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811 High St.
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Since
2003, MORPACE International has estimated the size of the “live” auction
market in the
¨
$240.2 billion
was sold in the
¨
The fastest
growing sectors of the industry in 2005 were related to real estate. Residential real estate increased 8.4%,
land and agricultural real estate rose 7.0%, and commercial and industrial
real estate climbed 4.9% from 2004 levels.
¨
The Harris
research found that 24% of all consumers had attended a live auction in 2003,
and 57% had attended a live auction at some point in their life.
¨
Ninety-two
percent (92%) of consumers held a very favorable view of the auction
profession.
¨
The Harris
study found that consumers spent an average of twice as much at live auctions
($988) than at Internet auctions ($475).
¨
This report
also noted that 92% of live auction consumers bid, and 87% made a purchase.
¨
The most
likely attendees to purchase at live auction are a group that Harris
Interactive characterizes as “Auction Enthusiasts.” The consumers accounted for just 35% of
live auction attendees, but contributed 96% of live auction revenues from the
consumer market.
¨
Approximately
two-thirds of NAA members participated in one or more charity auctions in
2005. Total industry revenue from
charity auctions was $14.6 billion.
¨
According to
Harris, “fun” is the number one reason consumers attend live auctions. They are looking for something original,
unexpected, or exciting and 83% think auctions are an exciting way to get
good deals.
¨
Consumers who
participate in Internet auctions are more, not less likely, to participate in
live auctions.
¨
The greatest
barrier for consumer participation in live auctions is lack of
information. They don’t know when,
where, or how to participate in a live auction.
¨
Forty percent
(40%) of consumers felt residential real estate will be frequently sold
through live auctions in the future, according to the Harris research.
2005 Live Auction
Auctioneer Characteristics
(2003 Data)
¨
93% of
Auctioneers are men
¨
35% are
college graduate, with another 36% having
¨
30% are
between the ages of 45 to 54, and
¨
1% are under
age 24
¨
20% cite the
auction business as their sole income
¨
52% own their
own firm
¨
16% are sole
practitioners, and 11% are partners
¨
60% belong to
state auction associations
¨
14% are
designated Auction CAI
¨
88% have a
single office or location
¨
48% employ
only a single professional Auctioneer
¨
51% reported
gross sales revenues of $500,000 or
¨
35% reported
gross slave revenues in excess of See Our Previous Newsletters
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