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. Morpace, Inc compiled the annual report 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, of which David R. Maltz & Co., Inc. was a major contributor. Within the real estate segment (i.e. residential, land, commercial/industrial), residential real estate 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. More and more consumers are now buying or selling their homes, purchasing art, or raising capital for charitable causes through auctions.
*National Auctioneers Association- February 2008