WATCH: First property sold by AI auctioneer
A detached house in Dublin has become the first property in the UK to be sold at auction using Artificial Intelligence.
Clicktopurchase launched its AI auctioneer, gAbI, in April of this year. The home on Sweeney’s Terrace was sold by agency Allen & Jacobs, at a guide price of €250,000. The final bid came in at €345,000.
Artificial Intelligence auctioneering by Clicktopurchase emulates the old-fashioned ballroom experience, where bidders interact with the auctioneer in real time, see other bids and comments from the auctioneer, and react accordingly.
The AI auctioneer, gAbI, controls the bidding, encourages offers, and closes the sale when appropriate. Human error or manipulation cannot occur, instilling total trust in the process for all involved.
The sale process also incorporated Clicktopurchase’s blockchain technology, which provides online exchanges, digital signatures, and anti-money laundering measures.
Gary Jacobs, director of Allen & Jacobs, said of the experience: “I’m delighted with the smooth running of our auction. From start to finish, the bidding was kept going at a good pace whilst allowing ample time for the bidders in the room to bid. It also ensured that we had plenty of time to get all our verified bidders into the online auction room and also allowed us to be able to interact with our client during the auction.
“I’m very satisfied with the result- we will definitely use again.”