or work for an auction company and run live auctions but do not have an absentee period before the live auction, give NextLot a call today, and let us help you begin receiving absentee bids today.

About NextLot, Inc.: NextLot provides auctioneers with a fresh approach to online-timed and live webcast auctions by providing extremely easy-to-use, privately branded software for three main auction formats: Timed Auction, Webcast, and Pre-Bid. NextLot believes that auctioneers’ most important assets are their buyers and that these assets should not have to be shared with their competitors on a public portal. NextLot users build brand loyalty while enjoying full control of their customer base, and avoiding exposure to competition. For more information on NextLot, Inc and services offered please visit www.nextlot.com.