BADA to Launch Live Online Auctions
A radical initiative from the BADA will see it launch live auctions online for members this June.
The BADA is the trade association for leading antique dealers in Britain. This new service from the association will give global reach to its 330 members. By charging only a 15% seller’s commission with no premium or catalogue fees, it will challenge the current auction model.
A further challenge to the long-standing auction tradition as part of this new service is that dealers will now be acknowledged as sellers. This will enable dealers to make contact directly with any buyers to complete a sale. Consigned auction lots will stay with the dealer until a sale is completed.
The BADA is partnering with The Curator’s Eye, a digital marketing firm based in the US, to identify and provide the technology to host the auctions live on the association’s website. The auctions will be hosted in London by an auctioneer, but bidding will only be through the internet.
Revolutionise the Auction
Online auctions will enable a new generation of people to buy who previously would never have been into a gallery.
Mark Cohen, BADA’s chairman, speaking to the Antiques Trade Gazette, said that this new model will be created with a dealer in mind but will still ensure that buyers receive the same guarantees they are used to getting from a top dealer. The plans have been supported and encouraged by members – in particular those in the regions.
A Buyer’s Market
This new service will see a dynamic change for auction traditions and retailers such as http://www.victorhallantiques.com, who previously would have been restricted on auction day due to a buyer’s location. A buyer looking for antique bar furniture in London will now have the flexibility to bid from any location on auction day.
As part of the launch, the BADA will develop a campaign to direct traffic to its auctions through existing art and antiques online bidding platforms. This will be supported through digital advertising campaigns, run by The Curator’s Eye, to manage collection of payments and encourage bidding for the BADA.
Revenue from sales from online auctions will be split between The Curator’s Eye and the BADA, although it has been stressed that this is not a money-making initiative and more a service extension for their members.