Business
UPDATE – 1stDibs Corners The Market For “Mid-Market” Auctions
One Year In, Leading Luxury Marketplace Reveals New Insights on Auctions and the Modern Shopping Experience NEW YORK, March 06, 2023 (GLOBE NEWSWIRE) --
About this update from 1stdibs.com, Inc.
[{"type":"text","content":"One Year In, Leading Luxury Marketplace Reveals New Insights on Auctions and the Modern Shopping Experience\nNEW YORK, March 06, 2023 (GLOBE NEWSWIRE) -- 1stDibs, a leading marketplace for extraordinary design, celebrates one year of auctions with compelling new insights on how sellers and buyers are engaging in the marketplace. In just one year, 1stDibs Auctions has been able to revolutionize a 300-year-old auction model. In the fourth quarter of 2022, the auctions platform saw approximately a 1.4x higher sell-through rate than the 1stDibs marketplace. “As a digitally native company, our team has invested heavily in developing an auctions experience that captures the thrill of a live event,” says 1stDibs Chief Commercial Officer Matthew Rubinger. “We are the first player to create an auctions model that offers high quality products at a scalable, global level.” By allowing its dealers to sell their high quality goods at auction with just a click of a button, 1stDibs has reduced the frictions seen in traditional auction experiences. This makes auctions accessible to both buyers and sellers to interact with the marketplace on their own time, regardless of standardized industry calendars. The proof is in the numbers: since the launch of its auctions platform in November 2021, auction monthly page views have more than doubled. 1stDibs sellers have seen just how the auctions platform has affected their business. “The Auctions feature has been a great opportunity to increase sales, optimize our inventory of 35,000+ artworks and reach new customers,” shares Wallector, a London-based dealer known for its expertise in futurism, surrealism and post-impressionism art. In addition to adding a new way to interact with product, 1stDibs expanded beyond “typical” auctions categories like fine art and watches, creating channels for jewelry, accessible design objects, and decorative art. Traditionally, auction houses focus on art pieces and collector’s items that are priced in the hundreds of thousands, if not millions. 1stDibs has carved a niche for “mid-market” auctions, giving buyers access to bid on luxury and rare items in the price range of hundreds or thousands – a steal for the iconic inventory seen on the site, with the overage auctions sale clocking in at 65% off the original price. Within this new space comes a whole new clientele of ...