LiveAuctioneers has released its mid-year 2018 report confirming record results and a year-over-year pattern of growth. In the first six months of 2018, LiveAuctioneers delivered winning bidders on more than 300,000 items and processed billions of dollars in winning bids and underbids, said LiveAuctioneers CEO, Phil Michaelson. We dramatically outperformed the competition, and our accelerating growth and internet best practices continue to drive the highest-quality consignments to auction houses that are on the LiveAuctioneers platform. It has been a source of great pride for our team to be the lowest-cost provider of premium services and yet drive the best results in the industry.
LiveAuctioneers' Mid-Year Report Reveals Industry's Highest Online Sales Prices, Sell-Through Rate And Bidder Traffic
The first half of the year comparisons on a year-over-year basis include the following:
An increase of 37 percent more bids.
An industry-leading average sell-through rate of 24.7 percent.
An increase of more than 50,000 new bidders, on average, every month.
Web and mobile traffic of over 23 million visits, up 34 percent.
Over 133,000 consignments directed, an increase of more than 27 percent.
Record online-auction results for Lucio Fontana art ($210,000), blockchain art ($140,000), Atsuko Tanaka art ($88,000), and Finn Juhl furniture ($60,000).
LiveAuctioneers has continued to invest in new solutions for growing its auction house partners sales and increasing the flow of their respective consignments. Customer-driven innovations like custom auction software, auction previews, timed auctions, and payment by cryptocurrency are converting traditional ecommerce shoppers to live-auction winners through LiveAuctioneers. We out-execute the competition, and auction houses on our platform are enjoying an increase of up to 40 percent in the number of items sold as compared to the first half of 2017, continued Michaelson. LiveAuctioneers free auction price results database, with over 21 million listings, is now faster to search and continues to be the leading resource for appraisers and consignors seeking auctioneers with whom to place consignments.
Many other exciting improvements are in the pipeline for later this year, according to Michaelson. The incredible results LiveAuctioneers achieved in the first half of 2018 are just the beginning. Our goal is to empower auction-house partners with tools and marketing products that take their sales to the next level. Our business model ensures alignment. We focus all of our energy on enabling partners to grow their respective businesses. If we do that effectively, our success takes care of itself.
Founded in 2002, LiveAuctioneers digitally connects an audience of millions with the live-bidding action at almost 5,000 premier auction houses and galleries in 59 countries, providing a highly curated and trusted marketplace of unique items. Privately owned, they are headquartered in New York City.