Auction House Portal Set to Revolutionize the Auction Industry
Could an internet marketplace revolutionize the longstanding business model established by auction houses?
Auction House Portal, which recently launched, is a reverse auction platform and startup company that connects global auction houses and luxury asset consignors. The platform is designed to bring positive changes to the auction industry, made possible by providing anonymous discounted auction fees, auction representation, and asset class expertise to anonymous consignors.
Warren Pickard, co-founder of Auction House Portal, indicated that the seller-auction house relationship is a centuries-old engagement that hasn’t been disrupted by technology until now. The beta site will offer a more intelligent, expedient, and inexpensive way for sellers to consign assets to auction houses.
According to Forbes Magazine, the Auction House Portal (AHP) facilitates anonymous introductions of sellers to auction houses, collecting a fee of 10-20 percent from the house. Auction houses will be allowed to ‘bid’ against one another through the company’s reverse auction software. For no costs, a seller will be able to secure representation offers at no cost, additionally, they’ll save up 50 percent on fees.
After a seller receives a bid they deem satisfactory, they tap the ‘Accept’ button, prompting an email to be shared with the auction house and seller so they can discuss the next steps. However, there’s no obligation to proceed if the bid received by the seller isn’t satisfactory. Support documentation, including certificates of authenticity, appraisals, and provenance can be uploaded to the site, and it will only be accessible to approved auction houses.
“We have an Affiliate Program, where appraisers, restoration companies, brokers, curators, estate attorneys, luxury concierge companies and savvy marketers can drive sellers to our portal and earn 20 percent of whatever Auction House Portal receives on each asset, by simply making an introduction,” said Pickard, according to Forbes.
Collector auctions comprise a sizable chunk of annual transactions by volume, particularly when it comes to the North American market, which is the largest. For this reason, Auction House Portal intends to house rare cars, and range of other assets, including, collectibles, jewelry, rare wines, spirits, jets, and yachts.
Sellers and auction houses will be able to rate one other. Also, the site will pose as a resource for trustees, executors, and estate attorneys. There, on the Auction House Portal site, attornies will be able to engage multiple auction houses in order to clear an estate.
The Auction House Portal will fundamentally change the industry, bringing us into a future where auction houses compete to represent consignors assets.