As the pace of an auction increases, the number of lots must also increase. Expanding the number of lots in a single day’s sale offers several benefits for both the auction house and buyers. By increasing the number of lots to over 500 per day, auctioneers achieve greater efficiency in labor and administrative costs. Additionally, single-day sales with a higher number of lots attract more bidders who leave absentee bids and actively participate online on the day of the auction. We have also found that this approach leads to higher realized prices per lot and improved sell-through rates.
However, the recent trend in the antique and fine art auction industry is moving in the opposite direction. Following COVID, we have seen a decline in the average number of lots per single-day sale. Fewer lots result in a slower pace for the auction.