How to bid for luxury property at auction

More people are buying luxury property at auction – but think carefully before you bid, says David Prosser

Traditional wooden house at dusk with Pergola sitting area, luxury property concept
(Image credit: Getty Images)

Would you spend millions of pounds on a property on the other side of the world that you may not even have seen in person? A growing number of investors are doing exactly that. The international market for luxury property is well established, but in recent years, the number of such homes sold at auction, often to overseas buyers who haven’t conducted a viewing, has increased rapidly.

“Buying luxury property at auction is becoming more commonplace,” says Chad Roffers, CEO of Concierge Auctions, a marketplace run by Sotheby’s, the international auction house that has a significant real estate business. “Buyers appreciate the opportunity and transparency that luxury auctions bring.”

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.