OVERLAND PARK, Kan. - The National Auctioneers Association (NAA) reports extensive growth for the auction industry in 2006 with a 7.1 percent increase over 2005 in gross revenue, translating into $257.2 billion in total revenue generated.
The most significant growth was seen in residential real estate, which grew by 12.5 percent in 2006, generating $16 billion. Last year, residential real estate auctions generated $14.2 billion. Residential real estate auctions are the fastest growing sector of the industry and are increasingly being accepted as mainstream with the general public.
Charity auctions also saw a significant growth for 2006 generating $15.6 billion, which is a 6.6 percent increase over 2005.
"These statistics show the auction industry has seen a progressive increase in the number of auctions and dollars generated in 2006 over previous years. Buyers and sellers are increasingly seeing the advantages the auction method brings to the sale and we are excited to be a part of this shift in public perception," said NAA President William Sheridan, CAI, AARE, GPPA.
Other sectors of the auction industry that experienced significant growth in 2006 are: art and antiques grew 9 percent over 2005 and automobiles saw a 6.5 percent increase, generating $87.3 billion.
Funded by the National Auctioneers Foundation, the findings were gathered by the global market research firm MORPACE International. The study is commissioned by the NAA to document the growth of the live auction industry.
National Auctioneers Association
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