How has the online space changed the auction world?

Many of us purchase or sell assets at auction. It is an age-old bidding platform that is here to stay. Some of our readers might find it interesting to note that the earliest recorded auctions date as far back as 500 B.C. But many of us wonder how the internet and technology will change auctions in the future.

The good news is that auctions have already adapted to an always-on way of life. Online auctions have additionally introduced this historic practice to a global society, who have taken to it rather well. Popular auction websites see tens of thousands (if not hundreds of thousands) of bids daily with buyers and sellers from across the world successfully completing transactions. In other words, the online space has achieved overcoming physical barriers, such as geography, presence and to some extent, time. So, to answer today’s question, the online space has changed auctioning in ways that ancient societies could never have imagined.