For the last quarter of 2023 in the property auction sector, catalogue numbers continued to grow substantially, although high numbers of properties continue to be withdrawn before auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors. In the goods, chattels, and fine art sector there continues to be a plentiful supply of buyers to create competitive open market bidding in all sectors.

Despite inflation moving in the right direction, economic uncertainty continues to affect auction markets and beyond with many members expressing concerns. In the property auction sector, catalogue numbers have continued to grow substantially, although high numbers of properties continue to be withdrawn prior to auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors.

Our latest report has revealed that online auctions, particularly non-live formats, have gained popularity and surpassed traditional ballroom auctions, indicating a potential long-term shift away from in-person auctions.

The very first NAVA Propertymark member report outlines what’s going on for the sector and, as expected, it shows members are struggling with the decision to return to in-person auctions or to remain online.