Impressive auction results with Phillip Arnold Auctions during COVID-19
Selling property has changed a lot in the past 12 months. Due to the COVID-19 pandemic, the traditional auction house environment has been put on hold, and online auctions have taken over as an exciting way to place bids on the property you want.
However, no one not least ourselves expected the excellent results that Phillip Arnold Auctions has been able to achieve across this admittedly challenging time period. Diving into the statistics of the last year, though, we can see that selling property at auction with Phillip Arnold is as good an idea as it always has been - even if the forum has changed.
The auction experience
One of the main concerns with shifting to online auctions was always the atmosphere. Namely, that an auction house has a certain buzz about it that cannot easily be recreated in an online environment.
Thankfully, due to amazing technology and passionate auctioneers, people are still being encouraged to place higher bids and get in on the action. Auctioneering is a people business - being able to read how a person may react to an increased bid, and how much they would hate to lose out on a lot.
As we can see from our numbers, the auction house atmosphere has carried over into the online world, leading to great results for bidders and sellers alike.
From February 2020 until February 2021, Phillip Arnold’s statistics reflect an impressively steady set of results. For example, out of eleven lots offered in February 2020, eight sold (72%). In February 2021, out of 15 lots offered, 12 were successfully sold (coming in at 80%).
This is a trend that can be seen across the year, with only a small amount of lots remaining unsold at each auction - Phillip Arnold Auctions has reliably sold 70% and more lots put up for sale at each auction, with a 100% sale rate in April 2020. This is especially fascinating as this was a very early auction during the changes created by COVID-19, revealing a hunger for auctioneering to continue in any form.
Moving on from the past 12 months, can we expect this response to continue?
What comes next?
Phillip Arnold has proven that selling property at online auction during COVID-19 and achieving high sale prices is a reality. Going forward into 2021, this trend shows no sign of slowing, meaning that putting your property up for auction is still a fantastic choice for a fast and reliable sale.