It can be a real disappointment to lose a bid for an item that you really want during an auction, especially if it comes down to money—however, this was not an issue in a strange auction that was conducted in June.
On June 18th, an auction was held in Stockholm, where people placed blind bids on items. Participants were hooked up to galvanic skin response (GSR) sensors and each item was revealed to them for the first time. To win a bid, you'd have to have the highest emotional response to an object. The items that were given away during the auction included three glass art pieces by Kosta Boda, a Swedish glass maker. Some of the most valuable pieces from the auction were worth about $34,000 and they truly went to the people who will enjoy them most.
Emotion-Based Auctions
This Strange Auction Rewarded the Bidder Who Truly Wanted an Item Most
Trend Themes
1. Emotion-based Auctions - Using galvanic skin response (GSR) sensors in auctions can provide an opportunity for more personalized and meaningful bidding experiences.
2. Psychological Testing in Auctions - Incorporating psychological testing in auctions can create a new avenue for understanding consumer behavior and preferences.
3. Gamification of Bidding - Introducing game-like elements in bidding processes can offer a fun and interactive way for buyers to engage with auction items.
Industry Implications
1. Art Auctions - The art auction industry can benefit from implementing emotion-based bidding, which can attract more buyers and increase engagement.
2. Luxury Goods Auctions - Incorporating psychological testing in auctions for luxury goods can increase the perception of exclusivity and enhance the overall buying experience.
3. Online Auction Platforms - Integrating gamification elements to existing online auction platforms can create new revenue streams and attract a wider user base.