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News
Auction Industry Update - January 23, 2008
Live auction industry exceeds $270 billion in 2007
Residential real estate auction revenue increase 5.3% despite housing market downturn
Overland Park, Kan - In 2007 the gross revenue from goods and services sold at live auction grew 5.3% to $270.7 billion. In 2006, the auction industry sold $257.2 billion in goods and services at auction, an increase of 7.1% from 2005. The annual report was compiled by Morpace, Inc. on behalf of the National Auctioneers Association (NAA) which surveys auction professionals to determine the state of the industry, as well as track key auction specialties within the industry.
While traditional real estate professionals continue to face the challenges of a housing market downturn, the real estate auction market continues to be one of the fastest growing auction sectors generating $58.4 billion in 2007. Within the real estate segment (i.e. residential, land/agricultural, commercial/industrial), residential real estate auctions witnessed the largest growth, increasing 5.3% from 2006. Accounting for 32% of the total live auction industry, automobile auctions continue to be the largest sector of the industry generating $87.8 billion in sales. Charity auction revenue grew from $15.6 billion in 2006, to $16.2 billion in 2007, an increase of 4.1%. The overall number of live auctions conducted in 2007 increased by 4.6%.
"The live auction industry continues to grow at an amazing pace," said NAA president Tommy Williams, CAI. "More and more consumers are realizing the benefits of buying and selling at live auction. Consumers are now buying or selling their homes, purchasing art and antiques, or raising capital for charitable causes through auctions."
To assist consumers interested in real estate auctions, the NAA launched the first real estate auction multiple listing service (MLS) in 2007. Prospective bidders from across the world can access www.auctionmls.com to view upcoming real estate auctions ranging from residential, to farm/agricultural real estate. In addition to launching the first auction MLS, the NAA partnered with the Auction Network to develop the first 24/7 multi-media network devoted to the auction industry. Everyone from the enthusiast to the casual bidder can participate real-time in a wide variety of auctions taking place worldwide by visiting www.auctionnetwork.com.
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2007 Revenue Estimates by Auction Specialty Areas - Gross Revenue (Billions)
Art, antiques & collectibles - $13.7 (+3.9%)
Automobiles - $87.8 (+0.6%)
Agricultural machinery & equipment - $18.2 (+0.7%)
Commercial and industrial machinery & equipment - $13.0 (+7.3%)
Livestock - $17.4 (+0.0%)
Land and agricultural real estate - $25.9 (+2.5%)
Commercial and industrial real estate - $15.7 (+4.2%)
Residential real estate - $16.9 (+5.3%)
Personal property - $9.7 (-3.5%)
Intellectual property - $0.2 (+5.1%)
Other (Non-Charity) - $2.2 (-1.9%)
Charity - $16.2 (+4.1%)
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| Auction Industry Projects Gross Revenues to Reach $269.6 Billion in 2007 - October 19, 2007 |
| Spokane Ag Conference - January 11, 2007 |
| Auction industry experiences extensive growth for 2006 - January 11, 2007 |
| Going, going ... sold - October 2, 2006 |
| Road 68 land nets $2.8 million - June 28, 2006 |
| National Auctioneers Day to be celebrated April 15 - April 12, 2006 |
| A STEADILY GROWING INDUSTRY - April 3, 2006 |
| Live auction industry's revenues rise by $23 billion in 2005, to $240 billion - January 23, 2006 |
| Happy Holidays - December 6, 2005 |
| Siblings Compete Against Each Other in International Auctioneer Championship - July 28, 2005 |
| Auction Industry Update - July 25, 2005 |
| Industry Update - April 21, 2005 |
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