Auction house stages virtual sale in Geneva

Auctioneers will also keep an eye on intenet bidders

Christie's is to stage its first online auction in Switzerland next month, offering internet users the chance to bid for lots at the click of a mouse.

The auctioneers say security has been a top priority in designing the system, adding that all virtual clients will be carefully vetted.

The online auction service will get its first run-out in Switzerland on May 14 during a watch sale in Geneva that is expected to fetch in excess of SFr13 million ($15.6 million).

Assuming everything goes to plan, it will also be available to clients for a major jewellery sale in Geneva two days later.

Those wishing to take part via the internet need to download software from the auctioneers and register at least 48 hours in advance. Clients have to provide full bank details and are carefully “vetted and viewed”, says the auction house.

“Security has been very much a concern since the start,” Nick Finch, sales administration director at Christie’s in London, told swissinfo. “Our clients are very high profile and it’s important we have the ability to protect their information.”

Online bidders will be able to follow events in the salesroom and bid for lots by clicking on their computer screens.

The system has already been used in New York, London, Amsterdam and Paris. The most expensive lot sold via the internet to date has been a painting by a contemporary Indian artist that went for $408,000 in New York.

E-generation

Finch said the move online by Christie’s had mainly be driven by a desire to meet the needs of the “e-generation”. He added that 30 clients had already registered their interest in the Geneva watch sale.

“Many more of our regular and new clients have access to the internet, and with broadband it makes this sort of thing possible,” he said.

“We’re always looking at new ways of getting clients into the room and this is a perfect opportunity. The technology is out there.”

But what if an internet connection “crashes” just as an online buyer is about to make their winning bid?

“Unfortunately that’s going to be perhaps one of the dangers of this,” explained Finch. “We always say that if you really want something it’s best to turn up in person because you’re guaranteed you’ll get the lot.”

As he pointed out, telephone bidders run the risk that a line could go down.

Rival auction house Sotheby’s launched an online auction service on its website in 2000 but scrapped it three years later, because it wasn’t making money.

swissinfo, Adam Beaumont in Geneva

Key facts

Christie’s reported total global auction sales in 2006 of $4.67 billion.
The auction house puts on over 600 sales annually in over 80 categories.
Prices range from $200 to over $80 million.
Christie’s has 85 offices in 43 countries and 14 salerooms around the world including Geneva.