BOSTON--(BUSINESS WIRE)--Today, AuctionZip, an Artfact company and part of the world’s largest online auction marketplace, announced the launch of a beta test for its new Timed Auction service as a complement to its Live! Auction product. Auctioneers 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.
AuctionZip’s Timed Auctions service saves auctioneers significant time and money compared to marketing and conducting a live auction. It creates a powerful new revenue stream and empowers auctioneers to maximize results for their consignors. As the go-to destination for more than 25,000 professional auctioneers and 13 million auction buyers, AuctionZip continues to be a proactive industry leader through new product development for both auctioneers and bidders. The beta test is currently open to all auctioneers and buyers. To view AuctionZip’s Timed Auctions beta service, visit www.auctionzip.com and select the “View Timed Auctions” beta link in the top left corner of the homepage.
“After considerable market analysis and auctioneer feedback, we are thrilled to launch the beta test of our new ‘Timed Auction’ service. We unveiled a beta of our ‘Timed Auction’ service on both Artfact and Invaluable in March of this year and we’re very excited to expand this service to our AuctionZip bidders and auctioneers,” said Rob Weisberg, CEO, Artfact, LLC. “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. We look forward to collecting valuable feedback on our beta test to deliver a powerful and robust ‘Timed Auction’ service to our customers worldwide.”
“I am thrilled about the new Timed Auctions offering from AuctionZip,” said Jennings Gilmore, owner of the Columbia Auction Company based in Columbia, Mississippi. “This new feature fulfills a real need that I have for my business. I often have wonderful items for auction that I want to expose to a global audience, but not a large enough catalog to merit a live auction. AuctionZip Timed Auctions will give me the opportunity to sell my items in a timely manner rather than having to wait until I have enough volume to do a live auction. I plan on leveraging AuctionZip’s Timed Auctions frequently.”
About AuctionZip
As part of the Artfact network, AuctionZip is the world’s largest online auction marketplace. The company and its web properties are go-to destinations for more than 25,000 professional auctioneers and 13 million auction buyers. AuctionZip Live! is the nation’s largest online bidding destination. Every week the company lists thousands of new items at auction, and live auctions around the world. For more information, visit: www.auctionzip.com.
About Artfact
The industry leader since 1989, Artfact.com provides marketing and e-commerce services to the $40 billion live auctions market. As part of the Artfact network of web properties (Artfact.com, AuctionZip.com and Invaluable.com), Artfact.com supplies over 25,000 auctioneers worldwide with solutions including auction listings, online bidding, websites and auction management, employing the SaaS delivery method. Artfact’s database includes more than 57 million complete auction results totaling more than $204 billion in value, including information on more than 500,000 international artists. As the largest global marketplace for fine and decorative arts, antiques, collectibles and estate auctions, the Artfact network reaches over 2.5 million unique users monthly. Based in Boston and with offices in Pennsylvania and the United Kingdom, Artfact currently has partnerships with top appraisal associations worldwide.
