There was a definite outbreak of giddiness at Gunne's auction room yesterday when cameras converged for the first Irish Internet broadcast of an auction. On the block was Smyth's pub, on Haddington Road. If anyone in the room was thinking they were going to buy a quaint little hostelry, they were quickly disabused of the idea by Pat Gunne, who couldn't stop himself from talking about the development potential of the site, stressing the current lenient attitude of the planners towards high density development.

By the time he had finished his 15-minute spiel - which included a discourse on the boom economy - one could imagine a shimmering tower block replacing the modest two-storey pub.

Five minutes before the auction began, the assembled and overwhelmingly male audience were informed that the auction was not only to be broadcast live on the internet but was also being filmed for TV3 and that anyone who wished to maintain their anonymity should head for the back wall. Several punters duly shuffled back and the bidding began but not before Pat Gunne - obviously carried away by the possibilities of the World Wide Web - advised anyone present who was not taking telephone bids from around the world to immediately switch off their phones.

After all that, the bidding was satisfactorily fast and furious and the pub was knocked down for an astonishing £3.35 million.