The online auction for the Obar Bunny, the oversized rabbit fixture from Hobart’s Observatory Bar, briefly topped $3 million overnight before bogus bids were stripped out.
The price now sits at $13,500 with several days of bidding still to go.
Apex Advisory managing director Tim Booker, who is overseeing the sale process for Pub Banc Group’s venues, said the interest was not surprising.
“The punters of Hobart haven’t disappointed,” he told Pulse.
Booker acknowledged the $3 million bid was likely not genuine but said there is real demand for the iconic fixture.
“We’d like to see it break 20 grand,” he said.
“Typically what we’d expect to see in a process like this is that there’s an early peak of interest and then as we get closer to the end date, people come and figure out whether they’re really interested in having another crack at it.”
Booker said there were no specific price expectations for the bunny, describing it as “an emotional purchase for people that have experienced the joy of Obar”.
Bidding closes at 2pm on Sunday.
The auction comes as Post Street Social and the Observatory Bar prepare for their final weekend of trade, with specials on drinks and food to mark the occasion.
The venues are part of the Pub Banc Group, which entered voluntary administration in early July, forcing seven venues to close and leaving more than 80 staff without work.
Director Ian Vaughan blamed rising costs and a shift in consumer spending habits.
Booker said the company would most likely move into liquidation after a second creditors meeting expected soon.
The Republic Bar building in North Hobart has already been sold to an external investor now seeking operators.
The Post Street Social building is nearing the end of its sale campaign, with more than 45 inquiries from potential operators.
Booker said he hoped some venues could reopen under new management within weeks or months.
