Internet bids help auctions achieve prices far beyond estimates

Lot 1,301 sold at a price far greater than originally expected. Picture: James and Sons

Lot 1,301 sold at a price far greater than originally expected. Picture: James and Sons - Credit: Archant

After embracing internet bidding an auction house in Fakenham is seeing a big change in their business and have achieved sale prices which far exceed their expectations.

The Fakenham auction firm James & Sons hosted an auction in Norwich on September 27 and among the items on sale was a photograph of a highly decorated Field Marshal.

The company estimated that they would see the picture sell for between £50 and £80 but thanks to enthusiastic bids from their online service the final hammer price came in at £450, almost ten times their initial estimate.

Thomas Sutcliffe from James & Sons said: 'We have been using internet bidding since the beginning of 2013 and it has had a major impact on our sales - these days it accounts for a large majority of our sales at auction.'

The next auctions will take place on October 23 until 25 at their shop on Norwich Street in Fakenham.

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