A platform which previously offered online private treaty exchanges says a sale of a home in the Republic of Ireland has been the first to use what it calls an Artificial Intelligence auctioneer.
The platform, Clicktopurchase, says the process allowed bidders interact with the AI auctioneer in real time, see other bids and comments from the auctioneer, and react accordingly.
The AI auctioneer - known as ‘gAbI’ - controls the bidding, encourages offers, and closes the sale when appropriate.
“Human error or manipulation cannot occur, instilling total trust in the process for all involved” claims Clicktopurchase.
The property in question was a house in Dublin being sold by the Allen & Jacobs agency and was offered with a guide price of €250,000.
Following competitive online bidding, monitored by gAbI, the property sold for €345,000.
Agency spokesman Gary Jacobs says: “From start to finish, the bidding was kept going at a good pace whilst allowing ample time for the bidders in the room to bid. It also ensured that we had plenty of time to get all our verified bidders into the online auction room and also allowed us to be able to interact with our client during the auction.”
Below you can see a YouTube video of the auction.