A South Wales-based auction firm received a record-breaking 1,048 bids for one lot as it held its first online auction.

Due to the coronavirus outbreak, Seel and Co, a century-old business, held its most recent auction fully online. The firm got bidders to register and bid early for the lots in its catalogue but were shocked when more than 1,000 bids came in for lot 26 - a leasehold interest in a terraced house in Broadway, Cardiff. Its guide price was just £1, but it eventually sold for more than £21,000.

Bidders also took the unusual step of buying without actually viewing some properties in person - this was the case with Lot 1 in Hoskins Street, Newport, and Lot 8 in Howe Circle, Ringland, Newport, which were both sold purely from VR tours provided by the auctioneer.

Huw Edwards, auctioneer at Seel and Co, said: “Lot 26 was an unusual lot in itself as it is a leasehold interest which is relatively short, which is why the guide price was so low. When we realised that the bids were mounting we were very surprised and pleased for our client.

“We then realised that in fact we had more than 1,048 bids on that one lot and have been told that this is a record for an online property auction, which was even better news.”

Huw said: “This was a new experience for us at Seel and Co, after more than 100 years in the auction business going online was a step into the unknown, but one that has really paid off.”

“All of the lots sold well in excess of their guide price and we had lots of bidders register, some of whom had never bought at an auction before. It was great that this format attracted a different buying audience.”

Seel and Co’s next online auction is on May 19. The catalogue will be available online from May 1 and you will then be able to register to bid for each lot via www.seelandco.com. Bidding will commence on May 15 and will conclude on May 19, closing at the same time it would have done if it was a physical auction from 5pm for Lot 1.

Seel and Co, is one of the oldest independent chartered surveyors, block management, lettings and auction houses in the UK.