Auction Insights with Artisio
Dive into our blog for expert insights, tips, and the latest trends in the auction industry. Let Artisio guide your journey in the dynamic world of auctions.
The 360-Degree Customer View in Auction Management
Understanding and effectively managing customer interactions is essential in any industry, and for auction businesses it’s no different. By understanding buyer interest, how they engage with your business, and what they need to enjoy a positive customer experience, auction businesses can deliver and maintain the very highest standard of service – maximising profits and improving reputation in the process.
As technology has evolved, customer expectations have grown. So, it’s no surprise that recent research found a close correlation between a good digital experience and revenue generation. In fact, it is estimated that 70% of consumers spend more with companies that offer “fluid, personalised, and seamless customer experiences”.
So, how can an auction business provide a superior service? At Artisio we believe in working smarter for customers, not harder. That’s why we have developed a comprehensive auction management system that puts control and insights at the fingertips of auction businesses – whether they specialise in art, antiques, retail, P&M or industrial equipment.
Our platform is trusted by organisations around the globe to streamline operations and enhance productivity. Read on to find out what our powerful management software and integrated systems can offer you.
A single platform for comprehensive management
At its core, Artisio offers auction businesses the ability to manage clients, bidders, suppliers, and partners in one place. Users can either manually add a customer within the Artisio platform or effortlessly sync customer data from external sources such as a website, timed auction modules, or any pre-existing CRM.
This provides you with a single destination when seeking key information, storing data in a way that is both convenient and secure. It also enhances collaboration and information between team members –an improvement that studies have shown can make a big difference to the smooth operational running of an organisation. In a recent report from Zendesk, it was found that 72% of business leaders believed that operational efficiencies could be achieved by merging teams and responsibilities that focused on the customer experience.
360° Overview of Client Interactions
Artisio takes pride in its comprehensive 360-degree view, simplifying the tracking, analysis, and monitoring of buyer/seller interactions for auction businesses.
Our integrated platform empowers auction businesses with the ability to centralize data from third-party resources via our API capabilities.
As Artisio CEO and Co-Founder, Berdia Qamarauli, explains:
"With all the information in one place, auction managers no longer need to navigate multiple platforms to access customer interests, contact details, or consult third-party financial activity graphs for their buyers and vendors.This optimization streamlines their workflow and frees up resources."
Streamlining auction management back office activities
There are a variety of key features within Artisio’s auction management software that are designed to make customer care easier and more rewarding for auction businesses. These features include:
- Seamless customer creation & data syncing: Artisio provides options to connect with various platforms, be it a website, timed auction module, or any third-party system via API. There's also a built-in capability to automatically sync customer data to Artisio AMS.
- Personalised client setup: Every auction house is unique with their own specific requirements. In fact, 62% of consumers agree that personalised recommendations are better than general ones. That’s why the Artisio platform is flexible and easy to shape around individual needs. The platform offers personalised client setups and auction fee management, bidding limits applied at various levels, and a dedicated single point of access to customer dashboards.
- Intuitive customer dashboard: A quick view of all key information in one place to make prioritising actions and gaining insights simple and easy.
- Transparent financial management: Artisio empowers users with tools for a full review of financial activities. Buyers and sellers can access data any time and anywhere. This includes pre-auction checks on bidders via card authorisations, dedicated sections to manage buyer premiums, vendor commissions and VAT calculations, as well as the ability to adjust commissions per inventory item for specific customers.
- Audit trail & activity log: With Artisio, transparency is paramount. The platform logs every action, detailing staff member name, change date, and the specific activity. Users can track, retrieve, and even restore any sensitive data that might have been changed in error.
Safety and compliance
Data security is an essential factor for any modern auction businesses. Not only does the risk of a data breach mean financial chaos, but it can also put the reputation of your business in jeopardy.
Organisations can rest easy knowing that Artisio is rigorously tested to ensure safety, security and compliance with GDPR standards. All bidder and buyer data are encrypted, ensuring utmost confidentiality. Additionally, the platform boasts comprehensive KYC and AML onboarding capabilities, which means all users meet the highest standard requirements for ID and supporting photos.
Try Artisio’s auction management software for yourself
Artisio is revolutionising auction management with its 360-degree customer view, ensuring auction businesses can manage their operations with unparalleled efficiency and transparency. Whether you're an established auction house or preparing to hold your first auction, Artisio promises to deliver an experience that combines customer management, financial oversight, and security into one seamless package.
Find out more about how Artisio can improve your auction management today by booking a demo.
How Artisio takes the stress out of auction inventory management?
Gone are the days when managing your auction inventory was a laborious, manual process that drained internal resource and remained prone to error. With Artisio’s powerful auction inventory management software and integrated solutions, staying in control of your inventory is always seamless and stress-free.
How does it work?
Artisio offers a dynamic, future-proof solution to stock management, storing all information in one place with users able to manage and monitor their inventory anytime, anywhere. Through a range of helpful filters it is possible for team members to interrogate stock by location, sale category, target auction or even specialist valuer.
Using a QR-based stock system, Artisio helps to remove the time-intensive manual processes traditionally associated with inventory management. This tracking tool means that auction businesses are able to identify unique stock items as they move through warehousing, sales room locations and sale allocation. Dynamic QR coding also makes it possible to link physical inventory items with front-end website and online sale catalogues.
For the modern auction business, keeping on top of inventory is essential. So, being able to complete audits, track movement and monitor sales in real time can help revolutionise your service and elevate you above competitors.
Built to be intuitive and user friendly
At the most basic level, any new software that an organisation adopts should make life easier. And with auction management software this starts with a user-friendly dashboard. From our carefully designed dashboard, stock management presents key inventory information in one place and helps you monitor the assets within your business, as well as managing the general flow of your business.
Getting on top of stock management
For auction businesses familiar with using excel spreadsheets for cataloguing inventory and managing stock, transitioning to the Artisio platform couldn’t be easier. Simply import fields from your pre-existing spreadsheets and upload accompanying images to keep all data in one place.
The purpose-built platform offers a fully customisable description field for inventory, while templates can also be customised for various types of items to make bulk uploads fast and efficient. There are also dedicated functionalities in-built to manage the shipping and collection of items.
And what about data security?
Well, stock management is access controlled, which means that it is possible to customise permissions for each staff member by role. Data input validation rules can also be put in place to minimise the risk of human error.
The larger an auction house’s data set the more important it is to have a customisable and versatile stock interrogation search function. Our platform and stock interrogation tool incorporates a host of standard filters, as well as offering a number of customisable options. So, whether you prefer to utilise description tags, lot categorisations, date ranges or even receipt numbers, you’re never more than a click or two away from the item you need.
Should you need to export data from the management software, you can do so via excel or pdf for reporting purposes.
More to QR than meets the eye
QR codes have grown in popularity over recent years. Whether it’s downloadable menus in restaurants or embedded videos in marketing materials, they are a handy and helpful tool in many circumstances.
But in helping to move auction businesses forward, QR code technology is particularly powerful. Here’s how:
Moving items from one location to another couldn’t be simpler. A quick scan of a QR code is all it takes when moving from vault to warehouse to saleroom.
Scan the QR code assigned to an item and instantly access all the relevant information you need.
QR codes also make bidding on an item a piece of cake. Should a buyer wish to place a bid on an item, they can simply scan the code on the lot label or catalogue and they will be redirected to the web page where the auction is taking place.
Find out more about how Artisio can improve your inventory management today by booking a demo.
How AI Is Shaping the Future of Auction Management
AI is making waves and making headlines, but what does it mean for the auction industry?
Unless you’ve been living under a rock, chances are you’ve heard whisperings about the rise of Artificial Intelligence in recent months. From AI-generated artworks to headlines about ChatGPT, more and more industries are integrating AI into their operations in order to improve communications, benefit productivity and more.
And the groundswell of interest in AI shows no signs of abating. In fact, Forbes reports that AI is expected to grow more than 37% every year between now and 2030.
One industry in which AI is certainly changing the game is auction management. Auction houses around the world are discovering the benefits of investing in the latest cutting-edge AI technology.
But what operational advantages are there to be gained? Let’s take a closer look.
Automated auction tasks
AI is often used to tackle the monotonous tasks that in-house teams don’t have the time or patience for. For auction houses, this means there is potential for AI to automate and optimise key responsibilities, such as cataloguing, item valuation, registration and payment processing. In other words, essential data entry that would otherwise be time-consuming and often at risk of human error.
By analysing historical auction data, market trends and user preferences, AI can be used to streamline auction administrative processes to improve overall efficiency.
Informed decision making
It’s unrealistic to expect staff to analyse huge reams of historical data about sales and trends, but AI systems can do just that in minutes. This opens up a whole new world of data-driven decision making for auction houses, providing inventory recommendations, pricing strategies, marketing routes and more – all based on reliable facts and figures.
Through AI, auction houses can make data-based decisions to identify emerging trends, forecast demand, stay competitive and maximise outcomes.
Analysing auction data can be particularly beneficial when it comes to bidding. AI algorithms can explore historical and real-time bidding behaviours to assist in more informed bids and recommendations.
Last year, a study presented at the 23rd ACM Conference on Economics and Computation explored the relationship between AI and auction designs. Researchers found that making use of AI algorithms made for faster bids and greater competitiveness.
Tailored customer engagement
AI data isn’t only useful at the bidding stage of auctions. It can also be used to get to know customers, leveraging data to offer personal recommendations for items they might be interested in. AI can suggest items that align with user interests to drive higher bids.
As Yair Zisling, Chief Business Officer at Artbrain, explains,
“Artificial Intelligence arms auction houses with powerful tools for growth. Customer data can be matched with auction house inventory in minutes, enabling personalised communications to be sent that are not only engaging but are proven to convert. This kind of task would take weeks of manual effort within marketing teams but it is light work for our machine learning engine.”
Even customer service communications can be enhanced and improved through the use of AI. Chatbots and virtual assistants can provide instant support and detailed answers to frequently asked questions, freeing up human team members to offer more tailored support.
Mass market research
The ability of AI solutions to provide insights based on large quantities of data is particularly powerful when it comes to marketing. Auction houses can conduct mass market research of trends, social media data and user preferences to identify what customers are looking for.
Analysing social media data and online conversations about collectables and artworks makes it possible to gain valuable insights around popular categories, potential bidders, emerging markets and more.
Recently, food giants Danone used AI social data to study their audience’s hobbies, interests and preferences. As a result, they say their reach increased by 20% and engagement by 35%.
Cybersecurity and fraud detection
With the vast majority of industries becoming increasingly digitised, cybersecurity concerns are on the rise. In fact, Astra Security reports that 2023 will involve around 33 billion data breaches.
AI can be used to mitigate fraud and ensure auction integrity by analysing user habits and information. Through the identification of suspicious bidding patterns, auction houses can detect potential fraudsters and gather necessary intelligence to enhance security measures and protect bidder data.
A bright future with AI and Artisio
With AI developing all the time, its role in auctioning is full of potential. From advancements in computer vision for item recognition to natural language processing for improved customer interactions, the future is exciting and full of possibilities.
This is especially true with innovators like Artisio leading the industry. As Artisio CEO and Co-Founder, Berdia Qamarauli, says,
“Our mission has always been to introduce the auction industry to new and effective technologies. We pioneer the latest innovations by incorporating AI features into our solutions, creating an ecosystem that supports all kinds of auction management.
“Our comprehensive auction management solution handles all aspects of your business under one platform, from front-to-back sales to online payments and inventory.”
Find out more about Artisio AMS today by booking a demo
Sales, Shreddings & Scams: Here are Some of the Fascinating Facts About Auctions You Need to Know
On the face of it, auctions are relatively straightforward: bids are made, the hammer falls and a transaction is completed. Simple. But auctions have been around for centuries, and in that time the industry has been anything but dull. In fact, there have been some pretty spectacular sales, successes and controversies to pick through. Not only that but we have also seen new auction formats and models develop and thrive.
From shredded paintings to countries under the hammer, here are some of the most incredible, exciting and fun facts about auctions.
Auctions date back as far as 500 BC
Auctions have been part of society millennia – at least 2,523 years to be more specific. Greek historian Herodotus documented accounts of auctions taking place in Babylon, which was once the largest city in the world. The Babylonian empire dissolved in time, becoming modern day Iran, so we can only imagine what trinkets and treasures may have gone under the gavel back when civilization was quite different.
Da Vinci’s Salvator Mundi is the most expensive (and controversial) painting ever auctioned
Produced in the 1500s, Leonardo Da Vinci’s Salvator Mundi (“Saviour of the World”) famously sold in 2017 for $450.3 million. This remains the highest fee ever paid for a work of art at auction at time of writing. However, the attention this garnered caused the painting to come under intense scrutiny, with many highlighting its poor condition, questionable quality and unverified history.
The painting had previously sold in 2005 in New Orleans, and had to be restored extensively due to having been overpainted and inadequately restored in the past. This led some to question how much of the current painting was actually created by Da Vinci’s hand.
Debates surrounding the painting still continue, as it has not been seen publicly since it was sold. It’s current whereabouts are unknown, though it is thought to have been purchased by the crown prince of Saudi Arabia, Mohammed bin Salman.
The longest ever single lot sale lasted 75+ minutes and included over 100 bids
In October 2020, a 700 year-old work by renowned Yuan-dynasty master painter Ren Renfa sold for the equivalent of US$306.6 million. The extraordinary painted scroll, titled Five Drunken Princes Returning on Horseback, marks the longest bidding war in auction history.
The bidding itself last for more than 75 minutes and included over 100 bids. Competition was fierce for this masterpiece of Asian painting, and to date it remains to most valuable work sold at auction in Asia.
A man once tried to auction off the entire country of New Zealand
Friendly rivalry between Australia and New Zealand is nothing new. But it reached a new level in 2006 when one Australian man listed the entire country of New Zealand for sale, with a starting bid of one cent. Bidding eventually reached $1,300 – a steal for such a picturesque country – but the auction was removed for violating eBay’s terms and conditions before any sale could be finalised.
The oldest auction house can be found in Stockholm
Founded in 1674 by Baron Claes Rålamb, Stockholms Auktionsverk (Swedish for “Stockholm’s Auction House”) is the oldest auction house in the world. In its long lifetime, the site has been used by esteemed guests like Sweden’s King Charles XI – who earned 900 silver coins for some hunting rifles – and King Gustav III. Gustav purchased Rembrandt’s Kitchen Maid, while playwright August Strindberg purchased a number of books during his visit to Stockholms Auktionsverk.
Banksy set records with his famous shredded painting
You may remember the infamous footage of Banksy’s Love is in the Bin back in 2021. Seconds after the hammer fell at Sotheby’s in London, the painting of Girl with Balloon sank into a hidden shredder located in the bottom of the ornate Victorian frame, and was irreparably destroyed.
Despite this, the piece still sold for an eye-watering £18,582,000. This broke records as the highest ever price for a street artist’s work, while also selling for many times its guide price. It also raised a lot of questions about elitism and commercialisation in art.
Melting candles were once used to time auctions
Long before electricity, auctions in England saw auctioneers and bidders gather in a dark room with a single candle pinned to the wall. The auction would commence when the candle was lit, and would end the moment the candle melted around the pin and fell to the ground. At this point, the final bidder would be declared the winner.
Needless to say, this created an urgent and rather chaotic atmosphere for the bidding process. It also explains the origins of the term ‘flaming out’, where bidders are deemed to bid too high too early.
Auction houses have moved with the times
Although many of the world’s most famous auction houses are steeped in history and tradition, they have all had to adapt to changes as their sales move increasingly online. At Artisio, we are working closely with auction businesses around the globe to provide them with the tools to enable this transition and deliver the technical environment for growth.
From fully integrated inventory and logistics management to live and timed online auction streaming, online payment processing and sophisticated 3rd party integrations, Artisio’s front-to-back auction management software solution is at the cutting edge this intriguing industry.
Find out more about Artisio AMS today by booking a demo
210 years and counting: Venduehuis der Notarissen continues to lead the way in auction-house innovation
Venduehuis der Notarissen is one of the world’s most highly respected auction houses. Based at The Hague in the Netherlands, it has been responsible for the sale of some of art’s most famous and important pieces over the course of its 210 year history. Whether it is the sale of the “Girl with a Pearl Earring” by Johannes Vermeer in 1881 or the spectacular Panorama Mesdag by Hendrik Willem Mesdag, Venduehuis has been the stage for art and collectors to come together.
Founded during the rule of Napoleon Bonaparte when the Kingdom of Holland was subject to French law, the institution has endured for more than two centuries. Today, it remains the only auction house in The Netherlands still owned by the local association of notaries. However, its clientele stretches far beyond The Hague with a range of national and international clients regularly bidding from across 80 countries – through both live and online auctions.
Innovation, excellence and a new auction management software solution
Steeped in history, Venduehuis der Notarissen is nevertheless an institution that is forward-thinking and moves with the times. Indeed, it recently posted this to social media during the celebration of its 210th year:
“We are proud to be a modern auction house that attributes its success not only to the consistent high quality of art objects on offer, but also to our strong eagerness to innovate, the expertise of our knowledgeable art specialists, and the trusting relationships with our clients.”
Nowhere is this progressive approach clearer than in the auction house’s latest digital project with Artisio AMS.
In September 2022, Venduehuis identified the need for a new front-to-back auction management software to replace its existing legacy system. In an increasingly digital world, the team at Venduehuis recognised that an integrated software solution was essential to provide a seamless user journey for their clients. From initial engagement to sale registration to transfer of funds, every step of the auction process has to be intuitive and easy, in order to meet the needs of online collectors and buyers.
From this brief the Artisio AMS team has set about building and configuring a solution designed to manage front-to-back sales management processes, handle online payments and manage inventory. In addition, the new auction management software solution must have the capabilities to support the hosting of webcasts and timed auctions, as well as integrate 3rd party accounting systems and marketing tools.
The completed solution is set for completion and delivery in early 2023, incorporating all of Venduehuis’s historical data and imagery as a valuable archive of assets.
Ready to build an auction management solution fit for the future?
Artisio AMS can help you transform the way you do business and develop a solution that is perfectly tailored to your needs.
Find out more by booking a demo today.
The Social Impact Achieved Through Nurturing The Circular Economy
The circular economy is, finally, booming. Over the past two decades, the detrimental buy-use-discard process has hit our planet – and our economy – hard. Yet, with huge campaigns to raise awareness of the perils of this process everywhere we look, it’s quite reassuring to see the positive effects this is having on our buying habits, all in an effort to create both a more sustainable economy and world.
What Is The Circular Economy?
The circular economy was created as a sustainable economic model that deals with creating less waste by helping people understand the value of what they have and are able to pass onto others. This means that by purchasing things second-hand and at auction, you are doing your bit to create a more sustainable world.
The Circular Economy Model
There are so many services, websites and apps around nowadays that encourage the purchase of second-hand items, and choosing to buy at auction is a pivotal method in which collectors can help eliminate the buy-use-discard process that so many retailers have stuck by for so long – a process that produces a shocking amount of global waste. Buying at auction means you are able to buy vintage, second-hand and one-of-a-kind products that mean so much more, knowing you are contributing to the circular economy, where together, we are able to extend the life cycle of a product through reuse, rather than throwing it onto a garbage heap that will damage our planet.
How Auction Businesses are Fostering The Circular Economy
The auction industry is making every effort to foster the circular economy by reselling items instead of letting them be sent for landfill. Essentially, they act as the main link between buyers and sellers.
Auction businesses cater to a wide range of industries, who sell liquidated, returned and excess inventory second, third and – at times – even fourth-hand to other companies. That’s not the only way the auction industry helps boost the circular economy; they also assist businesses and retailers sustainably and effectively clear a backlog of excess inventory items and by doing so, protect brand equity, all while minimizing any financial loss.
By adopting these processes, not only are they giving their customers what they want to buy, but they are also doing their part in making our economy more sustainable, with far fewer products once sold at auction ending up on landfill sites across the world.
Artisio’s Role In The Circular Economy
Auction management software solution pioneers, Artisio, have paved the way for processes that contribute to the circular economy, with an impressive list of clients that go that little bit further in order to ensure their processes are sustainable. BPI Auctions, Diger and BPA Pharma are perfect examples of companies from the industrial sector who sell liquidated, returned and excess inventory items on the B2B (business to business) secondary market.
Artisio also acts as the main powerhouse for auction businesses. The fact that it is auction management software means it can assist auction companies in accelerating auction business and creating automated processes to allow for quicker and more efficient auction sales. This, in turn, helps auction companies to add more frequent contributions to the circular economy, helping to stop waste production by reusing things like plants, machinery, industrial equipment and more. By helping auction companies sell their produce more quickly and also assisting them with their business processes, Artisio manages to directly contribute to the circular economy & Environmental Sustainability.
You may be wondering how Artisio accelerates the auction process. This is cleverly done by auction houses being able to store a comprehensive list of inventory items on their database for any future sales. Furthermore, both sellers and dealers have the option to submit their second-hand items for auction houses to sell. In cases such as these, Artisio acts as a platform where all of this data is collected. Automated processes means less paperwork – paperwork which would have otherwise taken up valuable time.
Lastly, Artisio is an active member of the Ellen MacArthur Foundation, a charity whose sole aim is to create a better, more thriving, circular economy for our world by eliminating waste and pollution, circulate products and materials and regenerate nature.
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