Auction industry revenue grew to $257.2 billion in 2006, an increase of 7.1 over the prior year, according to the National Auctioneers Association (NAA). The most significant growth was seen in residential real estate, which grew by 12.5 percent in 2006, generating $16 billion. The previous 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, according to the NAA.
Charity auctions also saw a significant growth for 2006 generating $15.6 billion, 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 (9 percent) and automobiles (6.5 percent), which generated $87.3 billion in revenue.
The study was commissioned by the NAA to document the growth of the live auction industry and was compiled by the global market research firm MORPACE International.
