The value of all goods and services sold at live auctions reached $217.2 billion in 2004, according to the National Auctioneers Association (NAA). The findings, provided through an ongoing study by global marketing research firm MORPACE International, show a sharp increase over 2003 live auction gross sales of $203.2 billion.
"We're pleased that this research objectively confirms that the live auction industry is thriving, and growing at a quick pace," said NAA President Mike Jones, CAI. "It proves that the live auction method of marketing is a vigorous and effective way to meet the needs of buyers and sellers."
This is broken out as gross auction sales of $202.7 billion plus professional charity auction gross sales of $14.5 billion. Real estate was the most active live-auction category in 2004. Land and Agricultural Real Estate sales showed an increase of 14.7 percent over last year. Residential Real Estate grew 14.1 percent, and Commercial Real Estate sales increased 11.1 percent.
A breakout of 2004 gross sales figures by major category revealed that live-auction Automotive business was still king ($79.8 billion); followed by Land and Agricultural, Commercial and Industrial, and Residential Real Estate ($48 billion); Agricultural Machinery and Equipment ($18.4 billion); Livestock ($16.8 billion); Art, Antiques and Collectibles ($11.7 billion); Commercial and Industrial Machinery and Equipment ($11.7 billion); and Personal Property ($9.9 billion).
Intellectual property and other sales accounted for the remainder of gross 2004 live auction sales.
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