Online-only property auctions? Not just yet, says irish firm

Are online-only property auctions the future? Perhaps not just yet, one Irish firm has found, after postponing the world's first web-exclusive auction due to technical difficulties.

The 24 hour auction, which took place on Tuesday 8th July, had 70 buyers registered from all over the world, which was exactly the aim of auctioneer Allsop Space. But as the first lot of 22 began to close, the site ground to a halt as activity surged with "bids arriving from all directions", the firm told OPP Connect.

IT providers Perfect Channel, who power the bidding system for Christie's among others, was unable to resolve the problem caused by the surge in traffic, which prompted Allsop to cancel the bidding and postpone the auction, which will not take place after the holiday period.

“This is our first time of doing this. We are a little bit embarrassed," they admitted.

Online-only auctions may be the future of global real estate. That future, though, is least another four weeks away.