Live auction industry's revenues rise by $23 billion in 2005, to $240 billion
Overland Park, Kansas – The value of all good and services sold at live auctions reached $240.2 billion in 2005, a $23 billion increase over 2004 live auction gross sales of $217.2 billion, according to research done for the National Auctioneers Association.
"This strong growth of 10.6 percent in 2005 shows that the live auction method is a successful and desired method of marketing for buyers and sellers," said NAA President Dennis Kruse, CAI, "and that the auction industry continues its steady growth."
Tracking of the live auction industry's growth is being conducted by global market research firm MORPACE International on behalf of NAA. The information was released today from the NAA's national headquarters here.
Key findings of the NAA's latest MORPACE International research:
A breakout of 2005 gross sales figures by major category revealed that live-auction automotive business was still king ($81.9 billion); followed by land and agricultural, commercial and industrial, and residential real estate ($51.2 billion); agricultural machinery and equipment ($18.2 billion); livestock ($17.2 billion); art, antiques and collectibles ($12.1 billion); commercial and industrial machinery and equipment ($12 billion); and personal property ($10 billion). Intellectual property and other sales accounted for the remainder of gross 2005 live auction sales.
Real estate was one of the most active live- auction categories in 2005. Residential real estate sales showed an increase of 8.4 percent over last year. Land and agricultural real estate grew 7 percent, and commercial real estate sales increased 4.9 percent.
The study is an ongoing project, funded by the National Auctioneers Foundation, that charts the growth of the live auction industry. Updates are released on a quarterly basis.
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The National Auctioneers Association, with more than 6,000 members throughout the world, is the largest organization of its kind dedicated to promoting the auction method of marketing and enhancing the professionalism of its members. Member benefits range from federal legislative representation to comprehensive continuing education programs, including coursework to earn the following professional auctioneer designations: Certified Auctioneers Institute (CAI); Accredited Auctioneer, Real Estate (AARE); Graduate, Personal Property Appraiser (GPPA); and Certified Estate Specialist (CES). The organization was founded in 1949 and is headquartered in Overland Park, Kansas. For more information on the NAA and its programs, log on to www.auctioneers.org.
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