Record result for remote bidding auction

Bond Wolfe Auctions’ decision to cancel its May event and hold its first remote bidding only auction in June paid off.

The 131 lot auction raised £17m with a 98% success rate.

But the auction held on Wednesday 24 June proved so popular it nearly didn’t start at all.

The start was delayed when the third-party site hosting the online bidding system crashed due to the volume of bidders logging in.

Prior to the auction day there were 25,381 phone call inquiries and 107,513 legal documents were downloaded.  The auction had over 3,000 registered bidders on the internet, on telephone and proxy and on the day, 28,786 watched the auction live.

Highlights included Church Garth, a six bedroom former gentleman’s residence in Bickenhill, Solihull, close to Birmingham International Airport and national rail and motorway links, sold for more than £1m from a £495,000 guide price.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “Having taken the very difficult decision to cancel our May auction, as we felt that it was the only responsible and safe action to take during the peak stages of the pandemic, this was our first ‘behind closed doors’ remote-bidding only auction.

“When the auction did finally begin, bidders were chomping at the bit and we achieved some fantastic results.”