Marathon 103 bids for a single property at auction
News Category: Industry News
Published: 11-Aug-2010
There were only three bidders, and one of them dropped out early.
The other two battled it out for 20 minutes, seeking to buy a four-bedroom end of terrace house in Norwich being auctioned by Auction House.
Altogether, there were 103 bids – compared with the usual 15 to 20.
The property had a guide price of £85,000 but after the marathon sold for £123,000.
Auctioneer Bryan Baxter started at increments of £1,000, then dropped to £500, then £100, with a couple of £50 increments thrown in. It was finally bought by an overseas buyer.
Baxter said: “In my ten years as an auctioneer I’ve never had a lot go to this number of bids. It far exceeded the vendor’s expectations, and when the hammer came down we even got a round of applause in the auction room.”
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