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Auction industry growth continued in first quarter of 2006
NAA research study shows
OVERLAND PARK, KAN. – Gross sales revenues from auctions by NAA members in the first quarter of 2006 increased 5.7 % over same time period one year ago, a study by the NAA has found. If this trend continues, this will translate into approximately $254.1 billion total revenue for 2006 for the entire auction industry, up from $240.2 billion in 2005, a 5.8 percent increase.
These are the findings documented in a quarterly report of auction industry growth being conducted by global market research firm MORPACE International on behalf of the National Auctioneers Association (NAA).
“The research shows the steady continued growth of the overall auction industry,” said NAA President Dennis K. Kruse, CAI.
The following are some other key findings documented in the quarterly report:
- One-third (33%) of NAA members say they have conducted more auctions in 2006 than they did in 2005, while 17% say they have conducted fewer than last year. Overall the number of auctions appears to have increased by 2.3% in 2006 compared to the first quarter of 2005. The average number of auctions conducted by NAA members through the end of the first quarter is 15.
- Forty-two percent (42%) of NAA members say they have seen an increase in gross sales receipts in the first quarter of 2006 compared to the same time one year ago. At the end of the first quarter of 2005, 44% said they had seen an increase compared to a year ago. Among those who say they have seen an increase, the median amount of increase reported was 25%.
- The growth of the residential real estate auction business continues, but is slower than the previous period last year (2.6 percent his year, versus 6.6 percent last year). At that time, 38% had seen an increase in revenue while only 8% had seen a decrease compared to the previous year. Now, 35% have seen an increase and 20% have seen a decrease.
- Growth in commercial and industrial real estate auctions has remained constant, 2.2% over this time last year compared to 2.7% last year. However, revenue for agricultural real estate auctions appears to have declined 4.4% over this time last year compared to a growth of 1.4% increase reported last year.
Funded by the National Auctioneers Foundation, the Auction Industry Research Study was commissioned by the NAA in 2003 to study and document the growth of the live auction industry. Results of the initial study were released in July 2004 and updates are being conducted on a quarterly basis.
With 6,000 members throughout the world, the National Auctioneers Association is the largest organization of its kind dedicated to promoting the auction method of marketing and enhancing the professionalism of its members. Member benefits range from federal legislative representation to comprehensive continuing education programs, including coursework to earn the following designations: Certified Auctioneers Institute (CAI), Accredited Auctioneer, Real Estate (AARE), Graduate, Personal Property Appraiser (GPPA) and Certified Estate Specialist (CES). For more information on NAA, vist www.auctioneers.org.
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