Mascon Global (MGL) has inked an pact with Swiss watch auctioneer Patrizzi & Co to develop an online auction platform. The platform will be unveiled in October this year. It will improve certain shortcomings frequently associated with online auctions and bidding during classic auction sales, Sampath Rengachari. The platform they are building will remove purchaser''s commission, which is typically 20-25 per cent of hammer price. MGL is currently developing the platform, and will support it on an ongoing basis after it is unveiled. The platform will admit auctioning of 1,500 lots per day, as compared to classic offline watch auctions that allow 400-500 lots per day.
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