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38 Studios auction sells off 95 percent of studio, had over 1,000 registered bidders

Yesterday's public auction for defunct Rhode Island developer 38 Studios' remaining assets sold 95 percent of its items and had over 1,000 registered bidders, reports Joystiq.

The auction, which ran from 11:30 a.m. until 10 p.m. yesterday, welcomed over 400 in-person bidders and close to 600 online bidders, according to a representative for the state's Economic Development Committee. Bidders arriving in person were asked to give a $100 refundable deposit in order to enter the studio building.

A sales figure for the auction is expected to be released later today.

Another live auction may be held for items that did not sell, including computers and miscellaneous office furniture. A final auction is planned for the studios' intellectual property, including assets for Kingdoms of Amalur: The Reckoning.

"I anticipate that the IP will be marketed and sold over the next three to six months," auction organizer and attorney Richard Land told Joystiq. "Although the process is not yet set in stone, it is unlikely that it will be a traditional auction as you saw yesterday; more likely to be a negotiated transaction."

The auction held last week at Maryland-based Big Huge Games, a division of 38 Studios, brought in $180,000. 38 Studios owes $150.7 million to the state of Rhode Island and had was estimated to have $21.7 million in assets at the time of its bankruptcy filing.

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