Mascon ties up for auction platform

Mascon Global (MGL) has signed an agreement with Swiss watch auctioneer Patrizzi & Co to develop an online auction platform.

The platform will be launched in October this year. It will improve certain shortcomings frequently associated with online auctions and bidding during classic auction sales, Sampath Rengachari, senior vice-president, Mascon Global, said.

"The platform we are building will eliminate buyers' commission, which is typically 20-25 per cent of hammer price. There is a five-year guarantee of authenticity; this is something thematic watch buyers always worry about. An online catalogue will allow quicker access and updation," Rangachari said.

He declined to disclose financial terms of the contract between the Chennai-based IT vendor and the Geneva-based auctioneer.

"MGL is currently building the platform, and will support it on an ongoing basis after it is launched," he said.

The platform will allow auctioning of 1,500 lots per day, as compared to classic offline watch auctions that allow 400-500 lots per day.

"The new auction platform will allow buyers to participate on multiple screens across several simultaneous sessions, either in an auction room or online at home," he added.