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National Auctioneers Association

For Immediate Release

 

Auction Industry Projects Gross Revenues to Reach $269.6 Billion in 2007

37% of Real Estate Auctioneers Reported Increase in Home Auctions

 

Overland Park, KS - The National Auctioneers Association recently unveiled its third quarter survey results conducted by Morpace, Inc., projecting continued positive growth in the auction industry. Initiated in 2003, the quarterly survey compiles data and tracks the growth of the industry in the United States.

 

In 2006, the total value of goods and services sold at auction totaled $257.2 billion, an increase of 7.1% from 2005. Gross revenues in the first three quarters of 2007 have increased nearly 5% from the same time period one year ago. Current projections for 2007 gross sales receipts total $269.6 billion.  Forty-seven percent of NAA members surveyed reported an increase in gross sales receipts in the first three quarters of 2007, with thirty-one percent reporting no change in sale receipts compared to the previous year. 

 

Residential real estate auctions continue to be one of the fastest growing segments of the live auction industry with an estimated growth of 3.1% since the end of the second quarter. During this same period, commercial and industrial real estate auction has grown 2.9%.  Thirty-seven percent of real estate Auctioneers surveyed reported an increase in real estate auctions, with thirty-two percent reporting no change.  Total real estate revenues for 2006 include: Residential Real Estate ($16.0 billion), Commercial/Industrial ($15.0 billion), and Land/Agricultural ($25.3 billion).

 

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About the NAA

Headquartered in Overland Park, Kansas, the National Auctioneers Association (NAA) represents the interests of almost 5,600 Auctioneers in the United States, Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members through education and technology. To learn more about Auctioneers, auctions and the NAA visit: www.auctioneers.org.

 

About Morpace, Inc.

Morpace, Inc. is a full-service market research and consulting company headquartered in Farmington Hills, Michigan. Morpace's research and consulting staff provide in-depth understanding of research findings and actionable recommendations to a broad range of client industries including automotive, financial services, health care, and technology. Morpace has particular expertise in the areas of market definition and segmentation, product design and marketing, brand and image positioning, pricing and marketing strategy. Morpace also specializes in external and internal customer satisfaction, quality measurements and Customer Relationship Management (CRM).

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Wayne, Skinner & ax  Video    (Click to view video)

If you are looking to sell property, an auction can maximize your sales revenue above any other method of selling.

The National Auctioneers Association promotes the auction method of marketing and enhances the professionalism of its practitioners.

NAA member auctioneers are at the top of their field in the auction business. Ethical, accredited and technology-savvy, NAA members are professionals well versed in the psychology of selling. Their education, experience and networking capabilities stimulate competition among bidders, securing you the highest price per sale.

  • An NAA auctioneer can bring you potential buyers through their experience with advertising, value and appraisal.
  • NAA members are trained to efficiently conduct sales of a wide variety of commodities from real estate to manufacturing equipment to antiques.
  • An NAA auctioneer utilizes traditional "live" auctions, online methods or a combination to effectively market your goods.

Founded in 1949, the NAA continues to build on more than 50 years of excellence. Approximately 6,000 NAA professionals internationally subscribe to a strict Code of Ethics, ensuring you a positive and worry-free sale experience.
 

About Auctions - A Consumer Help Guide

What is it that makes live auctions so addictive? Why do people come once and then keep coming back? Why should you join them?

Live auctions are fun.
Whether you come to look at the goods, bid, or just watch the action, there's nothing quite like a live auction. Maybe it's the buzz of electricity generated by a combination of competition and the thrill of the hunt. Or the awe-inspiring auctioneer's chant that always seems to amaze kids and adults alike. Regardless of the reason, people just always seem to enjoy themselves.

You can find incredible values.
Sure, there are the fabled tales like the man who bid $10 for a dresser and found an original copy of the Declaration of Independence inside. But it's the everyday values that are the real story behind auctions' popularity. Whether you're looking for your next antique or the house to put it in, there's no place like a live auction to get a great deal.

You can discover unique items.
Some people go searching for them. Others stumble upon them while looking for something else. But either way, it's safe to say there are thousands upon thousands of one-of-a-kind items at auctions. It's stuff you won't ever find in some suburban strip mall, never knew you wanted, and suddenly can't live without.

So, now you know why you should check out an auction near you. Once you've found a live auction, make sure you're familiar with some of the terms you might hear there, and learn how to buy and sell like you've been doing it for years.

  1. What is an auction?
    When you hear the word "auction" - what do you think of? Do you think "opportunity?" Do you think "rare and unusual items?" read more
  2. Why should I sell at auction?
    So how can auctions benefit you, as a seller? Why are they the best way to sell property? Well, there are a number of reasons...read more
  3. Why should I buy at auction?
    In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $217 billion. read more
  4. How do I know if the auction method of marketing is right for me?
    The auction method has advantages for every party in the event: the buyer, seller, all bidders and spectators... read more

     

  5. The History of Auctions
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  7. What do all of those auction terms mean?

     

  8. How do I buy something at auction?

     

  9. What should I know before going to an auction?

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 http://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 http://www.auctionnetwork.com/.