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

. October 19, 2007

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 percent from 2005. Gross revenues in the first three quarters of 2007 have increased nearly 5 percent 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 31 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 percent since the end of the second quarter. During this same period, commercial and industrial real estate auction has grown 2.9 percent. Thirty-seven percent of real estate Auctioneers surveyed reported an increase in real estate auctions, with 32 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).

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).

Category: Auction News

Comments are closed.