Exploiting the Demand!

Time Magazine lists the following as being some of the most expensive items sold by auction in their respective categories: Sports Memorabilia – A Baseball for $3 million (±R49 million at today’s exchange rate) Cars – A 1957 Ferrari Testa Rossa for $12.2 million (±R201 million) Art – A Picasso painting for $106 million (R1.75 BILLION!)

Exploiting the Demand!

Time Magazine lists the following as being some of the most expensive items sold by auction in their respective categories:

Sports Memorabilia – A Baseball for $3 million (±R49 million at today’s exchange rate)

Cars – A 1957 Ferrari Testa Rossa for $12.2 million (±R201 million)

Art – A Picasso painting for $106 million (R1.75 BILLION!)

Now, while admittedly these almost unreal prices have all been achieved overseas, it does seem unfair that auction sales still so predominantly carry the tag of “the unwanteds” or “the unsellables” in the South African market place says Scott McNair from In2assets the commercial property company specialising in property auctions

When the market thinks of an auction sale in South Africa, the first thought is usually of a liquidation or insolvency sale where items are being sold for rock bottom prices to the highest bidder. However, as the list above proves, when an item is deemed by the market to be desirable, there is probably no better way to realise its full value than through an auction commented Scott further.

This very same principal of demand can be applied in the property auction market. When a property is in high demand, a room full of motivated buyers are likely to push up the price beyond what would have been achieved in a single buyer transaction and it is for this reason that auctions are gaining in popularity across the South African property market.

At In2assets we often see properties, when correctly marketed, sold for prices in excess of the seller’s expectations and setting new benchmarks for properties in an area. While this type of result is of course not always the case, a seller really has nothing to lose when choosing an auction for the sale of their property ends Scott McNair. 

Posted by In2Assets