A recent NAA survey found that 33% of US auctioneers reported an increase in gross sales receipts during the first quarter of 2008, down from a 34% increase reported in the first quarter of 2007. Overall, there was a net increase in gross sales revenue for live auctions of 3.25% compared to the same quarter last year. The National Auctioneers Association (NAA) surveys its members each quarter and releases the results.
Respondents were less optimistic than last year: in the first quarter of 2007, 62% of respondents reported that they believed they would see an increase in annual revenue, compared to 56% in first quarter of 2008.
The rate of growth in residential real estate auction revenue in the first quarter of 2008 has decreased slightly compared to Q1 2007.
The NAA said if the current trend holds, the live auction industry will sell approximately $278.8 billion in goods and services in 2008, compared to $270.7 billion in 2007.
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