As the pace of the auction increases, the number of lots needs to rise as well. Increasing the number of lots for a given day has several benefits for both the auction house and the buyer. By exceeding 600 lots in a day, the auctioneer can achieve efficiencies in labor and administrative costs. Additionally, single-day sales with a larger number of lots attract more bidders, encouraging absentee bids and prompting bidders to view the entire auction online on the day of the event. We have also found that this approach results in higher prices per lot and higher sell-through rates.
However, a recent trend in the antique and fine art auction industry is moving in the opposite direction. Since the COVID-19 pandemic, the average number of lots for a single-day sale has actually decreased. This trend follows the logic of a slower pace of sales, as discussed earlier. A slower pace means fewer lots can be sold in a given day. These sales with fewer lots have led to another detrimental phenomenon – a lack of variety.