SVN to Host Its Largest Online Auction

CHICAGO—Earlier this year, Sperry Van Ness launched a Chicago-based franchise, called AuctionWorks, which hosts multi-property auctions online, and in November it will hold its largest auction to date, with more than 90 listings. Nearly half of the properties are bank-owned, including 17 that the firm will sell absolute. The Nov. 24-26 auction includes office, medical office, industrial, retail, mixed-use, single-family, multi-family, and vacant land. A June online auction by SVN AuctionWorks listed 27 properties. Buyers can bid online or submit pre-auction offers.

“I’ve found that live auctions were not very exciting because the best properties usually sold long before the auction,” Diana Peterson, the president of SVN AuctionWorks, told GlobeSt.com. The online method combines efficiency and convenience with the competitive bidding an auction inspires. Previously, Peterson was an executive vice president of Auctions by ATG, where she was responsible for building the firm’s auction platform.