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Artfact Launches Beta Test of Its New “Timed Auctions” Service

Artfact’s “Timed Auctions” Offer Significant Time and Cost Savings to Auctioneers and Buyers

Category:

Wednesday, March 27, 2013 8:00 am EDT

Dateline:

BOSTON
"Having been in business for 25 years, we are constantly looking at new ways to expand our business, and Timed Auctions is one of those opportunities."

BOSTON--(BUSINESS WIRE)--Today, Artfact, the largest global marketplace of fine and decorative arts, antiques, collectibles and estate auctions, announced the launch of a beta test for its new Timed Auctions service as a complement to its Live! Auction product. Auctioneers may now post a Timed Auction that will run online for a defined period of time, allowing bidders to register and place maximum bids on items, which will be executed with confidence. Bidders are notified throughout each phase of the Timed Auction, so they have an opportunity to raise their bid amount and stay updated on their lot preferences. The closing of a Timed Auction is determined by a defined end time with extended bidding if there are additional bids in the last five minutes. When time is up, the highest online bidder wins.

Artfact’s Timed Auctions service saves auctioneers significant time and money associated with marketing and conducting a live auction. It creates a powerful new revenue stream and empowers auctioneers to maximize results for their consignors. Artfact continues to be a proactive industry leader through new product development for both auctioneers and bidders. This beta test enables Artfact to secure direct feedback from auctioneers and buyers with the objective of launching a final Timed Auction service by the end of April 2013. The beta test is currently open to all auctioneers and buyers. To view Artfact’s Timed Auctions beta service, visit www.artfact.com and select the “Timed only” filter located below the search bar.

“After considerable market analysis and auctioneer research, we are thrilled to launch the beta test of our new ‘Timed Auctions’ service,” said Rob Weisberg, CEO, Artfact, LLC. “This new feature provides our auctioneer partners with all of the benefits of a live auction, yet with considerable cost savings. It also offers significant business benefits to auctioneers selling time-sensitive and seasonal items. We look forward to collecting valuable feedback on our beta test to deliver a powerful and robust ‘Timed Auction’ service to our customers worldwide.”

“We’re excited to be among the first to leverage Artfact’s new dynamic ‘Timed Auction’ service,” said Barbara Bachini of Argentarius Auctions in Perugia, Italy. “Artfact Timed Auctions will provide me with a new option to maximize the return for my consigners. And because of its qualified traffic and high caliber buyers, Artfact is the ideal destination for me to place my timed auction.”

Maureen Paine Stoss of The Auction House Sacramento said, “Having been in business for 25 years, we are constantly looking at new ways to expand our business, and Timed Auctions is one of those opportunities.” Stoss continued, “We look to Artfact to provide new tools and products to help grow our business. They are a true partner in the industry and one that we count on to help us reach a new audience of buyers from around the world. We expect Timed Auctions to have a measurable and positive impact on our company in the coming year.”

About Artfact

The industry leader since 1989, Artfact.com provides marketing and e-commerce services to the $40 billion live auctions market. As part of the Artfact network of web properties (Artfact.com, AuctionZip.com and Invaluable.com), Artfact.com supplies over 20,000 estate and art auctioneers worldwide with solutions including auction listings, online bidding, websites and auction management, employing the SaaS delivery method. Artfact’s database includes more than 57 million complete auction results totaling more than $204 billion in value, including information on more than 500,000 international artists. As the largest global marketplace for fine and decorative arts, antiques, collectibles and estate auctions, the Artfact network reaches over 2.5 million unique users monthly. Based in Boston and with offices in Pennsylvania and the United Kingdom, Artfact currently has partnerships with top appraisal associations worldwide.

Contact:

Artfact Media Relations
Darcy Sly, 617-213-0145
pr@artfact.com