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Graham Awards


Auction buyers stay away as interest rate woe hits

The auction - often seen as an ideal opportunity for investment buyers - is going through a torrid time in the current market.

Auction House London says that although its late-June sale says 83 per cent of the 193 lots offered sold, director Andrew Binstock admits: “As expected, with increasing interest rates we had about half the number of bidders taking part compared to our previous auction. There’s a lot of caution in the market at the moment.

“There was loads and loads of action on large numbers of lots with many bidding wars continuing for more than 10 minutes each time. But it’s the same reasoning; the properties and lots which are attractive because they are priced well to sell, still make the grade.


“Bidder numbers are undoubtedly down and instead of ten people fighting over a lot – it might mean there are five, and that was the overriding theme of our June auction. But at the end of the day, property is still selling with serious bidders and buyers taking part in livestream sales.

“In terms of what we raised and the amount we sold, we are remaining on track and this auction was consistent with our other sales this year despite challenging times.”


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