- Can you make a living as an auctioneer? Yes.
- Can you become wealthy in the auction
industry? Yes.
In a $240 Billion industry and with only
30,000 auctioneers across the country, this can be a
very lucrative career choice. Mainly male dominated
(93%) this is a great opportunity for women to gain
entry.
The top grossing categories are Real Estate
at 22.3% and Automobiles at 37.8%
If you enjoy Marketing and event planning, this just may be the career for you.
If you've attended an
auction, you've no doubt been excited by the performance
of the auctioneer. With enviable verbal skills and a
quick wit, the auctioneer keeps the crowd focused,
energized and the sale moving.
They make auctions fun,
too. Couple that with bids for seemingly astounding
amounts, and auctioneering starts to look like a viable
and lucrative profession.
Succeeding in the auction
industry isn't a sure thing. Like any business venture,
a combination of training, skills and determination are
essential to the success of an auction business. In
addition, auctioneers should adhere to a standard of
professional conduct and often need to meet local and
state licensing requirements.
What an Auctioneer Does
The most common public perception of an
auctioneer is that of a man or woman, holding a gavel,
shouting out words at lightning speed and yelling
"Sold!"
The chant, that often-indecipherable
string of words, is a crucial, but minor aspect of an
auctioneer's job. From the moment they've been
contracted, an auctioneer fills several roles: marketing
and events manager, office manager, public relations
manager, accountant, just to name a few.
The single most important role an
auctioneer takes on is that of marketing expert.
Auctioneers are adept at marketing a client's property
through the appropriate media and reach a specific
audience. In large part, their livelihood depends upon
being able to attract those individuals most interested,
and therefore, most willing to buy a particular
item.
The ability to market auctions and
merchandise effectively comes from an intimate knowledge
of the specific types of merchandise, its value, the
demand for such merchandise, and the targeted
market.
Beyond being able to juggle a number of
duties, the prospective auctioneer needs to be
personable and work well with a variety of people.
During the course of organizing a sale, the auctioneer
consults with the seller, field questions from potential
buyers and, on occasion, mediates disputes.
The majority of auction companies are
independent ventures, although there are some larger
regional and national auction houses. Building and
maintaining an auction business can be time-consuming
endeavor, with dozens of hours of preparation for every
hour of the actual sale. Auctioneers often call on
family members to help handle sale logistics and staff
auctions.
In addition to long hours, an
auctioneer's annual income depends upon the effort and
time devoted to the business. There are auctioneers who
have become wealthy after establishing their business.
But, often, beginning auctioneers get their start
working as a part-time auctioneer and holding down
another job. Like any business venture, the return in
income is largely dependent upon the amount of time and
effort spent making a go of the business.
How do you learn the auction
business?
Many auctioneers got their start
working as a clerk or bid caller for the family auction
business. Some NAA members now run businesses that have
been in their family for two or three consecutive
generations. Many auction companies continue to be
family-held endeavors, with extended family members
helping organize and staff sales.
If you haven't been involved in a
family auction business, there are two other ways to
learn the trade. First, there are dozens of auction
schools and programs, either independent institutions or
programs that are affiliated with a community or
four-year college. Visit World Champion College
of Auctioneering ( http://www.championbidcalling.com/).
Auctioneer schools are training
workshops designed to teach students the fundamentals of
auctioneering. The length of the school varies, but most
last a few weeks, and cover a wide variety of topics.
The classes are usually small, so that each student is
sure to get personal attention if needed.
All of the
basic skills needed to become an auctioneer are explored
in-depth and often include some or all of the
following:
- Contract Writing
- Developing your own chant
- Advertising
- Keeping records
- Clerk and Cashier practices
- Experience with a live auction
Schooling
can last for a couple days, weeks or as long as a
college semester. The NAA has developed a growing list
of auction schools from across North
America
A second option is to gain practical
experience as an apprentice or bid assistant under an
experienced auctioneer. Apprentice auctioneers assist in
organizing and running sales, and learn many of the
crucial day-to-day operations of running an auction
business.
The bid assistant is a staff member,
usually one of the auctioneers not currently selling
that is watching the crowd for bids. Sometimes called bid spotters or ringmen, they are extensions of the
auctioneer. Often it is difficult for the auctioneer to
see all the bids coming from a large crowd in a big
room. The bid assistant listens to the "chant" of the
auctioneer and scans the room for the current bid. If a
bid assistant yells out "yup", then the auctioneer knows
that he has the current bid being asked for and will
proceed to ask for the next bid.
Either option also includes holding a
high school diploma or a GED. Some auctioneers find
completing some additional education, either through a
local community college or four-year institution,
helpful.
Your choice of education could largely
depend upon the licensing requirements for auctioneers
in your state. Many states that require licensing for
auctioneers only accept educational credit from specific
auction schools or programs. Often licensing boards will
waive the educational credits if an applicant served as
an apprenticeship under a licensed auctioneer. Required
apprenticeships can range in length from conducting a
few auctions under an auctioneer's guidance to one or
more years. Call your state government offices to
determine if your state has auctioneer licensing laws
and educational requirements.
For auctioneers who want to specialize,
the majority of auctioneer schools provide classes that
teach the specific areas of expertise, such as real
estate, art, livestock, antiques, and automobiles. If a
student plans on auctioning off fine art or antiques,
many schools encourage students to obtain a degree in
the fine arts or art history, in order to better
understand the items they will be selling.
 While just about anything can be sold
at auction, most auctioneers choose to specialize in one
or two areas, and even earn optional certifications,
such as appraisers licenses. An appraiser's license is a
good idea for any auctioneer, since it helps to reassure
the buyers and sellers that the auctioneer knows what
the merchandise is worth, and that they are setting the
bidding price appropriately.
For anyone considering attending an
auctioneer school, it is a good idea to go to several
auctions and observe the auctioneer, and even talk to
him/her afterwards if at all possible. Most auctioneers
will be happy to share their knowledge and expertise
with you, and might even invite you to help out during
one of their auctions. It never hurts to ask, and even
if you never get close enough to the auctioneer to talk,
you will have learned a lot just from listening and
observing
NATIONAL AUCTIONEERS DAY - APRIL 15th
CLICK HERE TO READ ALL ABOUT IT
FACTS AND
FIGURES
$241 BILLION - AUCTION INDUSTRY GROWS 10.6%
CLICK HERE TO REAL ADD ABOUT IT
*based on
2003 data from NAA, National Auctioneers
Association
- 93% of
Auctioneers are men
- 35% are
college graduates, with another 36% having some
college
- 30% are
between the ages of 45 - 54, and 29% are 55 -
64
- 1% are
under age 24
- 20% cite
the auction business as their sole income
- 52% own
their own firm
- 16% are
sole practitioners, and 11% are partners
- 60% belong
to state auction associations
- 14% are
designated Auction CAI
- 88% have a
single office or location
- 48% employ
only a single professional auctioneer
- 51%
reported gross sales revenues of $500,000 or
less
- 35%
reported gross sales revenues in excess of
$1,000,000
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