One of the most unusual auctions I have come across took place last weekend at a hotel next to Heathrow Airport. The venue was appropriate because it was the first in a series of sales to dispose of the entire contents of Terminal 1, from the huge sign on the outside of the building to the baggage carousels inside.
This sale focused on the collectables – signs, artwork and so on – while later sales will deal with the big stuff, including lifts and even travelators.
Apart from the unique nature of the auction (I cannot remember an airport terminal’s entire contents ever coming up before), it was fascinating for various reasons. Firstly, the auctioneers published no estimates because the lack of precedent meant they had very little to go on to establish potential values. With no reserves either, that meant taking a pretty big risk of selling off everything on the cheap. Secondly, it was not clear who, apart from aviation enthusiasts, might want to buy.
In the end, none of this mattered as the first lot, a fairly ordinary Terminal 1 sign, went for £1200, and it went on from there until they had taken hundreds of thousands. Publicity around the sale made it clear that the general public, businesses, entertainment venues and others were all vying for lots. It was quite a day.
