BOSTON, Mass — Artfact, the largest global marketplace of fine and decorative arts, antiques, collectibles and estate auctions, announced the launch of a beta test today, March 27, 2013, for its new Timed Auctions service as a complement to its Live! Auction product.
Through this test process auction houses and sellers may now post a Timed Auction that will run online for a defined period of time, allowing bidders to register and place maximum bids on items, which will be executed with confidence. Bidders are notified throughout each phase of the Timed Auction, so they have an opportunity to raise their bid amount and stay updated on their lot preferences. The closing of a Timed Auction is determined by a defined end time with extended bidding if there are additional bids in the last five minutes. When time is up, the highest online bidder wins.
“This new feature provides our auctioneer partners with all of the benefits of a live auction, yet with considerable cost savings. It also offers significant business benefits to auctioneers selling time-sensitive and seasonal items,” said Rob Weisberg, CEO, Artfact, LLC.
The goal of this new auction service is to save auction houses time and money associated with conducting a live auction, plus it allows bidders to enjoy a little a new level of flexibility in placing bids through Artfact. Another important aspect of this beta test is that it allows for feedback from auctioneers and buyers which will aid in the company’s goal to launch the full-scale Timed Auction service by the end of April 2013. The beta test is currently open to all auctioneers and buyers. To view Artfact’s Timed Auctions beta service, visit www.artfact.com and select the “Timed only” filter located below the search bar.
This new service has Maureen Paine Stoss of The Auction House Sacramento anxiously looking ahead to another option to help continuing growing their business. “Having been in business for 25 years, we are constantly looking at new ways to expand our business, and Timed Auctions is one of those opportunities.” said Stoss. “We look to Artfact to provide new tools and products to help grow our business. They are a true partner in the industry and one that we count on to help us reach a new audience of buyers from around the world. We expect Timed Auctions to have a measurable and positive impact on our company in the coming year.”
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