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A bar of gold bullion worth more than £1100 has been sold at Humraz auction for just 1p.

The auction winner – 36-year-old Paul Myring, a retail manager from Bishop Stortford – could not believe his luck when he purchased the gold bar with the lowest unique (i.e. unmatched) bid of a penny.

“It’s incredible no-one else bid 1p,” said Mr Myring. “Every other bidder must have thought it was too obvious.” Mr Myring is naturally delighted with his win: “When I heard about Humraz, I thought ‘why not have a go?’ I’m very pleased I did!”

Humraz only auctions assets, such as gold bullion or property. Very soon a Woking flat worth £180,000 will be sold in the same way as the gold – again for a tiny fraction of its value.

Humraz’s founder Asmat Monaghan never anticipated a penny winner. “We think Paul’s success is unprecedented in lowest unique bid auction history,” Asmat suggests. “Normally several people submit penny bids: it’s bizarre that on this occasion no one did.” Recent Humraz gold bar auctions have closed at 52p and £1.85.

Mr Myring intends to keep the gold for its value as an asset: “I’ll put it somewhere very safe – it’s a great investment,” he said. He also plans to bid for the Woking property, for which the current lowest unique bid lies in the range £12.01-£13.00.

“When the property auction finishes, the winning bidder will secure an even more extraordinary bargain than the gold auction, given the relative value of the lot,” says Asmat. “We can’t say the flat will be sold for pennies, but we can safely assume it will be sold for peanuts.”

For further information, images and interviews, please contact:

Sami McCabe
m: +44 (0) 7789 777 440
t: +44 (0) 20 8849 8180
f: +44 (0) 20 8899 6001

Editors’ Notes:

• ‘Humraz’ is an anagram of Asmat Monaghan’s daughters’ initials

• Bids are placed via SMS, online and post: there is no premium rate telephone line

• Humraz charges £3 for status updates when bid are submitted via SMS or online

• No bids are accepted or charges made once an auction closes

• After every auction, the equivalent of an estate agent’s fee (2.5% of a property’s market value) will be donated to Warchild UK, the charity dedicated to young victims of armed conflict

• All properties at auction are owned by Humraz’s directors

• High-res photos available from Sami McCabe

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