12/23/2004
Quarterly Update Reports that the Auction Industry, Real Estate Sales And Auctioneers’ Businesses are Outpacing Projections OVERLAND PARK, Kansas (Oct. 29, 2004) – Growth of the Live Auction business is out-pacing optimistic industry growth projections made only last summer, with Real Estate leading the pace.

The Auction industry’s growth is being tracked through ongoing surveys conducted by global market research firm MORPACE International on behalf of the National Auctioneers Association (NAA).

Auction Industry Growing Faster than Predicted – Gross revenue of Auction companies has increased 13.5 percent from the same time period a year ago, which is a faster rate than the 10.6 percent growth rate projected last July for 2004. If this trend continues, the Live Auction business in the United States should grow to approximately $215.6 billion in 2004. This is up from $189.8 billion in 2002 and $203.2 billion in 2003. (Note: These figures do not include revenue generated from Charity Auctions, such as the estimated $13.4 billion generated in 2003.) 
 
Up-surge in 2004 Real Estate Auction Sales – In the first three quarters of 2004 compared to the same quarters last year, live-auction sales of Commercial & Industrial Real Estate (up 5.3 percent), Agricultural Real Estate (up 5.8 percent) and Residential Real Estate (up 13.3 percent) are rapidly growing. In last year’s Auction industry measurement overview, Real Estate sales of $42 billion accounted for the second-biggest portion of Live Auction-Marketing revenue among Auction industry sales of $203.2 billion. Automobiles were the most active category last year, accounting for $79 billion in sales.
 

Auctioneer Businesses Strong – According to MORPACE, there has been a 13.5 percent increase in Auction sales volume in the first three quarters of 2004, compared to the same period in 2003.
“MORPACE’s most recent update of the Auction industry’s robust growth objectively confirms the success of auction businesses,” said NAA President Mike Jones, CAI. “The research also shows that companies and consumers alike are increasingly tapping into the power and value of the Auction Method of marketing.”