JAM Asia Pacific’s Post

Sotheby’s pins hopes on Saudi auction launch Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year. The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah. Prior to the auction, an exhibition featuring the contents of the sale will be on view for the public in Diriyah from February 1-8. The British-founded company wants to expand into new markets amid a dramatic drop in earnings, which in the first half of this year were down 88 percent, according to a Financial Times report. An unaudited copy of the company’s financials for the first six months of 2024, reviewed by The Wall Street Journal in September, told its bondholders the auction part of the business lost $115 million, compared to a $3 million profit in the same period a year ago. Sotheby’s is owned by Moroccan-born billionaire Patrick Drahi. In August it signed a deal with Abu Dhabi sovereign wealth fund ADQ for both parties to inject a combined $1 billion into the company to support its expansion plans. https://lnkd.in/djxd4KJb

HCM: 41m2 Land in District 1 Auctioned with Starting Price of over VND 21 Billion The Execution Division of Civil Affairs in District 1, Ho Chi Minh City, has recently announced the auction of land at 37 Do Quang Dau Street, Pham Ngu Lao Ward, District 1. This is the fourth auction for this plot of land. The land area is 41m2, with a 6-storey building. The total construction area is nearly 188m2. The starting price for the auctioned property is 21,244 billion VND, which means each m2 of land on Do Quang Dau Street is priced at about 518 million VND. The auction dossier sale period lasts from March 13th to April 9th. Each auction participation set costs 500,000 VND, equivalent to 5% of the starting price (over 1 billion VND) as a deposit. On April 12th, the official auction will take place in Thu Duc City. Real estate in District 1, Ho Chi Minh City always has a high price. (Photo: Dai Viet) The Civil Affairs Execution Division of Ho Chi Minh City will also organize the auction (the 5th time) for a house located at 225B-C Tran Quang Khai Street, Tan Dinh Ward, District 1, with a land area of 89.5m2, a structure of 1 ground floor and 3 floors, with a total construction area of over 362m2. The starting price for this property is 28.7 billion VND. Therefore, this house is currently being offered for an average price of about 340 million VND/m2. The property viewing and auction registration period is from March 18th to April 8th. The auction participation fee is 500,000 VND/set, and the deposit is equivalent to 20% of the starting price, which is 5.74 billion VND. The auction for the mentioned house will take place at 2:30 PM on April 11th. Mr. Ngo Van Nghia, a representative of a real estate company in District 1, said that houses priced at 500 – 600 million VND/m2 in District 1 are normal. In prime areas such as Dong Khoi Street, Nguyen Hue Street, Le Lai Street, Le Loi Street, the actual land prices have reached 1.5 – 2 billion VND/m2. Currently, the Civil Affairs Execution Division of Ho Chi Minh City is also announcing the auction of many houses in District 10, Go Vap District, Tan Binh District, Binh Thanh District… with starting prices ranging from several billion to tens of billion VND. The post HCM: 41m2 Land in District 1 Auctioned with Starting Price of over VND 21 Billion appeared first on xe.today.

Preliminary auction results and summary from the CoreLogic Australia research team: There were 3,356 capital city homes taken to auction this week, the second busiest auction week since the week prior to Easter 2022 (4,035), behind w/e 29th October 2023 (3,381). The preliminary clearance rate came in at 72.3%, -1.7 percentage points lower than last week’s preliminary clearance rate of 74.0% (revised down to 66.7% once finalised).   Sydney saw a slight improvement in the preliminary clearance rate week-on-week, with 75.9% of auctions returning a successful result so far, up from 74.8% last week (revised to 66.5% on final numbers). With 1,176 homes taken to auction across the city, this was Sydney’s busiest auction week since the week prior to Easter 2022 (1,490).   Melbourne’s preliminary clearance rate dropped below the 70% mark for the second time this year at 69.4% (down from 72.4% last week which revised down to 66.4% on final numbers). There were 1,636 homes taken to auction across the city, the busiest week since w/e 29th October 2023 (1,725).   Next week will see auction volumes drop due to the Easter long weekend, with around 900 capital city homes currently scheduled for auction. In comparison, Easter 2023 saw 652 auctions held, while Easter 2022 saw 926 homes taken to auction across the combined capitals.

Some insights on property market from experts!

A Landmark Auction at The Savoy London At the heart of London stands The Savoy, one of the world’s most iconic hotels, synonymous with luxury, history, and prestige. Recently, Pro Auction had the honour of orchestrating a truly special event—the auction of FF&E from The Savoy. This landmark event was not just a sale; it was a celebration of heritage and opportunity, offering enthusiasts a chance to own a piece of the hotel’s illustrious story. Pro Auction was immensely proud to be entrusted as the specialist hospitality auctioneer in charge of this significant sale. With The Savoy as our centrepiece, we knew this event would resonate globally with collectors, admirers, and hospitality entrepreneurs. The auction itself surpassed every expectation. Over 2,000 pieces of FF&E were made available to the global market—and every single item found a new owner. Achieving a 100% sell-through rate is no small feat and speaks to both the allure of The Savoy and the effectiveness of Pro Auction’s approach. This achievement also reflects the forward-thinking, sustainability-focused vision of our client. By repurposing these assets through a carefully managed auction process, they not only preserved The Savoy’s legacy but also embraced the importance of environmentally responsible practices. It’s an approach we, too, are proud to champion at Pro Auction. At Pro Auction, we view every sale as more than just a transaction. It’s an opportunity for meaningful impact, whether it’s preserving assets, enhancing sustainability in the hospitality industry, or delivering a high return on investment for our clients. We specialise in large-scale, multi-phased asset schemes, working tirelessly to ensure these projects deliver not only tangible financial benefits but also long-term positive contributions to the industry. Our approach is rooted in expertise, precision, and a commitment to exceeding expectations. The recent Savoy auction serves as a shining example of this philosophy in action. The incredible success of this sale has left us positively brimming with anticipation for what’s to come. The hospitality industry is evolving, and with it comes the need for innovative, tailored solutions that maximise the lifecycle value of assets. Whether you are planning a renovation or looking for ways to optimise your existing inventory, Pro Auction is here to help. Our proven approach ensures timely, high-impact results with a focus on sustainability and ROI. If our landmark event at The Savoy has inspired you, why not reach out? Together, we can develop a bespoke strategy for your future refurbishment plans and help you achieve outstanding results. Contact us today to discover how Pro Auction can assist in your next venture. #ff&e #renovation #refurbishment #hoteldesign

When it comes to auction shipping, Navis Pack & Ship has the expertise to ensure that buyers and sellers alike get their prized items delivered safely and securely. Imagine you’ve just scored a one-of-a-kind vintage neon sign from a big auction, but it’s too delicate and bulky to transport yourself. Or perhaps you're selling a collection of rare fine art and need to make sure it arrives at the buyer's doorstep in perfect condition. That’s where we come in! Navis specializes in packing, crating, and shipping all types of auction items, no matter how large, fragile, or valuable they are. Our team will handle everything, from scheduling a pickup from the auction site to ensuring they are securely packed and shipped to their destination. We can ship: Vintage Signage – From rare neon signs to antique advertising displays, we pack and crate these valuable pieces for secure shipping. Fine Art – Whether it’s a large framed painting or a delicate sculpture, we use custom crating to ensure each piece is protected. Auto Memorabilia – Items like vintage car parts, classic hubcaps, or rare automotive signs are safely packed and shipped to collectors and enthusiasts. Antique Furniture – Whether you’ve purchased a 19th-century cabinet or a mid-century modern chair, we ensure your furniture is packed to prevent damage in transit. And more! Whether you're a seasoned auction buyer or a seller with valuable items to ship, Navis Pack & Ship can manage all the details, including professional packing. Plus, we offer pickup services from auction locations, making it even easier for you to focus on bidding or selling. Need help with your next auction shipment? Contact us today for a quote, and let us take care of your logistics: https://lnkd.in/gNwAS7by

Auction Market Heating up!  Auction clearance rates remain solid throughout Australia despite the traditional Winter slowdown in the market. The number of homes going to auction has also been down as a result of the recent King’s Birthday public holiday.    Despite that there were still 2,232 properties taken to auction, nearly 15% higher than at the same time last year. The preliminary combined capital city clearance rate was 72.9% - the strongest result since the first week of May.    Adelaide was once again in the top spot with a clearance rate of 89%, followed by Sydney, 75%, Canberra, 73%, Melbourne, 70% and Brisbane, 69%. This shows that the auction market is resilient and suggests that demand is keeping up with the rise in vendor activity.    The trend in auction markets lines up with the broader trend in new listings, where vendor activity was 9.5% above the previous five-year average, while overall stock levels were tracking 16.1% below the five-year benchmark, demonstrating a healthy rate of absorption. 

Auction Report July 27th 2024 | Heat Remains in Midwinter Auction Markets 🔥🏡 Auction results were mixed at the weekend as the winter school holidays finally ended for all capitals, although listing numbers generally remained well ahead of the same time last year. Highlights: - The national weekend auction market reported a clearance rate of 63.3%, higher than the previous weekend's 58.2%, but still below last year's 71.7%. - National auction numbers rose to 1,774 listings, up from 1,651 the previous weekend, and also above the 1,518 listed over the same weekend last year. Despite the mid-winter slowdown, auction markets continue to report solid results with the spring selling season just weeks away. 🌸🏡 Sydney Auction Results - Clearance Rate: 74.2%, up from 71.3% the previous weekend 📈 - Auction Numbers: 696, up from 621 the previous weekend 🏠 - Median Price: $1,700,000, higher than the previous weekend’s $1,622,500 💲 - Top Regional Clearance Rates: Northern Beaches and Central Coast at 84.2%, followed by Inner West at 78.0% 🌊 - Lowest Clearance Rate: South West at 64.8% 🧭 - Top Sale: 7-bedroom house at 38 Myrna Rd, Strathfield for $8,901,000 🏡💰 - Most Affordable Sale: 1-bedroom unit at 4/36 Macdonald St, Lakemba for $355,000 🏢 Melbourne Auction Results - Clearance Rate: 65.0%, up from 60.8% the previous weekend 📈 - Auction Numbers: 813, higher than the 785 the previous weekend 🏠 - Median Price: $989,000, lower than the previous weekend’s $1,005,000 💲 - Top Regional Clearance Rates: Inner East at 71.6%, followed by West at 66.8% and North East at 66.3% 🌳 - Lowest Clearance Rate: Inner City at 52.9% 🏙️ - Top Sale: 4-bedroom house at 17 Beaver St, Aberfeldie for $4,900,000 🏡💰 - Most Affordable Sale: 1-bedroom unit at 7/12 Barningham St, Brunswick for $398,000 🏢 Stay tuned as we head into the spring selling season! 🏡✨ #AuctionResults #RealEstate #PropertyMarket #SydneyProperty #MelbourneProperty #AuctionClearanceRates #HomeSales

Auction Market Trends - This Week 22/04/2024 - 28/04/2024 Summary of This Week: Auction volumes steady for fourth consecutive week   There are 1,951 capital city homes scheduled for auction this week, with volumes holding between 1,900-2,000 for four consecutive weeks. There were 1,900 homes taken to auction last week, while 1,978 homes were taken to auction the week before last. One year ago, 1,739 auctions were held across the combined capital cities.   Melbourne's weekly auction numbers are set to fall slightly (-3.9%), with 871 auctions currently scheduled across the city, down from 906 last week. This time last year, 737 Melbourne homes were aken to auction.   There are currently 693 auctions scheduled in Sydney this week, up 15.1% on last week when 602 auctions were held across the city. One year ago, 570 homes were taken to auction.   Across the smaller capitals, Brisbane is set to host 163 auctions this week, down -5.8% week-on-week (173). Adelaide is also expecting to see fewer homes taken to auction this week (133) compared to last (167), as is Perth with 13 auctions scheduled, down from 9. Canberra is actually set to see auction volumes increase with 76 auctions currently scheduled, up 85.4% week-on-week (41). Tasmania's weekly auction count is set to hold steady with two auctions scheduled.   An early view of next week's auction volumes shows around 2,235 capital city homes are currently scheduled for auction.   Disclaimer: All information posted is owned by CoreLogic. The information provided is for general informational purposes only and it is not legal, taxation or financial planning advice. It has been prepared without considering your specific needs, objectives and personal financial situation. Before acting on this information, we recommend that you consider carefully if it is appropriate for your needs, objectives, and personal financial situation.   #creditadvisor #sourcecredit #sourceadvisor #auctions #corelogic

🏠 Weekend Auction Wrap-Up: A Test of Buyer Depth Across Australian Markets 📊 This weekend marked another bustling period for auction markets across Australia, with a notable increase in listings and a slight dip in clearance rates signaling a robust test of buyer depth 🛒. The national clearance rate saw a decrease to 65.0%, down from last weekend’s 73.1%, yet still above last year’s 63.4%. With 2448 properties listed, the volume was significantly higher than both the previous weekend and the same weekend last year, indicating sustained seller confidence but also presenting more options for buyers 📈. Sydney experienced a high volume of listings at 836 properties, with a clearance rate of 71.3%, slightly lower than both the previous weekend and the same weekend last year. The median auction price for houses rose to $1,870,000, marking a 13.0% year-on-year increase. The top sale was a 5-bedroom house in Mosman, fetching $9,400,000, while the most affordable was a 2-bedroom unit in Parramatta at $470,000 💼🏡. Following the Labour Day long weekend, Melbourne’s auction scene resumed with 1290 homes listed and a clearance rate of 65.2%. While this is a slight decrease from the previous figures, it still demonstrates active market participation. The median house price at auction stood at $1,125,000, a slight increase over last year. Melbourne’s highest auction sale was a 2-bedroom house in Albert Park, sold for $6,850,000, showcasing the premium segment’s strength 🌟. #RealEstateTrends #AuctionResults #MarketDynamics