Auctions are Still Alive

Modern, 21st Century technology have opened the doors of opportunity in numerous ways and also have closed it for several products, businesses, and services. Fax machines, typewriters, brick-and-mortar stores, and libraries are just some of the entities that are experiencing minimal usage. Live auctions have been brought into this discussion as an art that is beginning to diminish due to the broad reach, performance, and efficiency of online auctions. However, as we are in the aftermath phase of the 2020 COVID-19 pandemic, live auctions are on the trend up.

First of all, this rising of live auctions is partially due to the pandemic. With the world shutting down for almost two years, people, businesses, and organizations are needing to host events, raise funds, and are wanting to bring everyone back together. Live auctions are the perfect way to meet all these objectives. Secondly, it has become evident that hybrid auctions, those where online and live bidding both occur, generate the most excitement and profits. While online auctions bring in a large market of buyers, technological difficulties, individual psychology, and event integrity is sometimes put into question. On the other hand, live auctions generate great quantities of excitement and energy, but the ability to reach a large crowd is typically hindered. Therefore, having an online aspect to a live auction enables all benefits of both routes to be utilized. While it does take more time, this format minimizes the issues previously discussed.

Over the last year, the auctions we have conducted along with those we have attended have all had a hybrid format in a form or fashion. As this trend continues and technology continues to innovate, the traditional “live bidding” is the foundation for all auctions. Between benefits, consignments, real estate, automobiles, equipment, antiques, livestock, and numerous other forms of auctions, the cherished talent auctioneers develop will continue to be taught for years to come.