AN on-line live-streamed virtual wool auction has been successfully trialled by Australian Wool Exchange (AWEX) and Western Wool Centre (WWC) wool buyers as part of contingency planning for the COVID-19 health crisis.
Westcoast Wool & Livestock (WWL) auctioneer Danny Burkett conducted the auction from his desk at WWL's office and woolstore in Barrington Street, Bibra Lake, about two kilometres from the WWC.
Ten regular WWC wool buyers participated in the trial, bidding remotely via computer links from their homes or offices across the western suburbs.
WWC technical controller Andrew Rickwood said 51 fleece lots were "sold" in the trial which took 23 minutes, equivalent to about 200 lots an hour and slightly slower than the average WWC fleece selling rate of about 240 lots an hour.
"Because it was trial, we probably had more participation and interchange between buyers and auctioneer than we normally would, but it went very well," Mr Rickwood said.
"It was a realistic alternative to an auction held at the WWC."
Mr Rickwood stressed AWEX is not currently considering replacing live wool auctions with online auctions, but wanted to be prepared for all contingencies.
"It's possibly not a matter of if, but when, that physical auctions will be shut down,'' Mr Rickwood said.
Mr Burkett confirmed the trial was a realistic test.
"The trial looked at how we would trade in a virtual system with all the usual rules and regulations, reflecting what happens in a normal open-cry auction - it simulated normal conditions, including with passed-in and reoffered wools,'' Mr Burkett said.
"As an auctioneer, I'm fully confident that we would achieve full market value if we are forced to go to this system.''
