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March 30, 2009 9:37 AM

Bummer Before the Summer: Ocean Tomo Patent Auction a Big Bust

Posted by Ed Shanahan

Patent auctioneer Ocean Tomo's first auction since the economic crisis began did not go well. In fact, the sell-off proved even more anemic than the company’s loudest naysayers had predicted it would, according to sibling publication IP Law & Business.

IPL&B's Joe Mullin reports that while some folks he spoke to before the auction said they expected this year's sales this to be down by as much as 50 percent compared to last year, the final results were much worse. Friday’s auction took in just under $2.9 million—more than 80 percent less than the roughly $17 million in patent sales generated by the 2008 San Francisco auction.

In addition to fewer sales, Mullin reports, this year’s lots attracted much less bidding than last year’s. Some failed to attract a single nibble. Instead, there was plenty of drawn-out auctioneering in search of bidders who never materialized.

Read Mullin's full report here.

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