Brits bring old world style to US property auction

Real Estate Weekly, April 20, 2005

With a catalogue comprising a broad selection of 32 properties, ranging from colonial-style single-family houses to multi-family apartment buildings, as well as vacant urban lots and massive country acreage, Clive Emson, president of Clive Emson Land and Property Auctioneers, LLC, introduced traditional British-style auctioneering to a packed ballroom at the New York Hilton Hotel on March 22. An estimated 250 people attended the two-hour auction, which was Mr. Emson's inaugural New York event. With bright blue paddles energetically bobbing up and down, more than 50 percent of the properties were sold at the auction raising $1.6M within two hours. Additional properties that were initially presented at the auction, have since sold in excess of $10M.

Adding to the excitement of the auction was a film crew from the UK's Lion Television, which shot the event for a new series, "Going, Going, Gone," to air later this year on the Discovery Home Channel. It will be the US version of the British series, "Homes Under the Hammer."

"New Yorkers simply don't have real estate auctions like this, so it has been a steep learning curve for both sellers and buyers," said Mr. Emson. "The energy in the room was electric, yet dignified and I am totally convinced that this is the perfect type of auction for sophisticated buyers in the States. In fact, we are already working on our next one!"

It is anticipated that the next auction, which will be held June 29, will contain at least $30 million worth of properties and attract an even greater audience. To accommodate the growing numbers of participants, the auction house is seeking a larger venue.