Luxury auctions are a time-proven way of selling high-ends products. Major auction houses like Sotheby’s and Christie’s have been in business for centuries. The benefits of selling luxury goods such as art and jewelry at auction has been well noted through the years.

Luxury real estate auctions are a more recent phenomena; however, they are simply modeled after traditional auctions of other high-end products: Get all the pertinent bidders in the room, and allow them to see the market first hand. With that said, the success of high-end home auctions is no surprise. 

At Concierge Auctions, we work for 6-8 weeks before the auction date to identify, activate and register qualified bidders. Typically 8-10 bidders participate in each of our luxury real estate auctions. With all the bidders in the room, as a buyer you can rest assured knowing that you will not overpay for a luxury property. After all, you will only be bidding one increment higher than the previous bidder.

Luxury real estate auctions generally take place at the property, and attending in person is the best way to see the market price unfold. However, if you are unable to attend, there are several ways that you can still get in on the action.

Here are 4 Ways to Bid at a Luxury Real Estate Auction:1. Live and at the property: An auction conducted by the Concierge Auctions team is an event, with food, drink, and entertainment. So, it should not be missed. As a buyer, you will see your competition and be able to bid confidently while watching the other buyers in the room.

2. Bid by proxy: The typical property we sell at Concierge Auctions is valued between $2 million and $20 million, so most of our buyers are powerful and successful people. While attending the live auction is the best way to bid, we certainly understand if you have prior commitments. If you are unable to attend, you are welcome to send a proxy. It could be a real estate agent, an attorney, or anyone else that is privy to the luxury real estate scene in your chosen market. Sending a trusted pair of eyes and ears to the auction on your behalf is the next best thing to being there.

3. Bid by phone: Some buyers prefer to handle things personally. If that is you, and you are unable to attend, bidding by phone is the next best option. We will walk you through the auction and give you a play-by-play of the action.

4. Bid online: While most of our bidders choose to participate in our auctions via one of the methods above, we can accommodate online bidding upon request. In our experience, buyers in this price range typically prefer to have real life interaction, whether personally or by proxy. However, if you would like to use our online platform to watch the bidding increments real-time and place your bids from the comfort of your own home, simply ask the auction project manager, and he/she will arrange it for you.

Have you participated in a luxury auction of any kind? How would you prefer to bid on at a luxury real estate auction?