More reflective prices, uniqueness, quality and sustainability: all the factors which drive today's auction buyers to bid. A new generation of auction goers are accessing the market wanting: transparency, credibility and simplicity to bid as their mobile phone becomes a search tool, catalogue and paddle.
Investing in tomorrow
Fairer prices, unique items, quality and durability are the incentives that drive Brits to buy at auction, while relatively few are concerned with the change in value of the objects on the market. Younger buyers see buying previously-loved items as an invest in a more sustainable tomorrow.
The mobile is auction houses' most important tool
Mobile-friendly sites directly have had an impact on the business growth of auction houses in recent years and will continue to do so. Today, more than 50% of auction browsers and bidders aged 18-24 years use their mobile phones to browse, compared with 5% five years ago.
Online buyers are more active
The customers who buy at online auctions also sell more often at auction. For auction houses, it is vital to build long lasting relationships with its customers through credibility and a positive user experience.
An easy to navigate site and ease of bidding on the site is a prerequisite for auction visitors to become a repeat customer. Transparency is directly necessary in order for the new generation of auction goers to have confidence with the auction house and the market.
Barnebys Co-founder Pontus Silfverstolpe discussed the report at the Art Business Conference on 1st September, 2016.
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