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INVALUABLE DATA SHOWS GLOBAL AUCTION HOUSES MADE STUNNING MIGRATION ONLINE IN RESPONSE TO COVID CRISIS

BOSTON, May 27, 2020 (GLOBE NEWSWIRE) -- Invaluable, the worlda??s leading online marketplace for fine art, antiques and collectibles, today released data showing the sudden and dramatic pivot global auction houses made to online sales when COVID-19 abruptly shuttered sale rooms.a??The auction model predicated on large gatherings of bidders, which has endured for centuries, literally crashed overnight in mid-Marcha?? said Invaluable CEO Rob Weisberg.A  a??Auction houses with a strong online presence quickly moved their sales exclusively online and were joined by other houses, new to digital, who have scrambled to catch up.a??April saw a dramatic shift online that continued in May and, we believe, will continue for the next year-and-a-half, if not indefinitely, due to a shift in consumer bidding behavior. Overall, while the auction market remains down, wea??re seeing early signs of recovery - like double-digit increases in bidders and buyers engaging online. A record number of auctions houses are adopting Invaluable technology to take advantage of that,a?? he added.Invaluable moved rapidly to assist auction house partners migrating online, waiving more than $150,000 in listing fees in April and May, Weisberg said. a??We knew it was critical to help our partners. Wea??re in this together, especially during a global crisis.a??A The company also joined a host of individuals and institutions supporting artists, donating to and helping raise funds for Artist Relief, which will distribute $5,000 grants to artists facing dire emergencies due to the pandemic.
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