November 26, 2013 - As time goes on it seems that more and more Blackbird auctions include the webcast feature. Not just Blackbird auctions, but a larger percentage of industrial auctions are now webcast; and even auctions of smaller commercial offerings. For those who are new to webcast auctions, a webcast auction is a service that allows bidders from all over the world to bid on assets for sale at the same time as those in the auction room at a live (“old fashioned”) auction.
Why is that? We believe the increase in the popularity of webcast auctions is because they benefit both the buyer and the seller, but in different ways.
A webcast auction is beneficial to buyers of all kinds. The webcast enables bidders who cannot or do not want to personally attend the auction due to other time commitments, remote location of the live auction (including overseas locations), or a need to remain anonymous to still take part in the auction without the need to travel to the auction site (bidder anonymity is often used as an auction tactic used by bidders in an attempt to gain a strategic advantage in certain circumstances). Easy access to auction sales makes bidders happy. The auctioneer likes happy bidders.
A webcast auction is beneficial to sellers too. The webcast auction technology brings bidders who would not or could not ordinarily attend an auction to bid and buy. This increases auction attendance. The more bidders a seller has bidding on the assets being sold results in higher prices at the auction. Higher prices make happy sellers. Needless to say, the auctioneer likes happy sellers.
For reasons often out of the control of the auctioneer, sometimes an auction is announced shortly before the auction is set to take place, giving very little lead time to schedule inspections or travel. This could be for various reasons but nonetheless a bidder may have previous plans or commitments that prevent them from being present at an auction. The webcast would allow an auction bidder to be anywhere in the world and still participate live in real time. Imagine being on vacation in the Bahamas and participating in an auction in Buffalo, New York. The webcast auction makes that possible.