AMSTERDAM, 27 June, 2024 - Catawiki, the leading online marketplace for special objects, today introduces a number of new features, including the opportunity for buyers to skip the auction and buy the object immediately at a fixed price.
This new feature, called ‘Buy Now’, can be selected by sellers during the submission process. Sellers will be asked to set a fixed price at which the object can be purchased before the auction ends. Buyers will see ‘Buy Now’ objects marked with a dedicated label on the image and can use ‘Buy Now’ filters to find these objects, as well as browse the newly launched ‘Buy Now’ collections. The ‘Buy Now’ button will live under the bids and will disappear 24 hours before the auction ends, allowing buyers to re-enter the bidding game.
‘Buy Now’ has been soft-launched and tested over the past few months with very encouraging results. To date, over 10,000 objects have been sold through ‘Buy Now’, generating close to 5 million euros for sellers. This feature is significantly reducing the average selling time (50%), bringing it down from 7 days to 3.5 days. Notably, a Rolex Explorer was sold in under a minute (57 seconds), and the most expensive item bought through ‘Buy Now’ so far is a Hermès Kelly, which sold for €25,000.
‘Buy Now’ is attracting a whole new group of buyers for Catawiki who are less familiar with auctions. 'Buy Now' objects have attracted twice as many new buyers compared to regular auction objects. In the first quarter of 2024, Catawiki saw a 20% increase in sellers, attracted by the opportunity to sell faster.
“We’re combining the best of both worlds. The way we’ve set up ‘Buy Now’ serves both buyers who are looking to purchase objects immediately and collectors who love the thrill of an auction” said Frederik de Beer, CCO at Catawiki. “Special objects are gaining more interest year after year, and this new feature ensures Catawiki is accessible to everyone”.
Other updates announced today will make it easier for buyers to find the objects they love among the over 75,000 objects offered in auction every week on Catawiki. The new daily discovery page, tailored to buyers’ interests, helps them find desired objects twice as fast. Curated collections for an inspiring selection of objects across themes have also been launched, along with improved ways for users to follow their favourite objects, auctions and sellers.
De Beer added: ‘’We’re extremely excited about the opportunities that ‘Buy Now’ brings. Just think of the 750,000 people who placed a bid but lost the auction on Catawiki last year - next to the millions of Catawiki visitors who are not familiar with auctions. We estimate this will allow us to reach ten times as many buyers.’’
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Notes to Editors
The ‘Buy Now’ functionality is available for the majority of object categories on Catawiki and we aim to roll it out further in the coming months. More information about ‘Buy Now’ can be found here.
The ‘Buy Now’ collections can be found here.
Explore our new daily discovery here, our themed collections here, and our updated favourites page here.
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