Auction industry will never be the same again
The former head of the UK’s leading trade association for fine art and antique auctioneers says in six short weeks the industry has changed forever – and his own sales are evidence of this.
Chris Ewbank, who held a three-day auction to celebrate 30 years in business as the country went into lockdown, says he has never seen bidding online like this before and there is no going back.
The latest two sales at his Surrey auction house both almost sold out, with prices way above expectations, illustrating clearly how well auction houses and bidders are adapting to doing business online during the pandemic – so well, in fact, that he now predicts a sea change in the way the industry does business.
Both held on April 30, the 225-lot Asian Art auction and Vintage Fashion, Textiles & Sewing auctions each sold 96% of their lots, with live online bids taking 98% and 94% of the lots that sold respectively. And while the Vintage Fashion, Textiles & Sewing sale took more than double pre-sale expectations at just over £30,000 hammer, the Asian Art sale soared to more than five times estimate at just over £160,000 hammer.
Top lot in the Asian Art auction was a large underglaze blue and famille rose decorated vase, decorated with circular panels depicting a variety of landscapes. Standing about 55cm high, the base carried a Qianlong six-character mark, but it was not of the period. It took £20,000 against an estimate of £500-1,000.
“It was a phenomenon,” said auctioneer Chris Ewbank. “Because of the current extraordinary circumstances, we had been deliberately conservative with estimates. In the end, though, we were swamped with Chinese bidders who showed that this was not necessary when close to 40 lots of Chinese works of art that we had put in at very competitive estimates in the hundreds of pounds went on to sell for more than £1000, with some climbing above £5,000 and even higher.”
The Vintage Fashion, Textiles & Sewing auction saw similar enthusiasm. Here the top lot was a c.1910 Crewel work hanging pitched at £200-300 that fetched £1,800. “Again, the top lots went well beyond expectations, with over all selling rates very high indeed – in fact, significantly higher than normal,” said Mr Ewbank.
With buyers banned from visiting the Burnt Common auction rooms themselves, and no physical viewing of lots, some sellers were understandably nervous about going ahead when it was only possible to view and bid online, by phone or by leaving commission bids before the sale.
“I had to speak personally with a number of important consignors to reassure them,” revealed Mr Ewbank. “In one case, the consignor, who had several dozen pieces in one of the sales from a deceased estate, was vehement that the auction should not go ahead, but eventually came round. After the event, they emailed me to apologise for what had been quite an aggressive stance and to tell me how delighted they were with the result.”
With this degree of success being replicated across other auction houses, the debate over the future shape of the industry is already well advanced.
“As a result of this and other auctions, sellers can now see how viewing objects via the web rather than in person is being seen as commonly accepted practice,” said Mr Ewbank. “That will give everyone pause for thought.”
And he added: “Talk across the industry now is just how much a game changer the pandemic has proved to attitudes and behaviour over the past month. It’s quite clear that those who might have taken another five or ten years to become comfortable with viewing and bidding live online have now taken the leap because that was effectively the only option open to them. Having been successful in their efforts, they’ll be back.”
Industry’s ability to adapt quickly shows its versatility and longevity
Mr Ewbank, who is a past chairman of the leading UK auctioneers’ trade association, the Society of Fine Art Auctioneers & Valuers, says that it is not just auction houses who have experienced this sea change.
Dealers unable to stand at fairs or sell to visitors in their galleries have been seriously upping their game on social media, staging virtual exhibitions and taking advantage of new online services such as private viewing rooms. Again, the results have proved more than promising for many of them.”
Tech businesses have been quick to spot the opportunity. Existing firms are ramping up their services, while others with products in development, and start-ups who had held back during the crisis, are pressing ahead with launches.
While Mr Ewbank believes that nothing competes with the thrill and atmosphere of viewing and buying art and antiques in person, this ability to adapt quickly to dramatically changing circumstances, providing not just a viable service but an appealing prospect, demonstrates the versatility and longevity of the industry.
“People have been saying for years that no one wants antiques any more, but they are wrong. Tastes change, but as time goes by, a fresh generation of items become antiques and attract a fresh generation of buyers. The ability of auction houses and dealers to change with the times – and to take the buyers with them when they do – is the best sign of hope for the future.
“I remain cautious about what might lie ahead, but this is not just great for business, it’s also great news for jobs and the personal prospects of thousands of people, and we sorely need some reassurance for all of them right now.
“While I wish we had never had to go through the pandemic, it has been an object lesson in what can be achieved by the doughty and determined in the most challenging of circumstances, and I think that many of us will be looking at how we continue to develop our businesses once the crisis is over. Perhaps we all needed a jolt to move away from the rather stuffy and elitist image that many have of conventional auctions. We are, after all, only following the hugely successful eBay model.
“This may be a very controversial situation in the profession and many auctioneers will regret the way that things are going, but I believe that it is a case of adapt and thrive or die.”
