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Live auction industry exceeds $270 billion in 2007 – Residential real estate auction revenue increase 5.3% despite housing market downturn January 30, 2008

Posted by AlynnROCK Group in Auction FAQ, Auction News, home auction, real estate auction, Real Estate News.
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naa1.gifLive auction industry exceeds $270 billion in 2007

Residential real estate auction revenue increase 5.3% despite housing market downturn

Overland Park, KS – In 2007 the gross revenue from goods and services sold at live auction grew 5.3% to $270.7 billion. In 2006, the auction industry sold $257.2 billion in goods and services at auction, an increase of 7.1% from 2005. The annual report was compiled by Morpace, Inc. on behalf of the National Auctioneers Association (NAA) which surveys auction professionals to determine the state of the industry, as well as track key auction specialties within the industry.

While traditional real estate professionals continue to face the challenges of a housing market downturn, the real estate auction market continues to be one of the fastest growing auction sectors generating $58.4 billion in 2007. Within the real estate segment (i.e. residential, land/agricultural, commercial/industrial), residential real estate auctions witnessed the largest growth, increasing 5.3% from 2006. Accounting for 32% of the total live auction industry, automobile auctions continue to be the largest sector of the industry generating $87.8 billion in sales. Charity auction revenue grew from $15.6 billion in 2006, to $16.2 billion in 2007, an increase of 4.1%. The overall number of live auctions conducted in 2007 increased by 4.6%.

“The live auction industry continues to grow at an amazing pace,” said NAA president Tommy Williams, CAI. “More and more consumers are realizing the benefits of buying and selling at live auction. Consumers are now buying or selling their homes, purchasing art and antiques, or raising capital for charitable causes through auctions.”

To assist consumers interested in real estate auctions, the NAA launched the first real estate auction multiple listing service (MLS) in 2007. Prospective bidders from across the world can access http://www.auctionmls.com/ to view upcoming real estate auctions ranging from residential, to farm/agricultural real estate. In addition to launching the first auction MLS, the NAA partnered with the Auction Network to develop the first 24/7 multi-media network devoted to the auction industry. Everyone from the enthusiast to the casual bidder can participate real-time in a wide variety of auctions taking place worldwide by visiting http://www.auctionnetwork.com/.

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** Article taken from the National Auctioneers Association 1/23/08 News Release **

About the NAA

Headquartered in Overland Park, Kansas, the National Auctioneers Association (NAA) represents the interests of approximately 6,000 auctioneers in the United States, Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members through education and technology. In 2007, the auction industry grew by 5.3% with over $270 billion in goods and services sold. To learn more about Auctioneers, auctions and the NAA visit: www.auctioneers.org.


NEW Auction Network to Showcase Programs & Live Auctions Nationwide! January 10, 2008

Posted by AlynnROCK Group in Auction News, real estate auction, Real Estate News.
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auctionetworklogo1.jpg A new television network is being launched nationwide that will broadcast many types of auctions and will show auction contests, Auctioneer personality features and other related programs.

The Auction Network debuts soon at www.auctionnetwork.biz, and will expand to cable and satellite television in 2008. Viewers will watch exciting auctions of estates, cars, real estate and other properties, as well as learn details of how to succeed with buying and selling at auctions.

The website debut format for this network will use “Internet television,” which is TV programming delivered to personal computers, mobile devices, set top boxes, and even your television – all via the internet.

Internet television sites offer video on demand programming, archive and keyword search, the ability to download desired content, and live events. The Internet television marketplace is at a tipping point, with 22% of United States Internet users watching video monthly or more frequently, so this format is expected to continue to grow.

This new 24-hour-day auction network is expected to draw strong viewership from the 70 million people who attend auctions annually. Auctions today are the subject of 46.7 million books, magazines and videos. There are 160 million Internet auction links online. Consumers seemingly have an insatiable appetite for auctions. The live auction industry totaled a record $257 billion dollars in sales in 2006 and continues to increase each year. 57% of consumers have attended a live auction, and they spend an average of nearly $1,000 when doing so. Studies show that 86% of auction attendees believe they are a way to get good values and 75% involve their whole family when attending auctions. All this considered, auctions are a family-friendly subject that appears to have been previously overlooked as a television network.

Indeed, with over 200 existing and emerging cable TV networks in the U.S., none are dedicated to the topic of auctions. Few auctions programs currently exist on U.S. television, and even fewer establish adn emotional connection for viewers. Yet digital networks in the United Kingdom and Germany run over 100 daily live auctions, generating millions of viewers and registered bidders monthly. Any entertainment professional could see from these statistics that a significant void exists in the area of auction programming.

The Auction Network’s greatest potential for the industry is to help bring auction and Auctioneers to the forefront of public perception. The network intends to facilitate the exposure the industry needs as that perfect blend of exciting commerce and world class entertainment in the United States and abroad. The Auction Network is like a sporting event that’s national, internatinoal, live and interactive. Be sure to tune in and enjoy!

Published by the National Auctioneers Association in the “Auction Advantage” Fall 2007 Quarterly Newsletter

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