Quiet Start to First Internet Wool Auction

One of Australia's oldest industries has finally embraced the internet age with the first-ever online wool auction. Wool has been sold over the internet in the past via an electronic offer board, but the new system launched by the company, Auctions Plus, allows buyers to bid for bales in real time.

Landmark wool manager, Dave Hart, says it will take some time for interest in the new system to build amongst both buyers and sellers.

"It was a very interesting exercise, met with probably limited success in terms of how many bales were sold. Out of 1,100 bales offered, only 243 bales were sold," Hart said. "The online auction is planned to be a weekly event but will be conducted in a cooperative manner with the rest of the wool trade. It's a marketing option to complement what we already have, the proponents are saying."

The online auction was conducted last week by Wool Trade Plus, an arm of Auctions Plus, which has run livestock auctions online for many years. Auctions Plus is jointly owned by Landmark, Elders, and Rural Co. (also known as Roberts Ltd).

Reprinted in part from ABC Rural, Australia