Industry News

EIG October 2016 Newsletter - Essential Auction News

Publish Date: 11 October 2016

By Beth Fox

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EIG October 2016 Newsletter - Essential Auction News

Further reading

EIG Newsletter - Essential Auction News, September 2016

EIG November 2016 Newsletter - Essential Auction News

Welcome to the October newsletter that looks back at auction activity in September and preceding periods.

For whatever reason, the auction market continues to gently contract and this is evidenced by the red 'down' arrows that dominate the comparative figures (as shown in the full newsletter). Lots offered and lots sold both fell by 6% and 8.5% respectively last month, whilst the overall amount raised fell by £36M (down 8.4%). When coupled with the falls witnessed in July, it is unsurprising to see that Q3 figures are also down on last year, with sales falling by 6% to 6,145 lots from 6,559 in Q3 15 and revenues down over 11% to £956M from £1.079bn.

It should be noted, however, that these falls are still dwarfed by the drops we saw back in 2008 and 2009, when double-digit decreases were evident almost every month.

Overall Statistics September 2016

Auctions Held in the UK: 181
Total Lots Offered: 3,647
Total Lots Sold: 2,626
Percent Sold: 72%
Total Realised: £390,373,625

National Auction Analysis

Both sectors experienced falls in lots offered last month, with residential instructions dropping by 5.5% from 3,345 lots to 3,160 lots and commercial instructions dropping by 8.1% from 530 lots to 487 lots. Whilst falling by around 10% in September and Q3, the residential amount raised remains up over 8% for the rolling year (Oct 15 - Sep 16), and up 7.7% for the same period in the commercial market.

A word from the editor - as ever I welcome any feedback you may have regarding the newsletters or the wider market in general.

Kind regards,

David Sandeman

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