We continue here with a 4-part series covering the recently released “Auction Industry 2010” research project conducted by the Broad College of Business at Michigan State University. This study was conducted by Dr. Forrest S. Carter, Associate Professor of Marketing and student researchers Marina Batchelor (lead), Kijun Yang, Sarah Andersen and Zoe Cai.
The study is broken into 3 basic parts, with a preface. I will also comment on some of the statistics presented.
Part I of the study concerned the auctioneer. A total of 1,972 respondents contributed to these statistics.
First, the typical auctioneer was profiled as such:
A male
51 to 65 years of age
Possesses a high school diploma or GED
Works full time in the business
Has been in business 21+ years
Was drawn to the profession by experience attending auctions, or transitioned from a career in real estate or some other career which used auctions
He most enjoys his independence and his ability to help people
He is most likely in the Midwest or southern United States
Some other statistics:
Auctioneer’s GenderMale90%Female10%
Auctioneer’s Age18-241%25-359%36-5030%51-6546%66 and over14%
Auctioneer’s EducationHigh School/GED35%Tech/Trade School18%Undergraduate Degree33%Post Grad Degree14%
Extent of Auction ActivitiesFull-time56%Part-time44%
Years in the Auction Business0-28%3-511%6-1015%11-1513%16-2011%21+42%
Influences on Becoming an AuctioneerFamily Business25%Referral from someone in business12%Career counseling, school or career programs1%Experience attending auctions54%Other8%
Other Influences on Becoming an AuctioneerDon’t know/No Reason2.5%Charity events1.3%Evolved from eBay1.3%Real Estate, Appraiser, Sponsored by company36.1%Desire to help people, Always wanted40.5%Serendipity / Desperation18.4%
Aspects of Auctioneering Most LikedMoney9%Independence23%Travel4%Meet new people18%Job security3%Help people21%Passion for products I sell10%Working with family9%Other3%
Other Aspects of Auctioneering LikedImprove Image / Professional7.9%All of the reasons listed10.9%Life Style8.9%Exciting / Always something new55.4%Unique / Personally rewarding6.9%Economic conditions / Opportunities6.9%Not sure3.0%
Professional AssociationsNone11%Local Chamber of Commerce11%Association of Fundraising Professionals0%American Bankruptcy Institute2%National Association of Realtors11%International Society of Appraisers1%American Society of Appraisers2%National Auctioneers Association24%A State Auctioneer Association33%Other6%
Other Professional AssociationsGeneral Business / Professional32%Other Auction-Related18%Livestock / Agricultural2%Toastmasters2%Civic Organizations10%Antiques / Specialty Collectibles5%Other Appraiser Organizations31%
National & State Association MembershipMembers of NAA and a State Association40%Member of NAA and not a State Association6%Member of neither a State Association nor NAA31%Member of State Association and not NAA22%
Location of Auction BusinessNew England4%East13%Midwest35%South26%Central6%Southwest9%West5%Outside U.S.2%
I should note here that we did our own study with very similar results: http://mikebrandlyauctioneer.wordpress.com/2010/07/04/where-are-the-auctions/
Gross Commissions over $1 Million:
Male (91%)
51-65 (42%)
College Degree (36%)
Full Time (93%)
21+ Years in business (53%)
Influenced through Family Business (41%)
75% belong to NAA and 66% belong to NAA and a State Association
Like Independence (22%)
Resides in Midwest or South (53%)
Gross Commissions less than $50,000:
Male (89%)
51-65 (48%)
High School Graduate (33%)
Part Time (81%)
21+ Years in business (32%)
Influenced by Experience Attending Auctions
29% belong to NAA and 24% belong to NAA and a State Association
Like Ability to Help People Most (24%)
Resides in Midwest or South (63%)
Some have possibly incorrectly concluded that “if someone belongs to NAA, they will make more money” as the statistics suggest 75% of those making over $1 Million are members, while only 29% of those making less than $50,000 are members. It could just as well be that those who make more money tend to join NAA, and those who make less tend to not join. This study didn’t explore if membership in NAA predated making over $1 Million, for example.
We will continue with two more articles, Parts II and III of the overall study, namely: about the auction business and about auctioneering.
Mike Brandly, Auctioneer, CAI, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. His Facebook page is: www.facebook.com/mbauctioneer. He is Executive Director of The Ohio Auction School.
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