About Auctions – A Consumer Help Guide

What is it that makes live auctions so addictive? Why do people come once and then keep coming back? Why should you join them?

Live auctions are fun.
Whether you come to look at the goods, bid, or just watch the action, there’s nothing quite like a live auction. Maybe it’s the buzz of electricity generated by a combination of competition and the thrill of the hunt. Or the awe-inspiring auctioneer’s chant that always seems to amaze kids and adults alike. Regardless of the reason, people just always seem to enjoy themselves.

You can find incredible values.
Sure, there are the fabled tales like the man who bid $10 for a dresser and found an original copy of the Declaration of Independence inside. But it’s the everyday values that are the real story behind auctions’ popularity. Whether you’re looking for your next antique or the house to put it in, there’s no place like a live auction to get a great deal.

You can discover unique items.
Some people go searching for them. Others stumble upon them while looking for something else. But either way, it’s safe to say there are thousands upon thousands of one-of-a-kind items at auctions. It’s stuff you won’t ever find in some suburban strip mall, never knew you wanted, and suddenly can’t live without.

So, now you know why you should check out an auction near you. Once you’ve found a live auction, make sure you’re familiar with some of the terms you might hear there, and learn how to buy and sell like you’ve been doing it for years.

1. What is an auction?
When you hear the word “auction” – what do you think of? Do you think “opportunity?” Do you think “rare and unusual items?” read more

2. Why should I sell at auction?
So how can auctions benefit you, as a seller? Why are they the best way to sell property? Well, there are a number of reasons…read more

3. Why should I buy at auction?
In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $217 billion… read more

4. How do I know if the auction method of marketing is right for me?
The auction method has advantages for every party in the event: the buyer, seller, all bidders and spectators… read more

Live auction industry exceeds $270 billion in 2007

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

Overland Park, Kansas: 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 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

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