eCatalogues: they have arrived

The Internet made it possible for auction houses to attract bids worldwide. With that ability, they invested in cataloging, photography and promotion, expecting they could encourage bidding interest. And they have. Auction sales in the collectible paper category reached $1.371 billion dollars last year. They have been extraordinarily successful.

The dealer model, composed of printed and eCatalogues, listing sites, and shows has also been effective to connect with their audience but has been losing market share to auctions. With our eCatalogues platform visible on our pages under News & Reports, it’s now easier for our sell-side members to post their catalogues, and for our 23,000 free and paid members to follow the increasing flow of offers. It’s important.

The market is mindful that auctions sell 80% of their lots within 20 days from first public posting to hammering down the last lot. For our non-auction sell-side members who use our eCatalogues they will now be limited to 50 days. With 50 days to work with, dealers and other sellers (collectors and institutions) are encouraged to be competitive enough to draw offers and commitments before their catalogue’s 50-day sundown.

In time I expect some dealers will post their outcomes to Transactions+. If we mutually agree, we can make them a searchable source. Their motivations will vary widely. A few will be clear and frank about their pricing experience, to help the field. Auction houses were once fearful too that transparency would damage them. It turned out that buyers wanted market derived pricing. Now they live in the fast lane. I have no doubt retail buyers will encourage dealers to do the same.

Our message simply is there’s room for dealer eCatalogues to transform their model. We will listen and adjust.

Buyers appreciate the dealers. They respect their experience. Give it a try. It’s the future.

We’ll all listen and learn.

Link to eCatalogues.