Going, going ... gone! done differently

The use of technology is impacting on all spheres of life and changing almost everything we are used to. Even the way in which farmers are engaging at auctions has changed over the past decade. Recommendations driven by artificial intelligence, live-streamed bidding, online auctions, and social media are just a few innovations reshaping the auction landscape.

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Technology is transforming the way in which farmers are doing business. This is also true for buying and selling at auctions.

Auctions have always been about the pursuit of something valuable or the thrill of outbidding somebody else on something both want. At auctions there is always an element of competition, excitement, and the potential for picking up a bargain or something rare or special.

Auctions have changed over the years. While the core concept of buyers competing for the purchase of animals or other goods has been retained, how auctions are held, who participates, and what gets sold has evolved over millennia.

The earliest known auctions date back thousands of years to around 500BC. Since then everything from spoils of war to property have been sold at public auctions.

At the centre of the business and excitement stood the auctioneer, whose role was to shout out the item and accept bids using a gavel to signal a successful sale. Auctions were local and participation was limited to those physically present.

However, things have changed dramatically since the introduction of the Internet.

Online auctions have changed the game completely, with geographic barriers disappearing as buyers from all over the world are able to take part in auctions.

"I have no doubt that with the new generation of buyers and sellers who are more familiar with the use of technology and applications coming on board, the status quo might change sooner than later,” he adds.

LIVE STREAMING

Since 2014, Johan du Toit from African Wildlife Auctions has been streaming auctions. “Video streaming is a tried and tested platform that has proven itself over the years. Auctions hosted by African Wildlife Auctions at our premises in Vaalwater have also been broadcast live on the Internet via our live video streaming portal,” says Du Toit.