Market analyst Essential Information Group has launched “Auction Passport” – an internet link – to accelerate the due diligence process.
Auctioneers and vendors who subscribe to the pilot scheme can obtain instant access to legal documentation, including searches, title deeds and special conditions on lots.
David Sandeman, EIG managing director, said that the recent postal strike had proved disruptive for many auction houses, with several sales rooms forced to delay auctions or close catalogues as a consequence.
He said: “The online service would allow users to download all the legal documents they may require. It is the next step forward for technology and auctions.”
