- Jan 05, 2021
- Business Update
The Year in Review: JD Auction’s Six Bidding Fields in 2020
by Vivian Yang
Under COVID-19 in 2020, the auction industry, like many other industries that have gone digital, has been reaping the benefits of the internet for expansion. This year on JD Auction, JD’s online auction site, more than 15,000 users won their house biddings, about 4,500 people got their cars, and more than 60,000 items were auctioned starting from RMB 1 yuan and sold for a good price. Here are the six main bidding fields that JD Auction offered products in the past year:
Houses have been the most popular auction items on JD.com. In 2020, 15,224 houses were successfully sold through JD’s legal auction platform. A commercial building in Chengdu, Sichuan province, eventually sold at RMB 1.24 million yuan after the bidding started at RMB 1 yuan.
In the meantime, JD’s services including VR house tours, legal consultancy, big data-powered house appraisal and more provided extra support to facilitate users to make wise house buying decisions online.
More than 4,500 vehicles were auctioned on JD this year, including 42 luxury cars entrusted by Shenzhen Public Security Bureau, amassing more than RMB 2.92 million yuan. In addition, 144 buses were auctioned in a dedicated online vehicle auction event with 100% conversion rate and 157% premium rate.
Watching and bidding for used cars on JD is particularly exciting as there are oftentimes cases in which a BMW valued at more than RMB 100,000 yuan would be sold at only 30,000, and an over RMB 10 million yuan worth Rolls-Royce went for one-tenth of its original price.
3. Luxury products
Men’s watches were the favorite items among the more than 10,000 second-hand luxury products sold on JD Auction in 2020, and took up about one-fifth of the overall luxury item sales. For instance, the auction of a Rolex submariner automatic mechanical stainless watch attracted near 4,500 onlookers online and was finally sold at a high price of tens of thousands yuan.
Another commemorative watch adorned with the iconic ink wash painting of horses by the famous Chinese painter Xu Beihong (1895-1953) was sold at RMB 5,029 yuan, nearly half of its original price of RMB 9,860 yuan. What’s more, the buyer also got a surprising gift of a calligraphy painting by Xu Beihong’s wife Ms. Liao Jingwen (1923-2015) who was also a well-known artist in her own right.
4. Big-ticket auction for air, sea and road
Through close collaboration with courts and customs at different levels in China, JD Auction made big-ticket auctions more transparent and effective online. The auction of the He-Hui Expressway, an unfinished road construction project, became the most expensive deal of the year, closing at over RMB 3.1 billion yuan.
In addition, the LJ Airline at RMB 800 million yuan, a hydropower station at RMB 260 million yuan and a ship building company with right to use a coastal area at RMB 850 million yuan, all found their new owners on JD Auction.
5. Arts and crafts
Sifting for treasures on JD Auctions has become a habit for many JD customers. A total of more than 50,000 treasures were sold on JD last year including tea and wine, purple sand ceramics, antiques, jade jewelry and more.
Cooperated with JD Foundation, JD Auction held a charity event in last November to promote China’s intangible cultural heritage. All the funds received from the auctions of crafts masters’ works were used to help women in impoverished areas and ethnic minority groups to encourage their pursuits of art and cultural creations.
6. Everything is auctionable
Besides the abovementioned conventional auction items, there were also a number of eye-opening auction deals made on JD Auction last year, such as 11.4 tons of rice, 3,160 tons of sugars, 23.74 tons of dried mung beans, 13 tons of raw jade materials, a Sharp GF-777 cassette recorder and more.
Furthermore, to commemorate the fight against the pandemic in 2020, JD Auction organized a special auction campaign in September to solicit and auction memorabilia related to the COVID fight, in which many touching and inspiring stories emerged and became a source of hope and encouragement for many more people.