UPDATE – 1stDibs Corners The Market For “Mid-Market” Auctions
06 Marzo 2023 - 7:04PM
1stDibs, a leading marketplace
for extraordinary design, celebrates one year of auctions with
compelling new insights on how sellers and buyers are engaging in
the marketplace. In just one year,
1stDibs
Auctions has been able to revolutionize a 300-year-old
auction model.
In the fourth quarter of 2022, the auctions
platform saw approximately a 1.4x higher sell-through rate than the
1stDibs marketplace.
“As a digitally native company, our team has invested heavily in
developing an auctions experience that captures the thrill of a
live event,” says 1stDibs Chief Commercial Officer Matthew
Rubinger. “We are the first player to create an auctions model that
offers high quality products at a scalable, global level.”
By allowing its dealers to sell their high quality goods at
auction with just a click of a button, 1stDibs has reduced the
frictions seen in traditional auction experiences. This makes
auctions accessible to both buyers and sellers to interact with the
marketplace on their own time, regardless of standardized industry
calendars. The proof is in the numbers: since the launch of
its auctions platform in November 2021, auction monthly page views
have more than doubled.
1stDibs sellers have seen just how the auctions platform has
affected their business. “The Auctions feature has been a great
opportunity to increase sales, optimize our inventory of 35,000+
artworks and reach new customers,” shares Wallector, a London-based
dealer known for its expertise in futurism, surrealism and
post-impressionism art.
In addition to adding a new way to interact with product,
1stDibs expanded beyond “typical” auctions categories like fine art
and watches, creating channels for jewelry, accessible design
objects, and decorative art. Traditionally, auction houses focus on
art pieces and collector’s items that are priced in the hundreds of
thousands, if not millions. 1stDibs has carved a niche for
“mid-market” auctions, giving buyers access to bid on luxury and
rare items in the price range of hundreds or thousands – a steal
for the iconic inventory seen on the site, with the overage
auctions sale clocking in at 65% off the original price. Within
this new space comes a whole new clientele of younger, affluent but
more cost-conscious buyers looking to invest in quality pieces at a
competitive fare. In fact, over half of bidders in the
fourth quarter of 2022 had never purchased from 1stDibs
before.
In turn, this expanded audience is creating new business
opportunities for 1stDibs dealers. Sellers like Hong Kong-based
JHROP Limited, known for selling hard-to-find designer goods,
notes, “1stDibs Auction has helped us market our items to a whole
new audience. It helps shine a new light to overlooked and niche
brands that buyers may not typically be searching for.”
Behind 1stDibs Auctions is Chief Commercial Officer, Matthew
Rubinger. With experience at premiere institutions Christie’s and
Heritage, he expanded business across key markets in Asia, the
Middle East, Europe and the US. Rubinger brought his expertise to
digitize and globally scale the platform making 1stDibs the first
player to create an auctions model that offers high quality
products in a scalable, global business model for auctions.
Concludes Sharon Kohanim, of NYC-based jewelry dealer ALBERTO:
“Auctions are much more than just making a purchase. They're an
exciting experience for everyone involved. Back in the 1980s, live
auctions were an integral part of Alberto's business. My parents,
the founders & designers, would travel to auction houses across
the USA to put their one-of-a-kind jewelry up to bid. It was a
thrilling selling experience, but unfortunately, died out in the
late 90s as the markets changed. After hearing about the launch of
1stDibs auctions, we were so excited to get back into that
whimsical, exciting world. The thrill was back in an updated,
modern way, giving consumers the opportunity to acquire a unique
piece of jewelry from the comfort of their own homes. We knew 1st
Dibs auctions would become a destination for auction-lovers
worldwide to acquire the one-of-a-kind pieces they won't find
anywhere else.”
To learn more about 1stDibs Auctions and the bidding process,
click here.
About 1stDibs1stDibs is a leading online
marketplace connecting design lovers with highly coveted sellers
and makers of vintage, antique and contemporary furniture, home
décor, art, fine jewelry, watches and fashion.
CONTACT:Sharp Think1stdibs@sharpthink.com
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