Auction Industry Remains Strong in Challenging Economy

The National Auctioneers Association (NAA), Overland Park, Kan., reported today the results of its 2008 industry survey. In 2008, approximately $268.4 billion in goods and services were sold at auction in the United States, a decrease of slightly less than 1 percent compared to 2007.

Growth in 2008 was limited to five sectors: 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, automobile, and personal property auctions.

“The results of the industry survey are consistent with what we continually hear from auctioneers across the country. While some sectors of the industry have been impacted by the economy, others have grown or held strong,” said NAA President Randy Wells

Agricultural machinery and equipment auctions led the industry with gross sales revenue increasing 1.9% in 2008. The commercial and industrial machinery and equipment sector also witnessed growth last year. In addition to increased interest in auctions, growth in this sector can be associated with consumers choosing to purchase used equipment at auction, in place of buying new.