38 Studios auction had 1,000 registered bidders, sold 95% of items
The public auction held yesterday at 38 Studios' former headquarters in Providence, Rhode Island, sold approximately 95 percent of the items available. A gross sales figure for the auction is expected later today.
According to a representative for the Rhode Island Economic Development Committee, the quasi-public agency that loaned 38 Studios the $75 million at the heart of the auction, there were over 1,000 registered participants for the auction. The auction had about 600 online participants and over 400 in-person, who had to front a $100 refundable deposit to enter the building.
The auction activities ran until 10PM last night, after starting an hour after the planned 10:30AM opening to accommodate the number of people who wanted to get in. There is the chance of another live auction to handle unsold items, which could include "more computers, servers, office furniture, etc."
Not up for auction yesterday was the Kingdoms of Amalur intellectual properly, which is the item Rhode Island is hoping to recoup the most return from its failed investment.
"I anticipate that the IP will be marketed and sold over the next three to six months," attorney Richard Land, the court-appointed receiver who organized the auction, told Joystiq. "Although the process is not yet set in stone, it is unlikely that it will be a traditional auction as you saw yesterday; more likely to be a negotiated transaction."
Last week's auction at 38 Studios' Big Huge Games division brought in $180,000. According to the 38 Studios bankruptcy filings, as reported by the AP, the company owes $150.7 million and has assets estimated at $21.7 million.
