“How I created Lauritz.com and made it Scandinavia’s biggest auction house”, with Bengt Sundstrøm, founder, owner and president of Lauritz.com
We recently had an exciting Lunch at the Circle event with Bengt Sundstrøm, owner and president of Lauritz.com.
Over lunch Bengt told us about how he raised the money to start his business in three hours with a quick phone call to his banker, how he does not waste money on Google Ads (but instead use them effectively), what his next strategic moves will be and what the key difficulties are in creating an online auction house. But he did not tell us why he still does not have any serious competition in his business. Because, he says, it is a puzzle to him too.
Here’s a short video interview:
Bengt Sundstrøm is the owner and president of Lauritz, Scandinavia’s biggest auction house. In 1998 Bengt bought the small auction house of Lauritz Christensen Auctions, founded in 1885. One year later Bengt launched the online auctions on lauritz.com. It has since grown to a business with a turn-over of around 100 million euros. The business model is very different from other well-known internet auction houses (e.g. eBay). All bidding on Lauritz is done online but they also have brick-and-mortar viewing locations across Scandinavia where you can go and look at the items on sale. They also have a staff of over one hundred valuation experts. This mix of online auctions, valuation expertise and physical presence has been the key to Laurtiz’ success, says Bengt.
More information: http://www.lauritz.com/
Bengt also (accidentally) became the owner of a vineyard, Chateau Vignelaure, in Provence a few years ago, so he will also tell the story of life as a winegrower. As well as let us taste some of his wines of course. More information:http://www.vignelaure.com/ and on BKWine Magazine: Château Vignelaure – Cabernet sauvignon meets Provence.
And here are some more videos and images from the event!