In the past decade, we have proven time and again that increasing the pace of an auction—selling more lots per hour—leads to higher bidder engagement, better bidder retention, and significantly more lots sold in a given day. A faster pace not only minimizes passed lots but also maximizes the prices realized.
Yet, the recent trend in the antique and fine art auction industry is moving in the opposite direction.
The Post-COVID Shift: Fewer Bidders, Slower Auctions
During and after COVID, many auction houses transitioned toward online bidding while significantly reducing live floor and telephone bidding. The result? Fewer bidders. And when bidder participation declines, negative consequences follow:
Slower Auctions Kill Momentum
With fewer bidders, auctioneers tend to slow the pace, waiting for bids to come in. But a sluggish auction stifles enthusiasm, reduces engagement, and ultimately dampens competitive bidding. The energy that fuels “auction fever” disappears, leading to lower realized prices.
Ethical and Legal Risks Increase
A sparse bidding pool can also tempt some auctioneers to engage in unethical or even illegal behavior, such as shill bidding—placing fake bids to artificially drive up prices. This practice creates a lose-lose situation:
The slower auction still results in lower overall prices.
The auctioneer risks damaging their reputation and credibility.
The Solution: Speed Up the Sale
Auction houses should resist the urge to slow things down and instead accelerate the pace. A brisk auction keeps bidders engaged, sustains excitement, and drives competitive bidding—leading to stronger results for both sellers and auctioneers.
In the world of auctions, momentum matters. Put the pedal to the metal, and watch the results speak for themselves.