Auction Trend

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Savvy consumers are turning to auctions for great deals, while more companies are using auctions to sell their products. Online auction markets in particular are heating up these days. Here’s more.

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These are some pieces showcased in an online art auction held by an auction firm last month. We can see they are not conventional paintings but interior props and daily articles such as a sewing machine. The response was explosive. This lion shaped lamp began auction at around 700 dollars. But the bid went up a staggering 1,681 times to be auctioned off at 50 times the starting price. It set a new record of being the most competitive bid in Korean auction history. Nearly all of the presented works met new owners. 271 items were entered this day and 99 percent of them resulted in successful bids.

[Soundbite] Choi Moon-hee(Director-General, Seoul Auction Blue) : "We featured items such as vintage props, furniture and clocks that didn't typically appear in online auctions. All items were sold except for two."

The rate for successful bids stands in the 60 percent range for offline auctions and over 80 percent in online auctions. The online rate is quite high, meaning art pieces are sold off as soon as they're put up for auction. There are many affordable pieces in the hundred dollar range. The diversity of works ranging from traditional paintings to model toys also appeals to bidders.

[Soundbite] Hwang Moon-yeong(Online Auction Participant) : "The starting price was good. The price range was affordable and accessible."

The online auction market is still a tenth of the size of offline auctions. Market pundits predict it will further grow some 30 percent this year.