2021 saw a 300% increase in growth per auction and 370% increase in annual growth. This year saw some of our best success in the company's 48-year history, including 5 new world records and the unveiling of our new in-house bidding system which attracted more than 2,000 registered online bidders.
The Timepieces Auction №174 held in May together with the series of auctions held in November (Timepieces Auction №175, Shades of Grey, Alchemy of Gold) were among the most successful in company history.
For us 2021 has become another historical milestone showing one of the best results ever since Ineichen foundation. Looking forward at 2022, I am confident that the results we speak of today as record-breaking will become just another step in Ineichen’s growth. Next year we are looking to invest even more in our IT infrastructure and keep innovating. With the highest appreciation for the work to the team and eternal respect and loyalty to our clients - Merry Christmas and a Fruitful New Year!
Artemy Lebchinskiy, CEO
While the Spring Sale totaled CHF 3 million, the Autumn Sale realized CHF 8 million with 98% items sold. 5 new world records were set, led by the star lot of the sale. The top lots were led by the star lot of the sale, the Patek Philippe with a self-winding minute repeater and perpetual calendar in platinum. After an extraordinary bidding war, the watch eventually sold for CHF 450 000.
The combined total for the auctions in 2021 was CHF 8 million. With more than 2,000 participants registered in our new in-house bidding system, there was more competitive and active bidding than ever before, coming in from all around the world.
In line with a 5 times decrease in unsold lots in November auction, most of the bids were generated internally. Approximately 70% of bids came from in-house platform, generating 72% of total auction revenue. External platforms on contrary brought only 6% of revenue, yet bringing 18% of winning bidders, which lead to conclude that externally come the bidders with less purchasing power.
It is evident that online is the new world for us in the current reality. For November auction total over 80% of revenue was generated online with 87% of bidders coming from online space. Yet hall bidders, who only accounted for 7% of winning bidders bought for total 17% of all the sales.