Savills Spotlight - Gary Murphy

During our 第一太平戴维斯 Spotlight, we catch up with Gary Murphy LLB FRICS, Director, Auctions, Head Office London and learn about his career and insights into the auction market.

DID YOU ALWAYS INTEND TO BE AN AUCTIONEER??

I loved reading law at King’s College and intended to pursue it as a career. I went on to the College of Law to train as a solicitor but soon realised I’d made the wrong decision. So I joined my family’s auctioneering firm, Hillyers and retrained as a chartered surveyor. Both my father and grandfather were auctioneers so I guess it was in my blood. It certainly felt that way when I first took the rostrum in 1985 – although I only offered ten lots, the experience exhilarating.

I left the firm in 1986 and joined Allsop where I founded the residential auction department. Since then I’ve conducted at least seven UK sales a year offering over 20,000 lots. I also spent time in Spain and Ireland auctioning residential and commercial property. Four years ago, after over 30 years as a partner, I took consultancy. Then in July this year I joined Savills Auctions. I’m loving being back to the cut and thrust of the auction world. I have my mojo back!

HOW HAVE AUCTIONS EVOLVED??

While the auctions market is continually evolving, there have been two major changes - advances in technology and the move from ballroom to online.

When I started my career, it was an analogue operation and the printing house producing the paper catalogue was an integral part of the process. Particulars, photographs and OS maps carefully dissected were prepared by hand and paper proofs posted to sellers and solicitors for approval. Couriers gave way to fax, but the internet was the game changer. Virtual catalogues replaced paper about five years ago, but we still call the final stages of catalogue preparation ‘print week’!

The Covid pandemic put an end to ballroom sales. It’s often said that a crisis accelerates history and in the case of auctions, it brought forward online sales – by necessity – overnight. I’ve now had the experience of traditional in-room sales, multi-channel (a blend of ballroom, online, phone and proxy bidding), online only (eBay style) and live-stream auctions. My most recent return to the ballroom this June demonstrated how popular online bidding has become with over half the lots sold to internet bidders. The room was virtually empty after lunch. Although it’s sad in a way - I adore the thrill of a live rostrum - the Savills method of live-stream auctioneering offers the best of both worlds by preserving the art of the auctioneer and the convenience of online bidding. I held my first live-stream sale at Savills in July and was surprised by how much fun I had. It’s certainly the future!

HOW HAS THE BUYER AND SELLER PROFILE CHANGED?

When I started auctioneering, residential lots comprised mainly regulated tenancies and ground rents. Vacant properties were considered to be best sold by private treaty as most buyers were occupiers and traditionally wouldn’t go to auctions. Auction bidders were professional dealers and investors. The introduction of assured shorthold tenancies unlocked wider investor interest and ultimately the amateur buy-to-let investor market. Then large scale repossessions in the late 1980s introduced huge quantities of vacant stock to buyers through auction rooms on behalf of banks and building societies. Suddenly occupiers and private investors were important buyer groups.

Auctioneers have worked hard to demystify and raise the profile of the method – helped enormously by TV programmes like Homes Under the Hammer. Today no property is off limits for an auction sale - although the choice of method should always be dictated by best price and the seller’s circumstances.

WHAT'S STAYED THE SAME?

The fundamental principles of auctioneering remain the same - there’s got to be competition. You’ve got to offer something that people want to buy - at the price they want to pay - and you’ve got to go out and tell them all about it.

The auction world remains this wonderful eclectic mix of property types, uses and opportunities with huge ranges in value. If an asset is unique and therefore difficult to price, auction is frequently the way forward.

WHAT WAS YOUR FIRST LOT?

I’ll never forget my first lot (in 1985): 31 Hyde Park Gate in London’s South Kensington. A Grade II Listed house that hadn’t been on the market since construction - a few doors down from Sir Winston Churchill’s wartime homes and a stone’s throw from the Royal Albert Hall. My reserve price was ￡650,000 (that’s how long ago it was) and the bidding stalled at ￡645,000. I reminded bidders of the incredible heritage of this address and the fact that only those in the room had ever had the chance to buy the house. There was a moment’s silence and I felt a wave of disappointment. Then a hand went up in a new place. “Going for the first, second, third and final time at ￡650,000…SOLD!” I wanted to jump up and down and punch the air (I didn’t). There was no question this was going to be my career.

The adjacent similar building sold in November for ￡14,000,000!

ANY OTHER MEMORABLE MOMENTS?

Aside from the regular property sales, I love doing charity auctions. I’ve taken part in numerous fundraising events over the years on behalf of amazing charities such as Jewish Care, the Amy Winehouse Foundation, Macmillan and the Story of Christmas. I’ve offered lots ranging from dinner with Dame Judi Dench to Joanna Lumley’s kiss.

WHAT'S NEXT?

I think the next age of property auctions is all about live-stream. Auctioneers need to adapt to buyers’ bidding preferences while engaging, encouraging and entertaining their audience.

From initial appraisal and appointment to exchange of contracts, our dedicated auction team provides expert guidance and advice throughout the whole process.

View our upcoming auctions and register to bid: https://auctions.savills.co.uk/upcoming-auctions