The National Auctioneers Association (NAA), the nation's leading association of auction professionals, said approximately $268.4 billion in goods and services were sold at live auction in the U.S. in 2008, a decrease of slightly less than 1% compared to 2007.
Growth in 2008 was limited to five sectors of the industry: agricultural machinery and equipment, commercial and industrial machinery and equipment, land and agricultural real estate, residential real estate, and charity auctions. Significant decreases in gross revenue were reported in art, antiques and collectibles (-9.3%), automobile (-5.4%), and personal property (-5.1%) auctions.
NAA President Randy Wells said, "The results of the industry survey are consistent with what we are continually hearing from auctioneers across the country. While some sectors of the industry have been impacted by the economy, others have grown or held strong. Consumers continue to attend auctions to find treasures and sellers continue to utilize professional auctioneers to help turn their assets into cash."
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