News
PWCC Marketplace expanding to Weekly Auctions in 2022
After three record-breaking monthly auctions, PWCC Marketplace is switching to weekly auctions in 2022, giving collectors and investors even more opportunities to buy and sell.
PWCC’s Weekly Auction will launch in January, replacing the company’s monthly format and featuring new auction optimization technology.
“The Monthly Auction format we launched three months ago exceeded even our most optimistic projections,” said Jesse Craig, . “The number of new bidders and sellers, the number of items we’ve had up for auction, the number of bids, and the sales figures have all been exceptional. To respond to the demand we’re seeing, we’re replacing the monthly format with a Weekly Auction that gives buyers and sellers more opportunities to engage with the market.”
PWCC is offering registered and verified users the opportunity to win a 2000 Bowman Tom Brady rookie card. From now until the first Weekly Auction starts, every registered PWCC user will automatically be entered into a contest to win the cardm currently valued at more than $2,500.
The drawing will be held on the first closing night of the new Weekly Auction. Collectors can register here to create a new account.
The weekly auctions will include all the new platform features developed over the past three months, including high-resolution imagery, access to the PWCC Vault, Oregon’s zero percent sales tax and the Extended Bidding format, which is designed to eliminate “bid sniping.” All assets will remain linked to an individual’s PWCC Vault and provide clarity on insured values and auction tracking.
One new element to the Weekly Auction will be a standardized 20 percent Buyer’s Premium (BP) across all assets. The BP will be calculated up front and displayed clearly on the platform, ensuring bidders full transparency into the price they are bidding and the final price.
PWCC is also introducing its Weekly Auction Builder technology, which optimizes each auction to prioritize assets on a first-come, first-served basis to ensure a uniform number of items are offered in each weekly auction and that duplicate offerings are limited.
Craig says the new offerings will provide more flexible and immediate opportunities for sellers and buyers to make quick changes to their portfolios.
“The new weekly format provides increased flexibility for our vault members and dovetails nicely with our menu of Capital offerings,” Craig said. “Auction Cash Advances and Vault Loans can now be provided in a much more dynamic manner, which helps our clients with their immediate needs in today’s market.”
PWCC says its Marketplace Trust Team continues to vet new bidders and monitor bidding activity, resulting in a vast reduction in the rate of unpaid auctions.
“We continue to create new offerings across our entire platform with our in-house team of developers,” Craig said. “We’ve developed new technologies, tools and approaches to remove bad actors from our auctions. We are aggressively innovating and inventing with the goal of creating new opportunities to make bidding more effective, fun and efficient, all while ensuring auctions are paid swiftly.”
PWCC’s Premier Auction remains unchanged and will operate as a monthly auction ending on set Saturdays throughout the year.
