First English property sold by an Artificial Intelligence auctioneer

In October the first property sale was concluded by an Artificial Intelligence auctioneer. The property in question was a house in Sweeney’s Terrace, Dublin, being sold by Allen & Jacobs. Offered at a guide of €250,000, the property sold by way of a clicktopurchase auction, monitored by gAbI at €345,000.

Now, the same auction platform has been used by London investment agency, Singer Vielle, to sell a commercial industrial property in Calne, Wiltshire.

With the guide price of £400,000, the property sold at online clicktopurchase® Artificial Intelligence auction on Thursday 6th December at £475,000, nearly 20% above the guide.

Clicktopurchase is the only platform enabling legal conclusion of the sale process by online private treaty, “best offers”, or auction.

The auction provides the option to be conducted by “gAbi”, the Artificial Intelligence auctioneer. Auctions are in real time, live, emulating the “traditional” ballroom experience, with a fully electronic audit trail. Every contract and audit trail are recorded in Blockchain.

“Every agent is now able to offer such a sales conclusion, and every buyer can purchase from anywhere in the world easily and without the intimidation of the auction room,” said Neil Singer, CEO of clicktopurchase. “With bidders still able to participate in competitive bidding but in the knowledge that it is totally secure and transparent, I have no doubt that the live ballroom will soon be a thing of the past.”

clicktopurchase enables legally binding offers to be submitted, where acceptance creates digital contract notes with legally binding encrypted and hashed signatures, whether by private treaty, tender of auction.

In October 2017, clicktopurchase became the first platform recording audit trails and property executions in a Blockchain ledger.

11th December 2017 - Showhouse