Allsop’s residential auctions business will make its long-awaited return to the ballroom on 30 March, in a move that will be closely watched by the rest of the sector.
This will be the market leader’s first in-room auction since the onset of the Covid-19 pandemic forced the industry to switch overnight to online-only sales.
Only a few firms, including Barnard Marcus and Bond Wolfe, have held in-room sales since restrictions were lifted, largely owing to the popularity of remote bidding.
The Allsop auction will take place at the Berkeley Hotel in Knightsbridge, SW1, and will be followed by in-room sales at the same venue in May and June, before a likely return to online auctions over the autumn and winter period.
In a change from pre-pandemic practices, all bidders will need to pre-register for the ballroom sales to meet anti-money laundering regulations. Those who prefer to continue taking part remotely will be able to do so online, by phone and by proxy.
Partner Richard Adamson (pictured) said the business had been waiting for the “right moment” to go back. The “clamour” from Allsop’s clients, as well as from would-be buyers, for a return had continued to grow from around six months into the pandemic, he said.
“There are a lot of sellers out there who would like us to return to the room. Some of them may believe you might get better prices. There’s no way of proving that, but part of the reason for us going back is that we recognise that, certainly in the residential sector, it’s a very people-oriented business. This is a marketplace that goes back hundreds of years, and it is good for us to get market intel and see how the market is behaving. It’s valuable for vendors and it’s valuable for us as a business to have the access to people,” he added.
The move comes at a particularly pertinent time, given the growing uncertainty around pricing.
“We are entering quite tricky times in property, in terms of what buyers are going to do and what’s going on in the market,” Adamson said. “The room makes it feel easier to interpret a market, to see what’s going on, how buyers are behaving and whether they are successful or not.”
Adamson will be taking turns on the rostrum with fellow auctioneers Gary Murphy, Chris Berriman and Jimmy Bruce. “It’s very exciting – it’s what we really enjoy doing,” he said.
Meanwhile, Allsop is focusing on its 16 February online residential sale. With 280 lots listed before the catalogue is due to go live on Friday, it already looks set to be its largest sale since December 2020.
There are currently no fixed plans for Allsop’s commercial auctions to return to the room. It has just published its largest catalogue since 2019 for its 9 February sale.
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
