The new Sydney Fish Market's trading floor recently hosted its inaugural seafood auction, attracting numerous registered buyers. The silent auction, not open to public bidding, is viewable through the building's glass walls.
This new auction system marks a change from the market's previous Dutch clock auction format, which operated by starting at a high price and decreasing until a buyer secured the lot.
Approximately 160 registered buyers are expected to inspect products daily. The crab auction begins at 4:00 AM, followed by fish at 4:30 AM. These auction times have been advanced by one hour in the new facility to conclude trading by 10:00 AM.
The market is projected to sell around 20 tonnes of fresh seafood per hour, with an average daily volume of 50 to 55 tonnes. On the initial day, an estimated 60 tonnes of produce was anticipated to be sold. Sydney Fish Market CEO Daniel Jarosch emphasized the operational challenge of efficiently moving up to 7,000 crates of seafood on peak days to reach customers promptly.