In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $217 billion.

Buying Statistics - First, let me give you a little bit of background on auctions and their popularity. Did you know that more than half of the population has attended a live auction? In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $202.7 billion. This figure is up 6.8% over 2003 and translates into a huge number of satisfied buyers and sellers of goods.

These figures come from a comprehensive research study commissioned by the National Auctioneers Association. The study as a whole shows that the auction industry is on the rise. More and more consumers are seeing the advantages of buying by the auction method. In addition, consumers find auctions fun because they’re a rewarding activity for the whole family to enjoy. On average, consumers are willing to drive 1.3 hours to attend a live auction, with 75% bringing the family when they go.

Here are some of the others reasons why consumers love attending auctions:

• 83% think auctions are an exciting way to get good deals
• 51% think they offer a great value on items
• 65% think auctions offer exciting items they wouldn’t otherwise purchase
• 53% like the excitement of getting a good price

Advantages of Buying at Auction - So what’s so special about auctions? And what’s the advantage of buying at auction? Well, there are plenty of advantages.

• Speed of the Process. There’s no doubt that an auction is the fastest sales process around. It’s quick and efficient and that’s what makes it attractive. We sell a multitude of items in a short time.
• You Set Your Own Price and Establish a Value. You are in control at an auction. You decide when to bid and how much to bid, how high or low you want to go.
• Certainty of Knowing What You’re Getting. Auctioneers deal with a wide range of merchandise. They are educated professionals who know value and price. Many have special certifications in personal property or estate appraisals.
• Opportunity for Good Value. With the wide array of items up for bid, there’s always an opportunity to get a good deal. Sometimes it’s a matter of just wearing down those other bidders.
• Fun and Excitement. There’s no doubt that an auction is entertainment at its finest. Crowds of people competing for unique property, combined with that lively and rhythmic auction chant make for some great entertainment and fun. It’s an event the whole family can enjoy.
• Honesty of the Transaction. Auctions are very organized and the rules are straightforward. Auctioneers who are members of the National Auctioneers Association, as I am, are bound by a code of ethics that protects consumers against unfair auction practices.

When Attending an Auction. Here are some basic tips you should know when attending an auction.

• Show Up Early. Arriving early will give you time to get familiar with your surroundings and, most importantly, it will give you time to preview the merchandise or items being sold. You can see the items close up and start planning for which items you will make bids.
• Make Sure You Register. Anyone who bids must have a bidder number and this can only be secured through registering before the auction begins.
• Be Prepared to Bid. Bidding is simple. But if you’re doing it for the first time, it can be intimidating. Here are some general guidelines:

Make sure you clearly understand the terms and conditions of the auction before making a bid (these will be included in the bidder packet you receive when you register).

Listen closely to the auctioneer. The auctioneer will determine the increments of bidding. If you are having a bit of trouble understanding the auction chant, plan to listen for a few minutes and get a feel for it before you jump in and begin bidding.

Be sure you make eye contact with the auctioneer when you bid.

The process is fast, so if you wish to bid, quickly raise your hand or shout out loud.

Reprinted by permission of the National Auctioneers Association.