Exactly one year ago, Wilsons Auctions made history when it became the first private auction company to run a public auction of cryptocurrency seized under the Proceeds of Crime Act.
A world-first, it heralded the start of regular ‘crypto’ auctions held on behalf of its government and law enforcement clients in the UK and further afield in Europe.
Asset Recovery Director Aidan Larkin said: “We are now the global market leader in the auction of seized cryptocurrency. That’s quite an incredible feat for an independent auction house, now in its 84th year.
“However, we are simplifying the process of selling and buying cryptocurrency, making it readily obtainable, like any other asset we have the expertise in realising.”
Wilsons Auctions was established in 1936 by William J. Wilson. Beginning with a single auction house, it has grown significantly since his son Ian assumed the reins – it now has 18 sites and it is the largest independent auction company in the UK and Ireland.
Its base in Scotland opened in Dalry, Ayrshire, 20 years ago and is run by Ian’s son, Gareth Wilson.
The company as a whole has more than 400 members of staff and wields a hammer total in excess of £300m a year, gleaned from the 2000 or so physical, online and offsite auctions held annually.
Wilsons Auctions has the ability to auction everything from cars and vans, land and property, plant and machinery to aeroplanes, supercars and designer handbags, watches and jewellery.
And now, it is an established purveyor of cryptocurrency.
Working on behalf of government bodies, law enforcement agencies and insolvency practitioners as it does, having full coverage across the UK and Ireland is of great benefit to clients. Wilsons Auctions has returned more than £100m to the public purse in recent years.
A former investigator with Her Majesty’s Revenue and Customs, Aidan is very conscious of the important role the company plays in realising important assets.
Aidan said: “Whether we’re auctioning Bitcoins, designer trainers, a five-bedroom property, Rolex watches or supercars, we endeavour to realise as much money as possible for our clients.
“We are playing a significant role in helping our clients return money to victims of crime or fund local community initiatives, so it’s nice to know we are genuinely making a difference.”
Over the past two years, Wilsons Auctions has been recognised at the national Turnaround, Restructuring and Insolvency Awards held in London, winning awards in innovation and technology and seeing off competition from some of the biggest banks and IT companies in the land. “We are definitely breaking new ground with this innovative service,” he said.
They are also opening up a form of trade previously only afforded to the very wealthy. He said: “When cryptocurrency was previously seized in America, for example, the US Marshals Service managed the sales in quite a restrictive way.
“If, say, the assets were valued at £10m, they might divide that into two Lots of £5m, which means only bidders of certain wealth can aspire to take part.
“We have modernised that approach with an affordable, secure and transparent solution. For example, we would divide the £10m pot into 300 Lots or 500 Lots and then advertise them around the world.
“If one Lot is £1,000 worth of cryptocurrency, for example, suddenly it is accessible for many more people.”
In the first cryptocurrency auction last January, 167.7 Monero coins were sold on behalf of the Belgium Federal Government. Prospective investors were able to see the live price of each Lot, allowing them to bid with confidence. The auction garnered the interest of 700 bidders from 69 countries and the final sum realised was above that day’s Monero market value.
“Being able to offer this secure solution to clients and remove the risks that can be associated with trading with unregulated virtual currency exchanges has been a welcome addition to our award winning auction service, as well as giving new and experienced investors the opportunity to buy cryptocurrencies from an established auction house,” he added.
The key to the company’s longevity and success is its ability to anticipate the changing needs of customers combined with its ongoing investment in innovation and infrastructure. Designing the secure solutions needed to overcome the complex challenges involved in disposing of seized cryptocurrencies is a good example.
Part and parcel of the international advisory service Wilsons Auctions provides for law enforcement and government agencies, Aidan attends asset recovery conferences and events all over the world.
He makes a point of sharing his expert knowledge too. “We provide training to customs agencies, the judiciary and asset managers wherever we are,” he said.
“We ask ourselves ‘how can that government get best value and how can we help them achieve the best outcome?’ For me, that’s what makes the job so rewarding.”
www.wilsonsauctions.com
