2008.01.23 Auction Industry Update

Live auction industry exceeds $270 billion in 2007 Residential real estate auction revenue increase 5.3% despite housing market downturn Overland Park, Kan - In 2007 the gross revenue from goods and services sold at live auction grew 5.3% to $270.7 billion. In 2006, the auction industry sold $257.2 billion in goods and services at auction, an increase of 7.1% from 2005. The annual report was compiled by Morpace, Inc. on behalf of the National Auctioneers Association (NAA) which surveys auction professionals to determine the state of the industry, as well as track key auction specialties within the industry. While traditional real estate professionals continue to face the challenges of a housing market downturn, the real estate auction market continues to be one of the fastest growing auction sectors generating $58.4 billion in 2007. Within the real estate segment (i.e. residential, land/agricultural, commercial/industrial), residential real estate auctions witnessed the largest growth, increasing 5.3% from 2006. Accounting for 32% of the total live auction industry, automobile auctions continue to be the largest sector of the industry generating $87.8 billion in sales. Charity auction revenue grew from $15.6 billion in 2006, to $16.2 billion in 2007, an increase of 4.1%. The overall number of live auctions conducted in 2007 increased by 4.6%. "The live auction industry continues to grow at an amazing pace," said NAA president Tommy Williams, CAI. "More and more consumers are realizing the benefits of buying and selling at live auction. Consumers are now buying or selling their homes, purchasing art and antiques, or raising capital for charitable causes through auctions." To assist consumers interested in real estate auctions, the NAA launched the first real estate auction multiple listing service (MLS) in 2007. Prospective bidders from across the world can access www.auctionmls.com to view upcoming real estate auctions ranging from residential, to farm/agricultural real estate. In addition to launching the first auction MLS, the NAA partnered with the Auction Network to develop the first 24/7 multi-media network devoted to the auction industry. Everyone from the enthusiast to the casual bidder can participate real-time in a wide variety of auctions taking place worldwide by visiting www.auctionnetwork.com. # # # 2007 Revenue Estimates by Auction Specialty Areas - Gross Revenue (Billions) Art, antiques & collectibles - $13.7 (+3.9%) Automobiles - $87.8 (+0.6%) Agricultural machinery & equipment - $18.2 (+0.7%) Commercial and industrial machinery & equipment - $13.0 (+7.3%) Livestock - $17.4 (+0.0%) Land and agricultural real estate - $25.9 (+2.5%) Commercial and industrial real estate - $15.7 (+4.2%) Residential real estate - $16.9 (+5.3%) Personal property - $9.7 (-3.5%) Intellectual property - $0.2 (+5.1%) Other (Non-Charity) - $2.2 (-1.9%) Charity - $16.2 (+4.1%)

2007.11.15 Auction Network Announces Initial Lineup

TULSA, OK - (November 12, 2007) - The Auction Network is officially broadcasting online at www.auctionnetwork.com. Production is already underway for a number of unique events featuring live interactive auctions, pre-produced auctions, and profiles of dynamic auction personalities. "We have some fascinating auctions already on the network, so whether you click the VOD button on our site or watch the streaming video our hope is that seeing these terrific auctions will encourage NAA members to alert us to their own upcoming auction events," said Network CEO Pam McKissick. "We have the IAC, profiles of the Hall of Fame inductees, horse sales, celebrity auctions, space memorabilia, but there are so many more stories out there and we're counting on NAA members to tell us about them." Exciting Lineup on Auction Network Prior to the first live and interactive auction on November 20, Auction Network executives have scheduled a series of pre-recorded shows allowing viewers to experience a broad range of auction entertainment. · "Keeneland Yearling Sale 2007": A behind-the-scenes look at the world's premier thoroughbred horse auction, where monarchs and titans of the industry competitively bid millions of dollars. · National Auctioneers Association Competitions: While you can see some of the most experienced and talented auctioneers in the world any time on Auction Network, you can also catch the next great thing on a series of shows filmed during competitions held at the National Auctioneers Association's Annual Conference and Show including Butch Booker and Camille Booker. · "Stars For A Cause": A front-row seat for one of the biggest celebrity charity auctions of the year, as Julien's Auctions puts celebrity-autographed portraits by pop artist Nicolosi on the block to benefit the Prince's Trust and the Hollywood Museum. · "Auction Royalty": Starting out by profiling two of the most recent inductees into the Auctioneer Hall of Fame - Cookie Lockhart and Spanky Assiter - this show gives insight into the lives of world-renowned auctioneers and the industry they lead. · "Outer Space": A rare auction event, featuring the sale of Apollo 11 lunar pilot Buzz Aldrin's personal space memorabilia and other historic items from the Space Race era. · "Peter Fonda": The American flag from "Easy Rider" will be up for grabs, as Peter Fonda auctions his personal movie memorabilia and visits with the Auction Network about his life and career. · "Cattle Baron's Ball": Cindy Crawford kicks off one of Texas's biggest charity auctions at the famed Southfork Ranch in Dallas, with custom watches and luxury automobiles among the items on the block to benefit the American Cancer Society. · South African Wine and Real Estate: Whether it be glitzy rare wine auctions or the sale of dozens of high-dollar properties in 24 hours, no one does auction quite like South Africa - and shows centered around these events will demonstrate why. · "Gibson GuitarTown Austin": Gibson GuitarTown serves as the host for this unique event, where Julien's Auctions will sell guitars designed by music-loving celebrities like the Dixie Chicks and Billy Bob Thornton. "The initial roster of auction programming demonstrates the depth and breadth, fun and excitement of the auction industry," said Pam McKissick, network founder and CEO. "We want our viewers to attend live auctions whenever they can because live auctions are fun. We've even created insert programming called Auction Roadtrips to let people know that if they drove to the live auction there would be lots of wonderful things to see in and around the place that auction occurs. If they can't attend in person, we want to give them a front row electronic seat to the auction by using this highly interactive, real-time bidding network." "Now, viewers won't just see the auctions themselves but they'll also learn the stories behind the items being auctioned. You're not just going to see Peter Fonda's 'Easy Rider' flag auctioned off, you're going to hear about what that film and that flag meant to him. In South Africa, you won't just see real estate and wine auctioned. You'll see cultural reporting as well. You're going to be part of that experience," said Fontana Fitzwilson, the network's general manager. Live Auctions Begin November 20, featuring Gibson guitars and the Osbourne family Auction Network will head to the 02 Dome in London for its first live, interactive auction, Julien's Auctions' "Gibson GuitarTown London," where rock memorabilia like a guitar inspired by music legend Paul McCartney will be available for bidding from anywhere in the world. Instructions for registering for the Gibson Guitartown London auction and previews of all the guitars for sale can be found at www.auctionnetwork.com. On November 30 and December 1, the Auction Network will travel back across the Atlantic to Los Angeles, for one of the most anticipated celebrity auctions of the year. Ozzy and Sharon Osbourne will sell personal property from three of their homes - many of the items recognizable from their hit television show, "The Osbournes." Julien's Auctions will carry out the sale, and the event will be broadcast with live, interactive bidding capability on Auction Network. A portion of proceeds from this sale will benefit the Sharon Osbourne Colon Cancer Foundation.

2007.10.19 NAA Auction Industry Report

For Immediate Release Contact: Chris Longly, Public Affairs Manager National Auctioneers Association (913) 541-8084 ext. 31 Auction Industry Projects Gross Revenues to Reach $269.6 Billion in 2007 37% of Real Estate Auctioneers Reported Increase in Home Auctions Overland Park, KS - The National Auctioneers Association recently unveiled its third quarter survey results conducted by Morpace, Inc., projecting continued positive growth in the auction industry. Initiated in 2003, the quarterly survey compiles data and tracks the growth of the industry in the United States. In 2006, the total value of goods and services sold at auction totaled $257.2 billion, an increase of 7.1% from 2005. Gross revenues in the first three quarters of 2007 have increased nearly 5% from the same time period one year ago. Current projections for 2007 gross sales receipts total $269.6 billion. Forty-seven percent of NAA members surveyed reported an increase in gross sales receipts in the first three quarters of 2007, with thirty-one percent reporting no change in sale receipts compared to the previous year. Residential real estate auctions continue to be one of the fastest growing segments of the live auction industry with an estimated growth of 3.1% since the end of the second quarter. During this same period, commercial and industrial real estate auction has grown 2.9%. Thirty-seven percent of real estate Auctioneers surveyed reported an increase in real estate auctions, with thirty-two percent reporting no change. Total real estate revenues for 2006 include: Residential Real Estate ($16.0 billion), Commercial/Industrial ($15.0 billion), and Land/Agricultural ($25.3 billion). # # # About the NAA Headquartered in Overland Park, Kansas, the National Auctioneers Association (NAA) represents the interests of almost 5,600 Auctioneers in the United States, Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members through education and technology. To learn more about Auctioneers, auctions and the NAA visit: www.auctioneers.org. About Morpace, Inc. Morpace, Inc. is a full-service market research and consulting company headquartered in Farmington Hills, Michigan. Morpace's research and consulting staff provide in-depth understanding of research findings and actionable recommendations to a broad range of client industries including automotive, financial services, health care, and technology. Morpace has particular expertise in the areas of market definition and segmentation, product design and marketing, brand and image positioning, pricing and marketing strategy. Morpace also specializes in external and internal customer satisfaction, quality measurements and Customer Relationship Management (CRM).

2007.07.23 Auction Industry Report Projects Continued Positive Growth

NAA Auction Industry Update July 23, 2007, Overland Park, KS - During the "State of the Industry" forum at the 58th International Auctioneers Association Conference and Show in San Diego, the National Auctioneers Association (NAA) unveiled industry projections for 2007. The industry survey was conducted by MORPACE International and projected the industry to grow $7.6 billion in 2007. If the current trend continues, analysts project industry revenues to reach $264.8 billion by the end of the year. This is the fourth consecutive year that the live auction industry has witnessed growth. In 2006, the total value of goods and services sold at auction totaled $257.2 billion, an increase of 7.1% from 2005. The MORPACE survey tracked growth within individual auction specialty areas. The largest auction specialty segment with estimated gross sales of $87.3 billion in 2006 was automobile auctions. The fastest growing auction specialty is real estate. Residential real estate auctions grew 39% between 2003 and 2006. During this same time period, land and agricultural real estate grew 33% and commercial and industrial real estate grew 27%. The MORPACE quarterly survey compiles data from NAA members and non-NAA members. Forty-one percent of respondents reported an increase in gross sales receipts through the first half of 2007, with twenty-nine percent reporting "no change", and thirty percent reporting a decline. Thirty-four percent of NAA members say they have conducted more auctions in the first half of this year compared to last year. The survey also highlighted growth in the real estate sector with thirty-six percent of respondents reporting increases in residential real estate sale receipts and a twenty-three percent increase in commercial real estate. Charity auctions were also reported on the rise. Since 2003, total growth of this auction segment has increased 16.3%. # # # About the NAA Headquartered in Overland Park, Kansas, the National Auctioneers Association (NAA) represents the interests of almost 6,000 auctioneers in the United States, Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members. In 2006, the auction industry great by 7.1% with over $257 billion in goods and services sold. To learn more about Auctioneers, auctions and the NAA visit: www.auctioneers.org.

2007.07.23 2007 International Auctioneers Championship Winners

July 20, 2007, San Diego, CA - Bryan Knox of Decathur, Alabama won the Men's Division and Denise Shearin, CES, of Brandywine, Maryland won the Women's Division of the 2007 International Auctioneer Championship at the 58th International Auctioneers Conference and Show in San Diego on Friday, July 20th. Each Auctioneer won a cash prize of $10,000, championship trophy, and will now represent the National Auctioneers Association as spokespeople throughout the year. Over 90 auctioneers competed in this year's competition. The competitors were judged on their presentation, chant, voice quality, body language, and other elements of effective auctioneering. There was also an interview segment of the competition that participants were judged on. 2007 Men's Division IAC Champion: Bryan Knox, Decathur, Alabama First Runner-Up: Troy Orr, Ypsilanto, North Dakota Second Runner-Up: C.D. "Butch" Booker, Colfax, Washington 2007 Women's Division IAC Champion: Denise Shearin, CES, Brandywine, Maryland First Runner-Up: Terri Walker, CES, Memphis, Tennessee Second Runner-Up: B.J. Jennings, CAI, York Haven, Pennsylvania Men's Division Finalists Tim Assiter, Floydada, Texas; C.D. "Butch" Booker, Colfax, Washington; Rowlan Hill, Goodyear, Arizona; Jerry King, CAI, Fletcher, North Carolina; Bryan Knox, Decathur, Alabama; Monte Lowderman, Macomb, Illinois; Joseph Mast, Millersburg, Ohio; Paul McCartan, Spring Valley, Minnesota; Craig Meier, Ennis, Texas; Russ Moravec, David City, Nebraska; Kevin O'Callaghan, Lincoln, California; Troy Orr, Ypsilanto, North Dakota; Paul Ramirez, Tucson, Arizona; Kevin Teets, Fairmont, West Virginia; Mark Younger, Maryville, Missouri Women's Division Finalists Camille Booker, Richland, Washington; Anita Espey, Maryville, Missouri; Kristine Fladeboe-Duinick, Spicer, Minnesota; Johan Graham, Apple Valley, California; B.J. Jennings, CAI, York Haven, Pennsylvania; Denise Shearin, CES, Brandywine, Maryland; Terri Walker, CES, Memphis, Tennessee;

2007.04.19 Auction industry growth continued in first quarter of 2007, NAA research study shows

Overland Park, Kan. - Gross sales revenues from auctions by NAA members in the first quarter of 2007 increased 2% over same time period one year ago, a study by the NAA has found. If this trend continues, this will translate into approximately $266 billion total revenue for 2007 for the entire auction industry, up from $257.2 billion in 2006, a projected 3.4% percent increase for all of 2007. This suggests the possibility of a slightly slower growth in the live auction industry in 2007 compared to 2006, when a 7.1 percent growth rate occurred for all of 2006 over the previous year. The first quarter growth last year was 5.7 percent. These are the findings documented in a quarterly report of auction industry growth being conducted by global market research firm MORPACE International on behalf of the National Auctioneers Association (NAA). NAA President William Sheridan, CAI, ARRE, GPPA said "While the growth has slowed a bit, we are pleased that there is a solid and continued growth of the live auction industry in 2007." The following are some other key findings documented in the quarterly report: The growth of the residential real estate auction business continues. The estimated growth of 3.2% for the residential real estate auction business in first quarter 2007 is slightly higher than the estimate was at the same time last year at 2.6%. Revenue for agricultural real estate auctions, however, declined by 3.6%. Revenue for commercial and industrial real estate auctions remained essentially unchanged (at - 0.1%). 34% of NAA members say they saw an increase in gross sales receipts in the first quarter of 2007 compared to the same time period one year ago. At the end of the first quarter of 2006, 42% said they had seen an increase compared to a year ago. Among those who say they have seen an increase, the median amount of increase reported was 20%. 30% of NAA members say they have conducted more auctions in first quarter 2007 than they did in 2006, while 19% say they have conducted fewer than last year. Comparable numbers from this time in 2006 were 33% and 19%, respectively. This suggests there has been slightly lower auction activity in the first quarter than one year ago. Funded by the National Auctioneers Foundation, the Auction Industry Research Study was commissioned by the NAA in 2003 to study and document the growth of the live auction industry. Results of the initial study were released in July 2004 and updates are being conducted on a quarterly basis. With almost 6,000 members from throughout the world, the National Auctioneers Association is the largest organization of its kind dedicated to promoting the auction method and competitive bidding industry. Member benefits range from federal and state legislative tracking to comprehensive continuing education programs, including coursework to earn the following professional auctioneer designations: Certified Auctioneers Institute (CAI), Accredited Auctioneer, Real Estate (AARE), Graduate, Personal Property Appraiser (GPPA) and Certified Estate Specialist (CES). The organization was founded in 1949 and is headquartered in Overland Park, Kan. For more information on the NAA and its programs, log on to www.auctioneers.org.

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