4. Outlook

Looking ahead to 2025, 33% of dealers expected expected improving sales (down by 3% from 2023), 47% were hoping for a stable year, and 19% anticipated a decline (up by 3%). Only 19% of the largest dealers (with turnover of $10 million-plus) thought sales would improve in 2025 although the majority felt sales would stabilize. Optimism picked up in the middle market, with those hoping for increasing sales in the $500,000 to $1 million segment up from around a third at the end of 2023 to 51% at the end of 2024. Dealers with turnover of below $500,000 were slightly more balanced and around one-quarter thought sales would fall, with the remainder hopeful for a stable or better year.

In the auction sector, after a difficult year in 2024, optimism was still relatively subdued for sales in 2025 among mid-tier auction houses. When asked how they predicted their sales would fare over the next 12 months, only 15% expected them to improve, down from 38% in 2023. While 45% felt sales would stabilize, a significant 40% of respondents forecasted a decline.

Despite less optimism regarding sales, most businesses in both the auction and dealer sectors expected to keep employment stable in 2025. The majority of dealers (64%) had maintained stable numbers in 2024, with 24% increasing their staff. Looking ahead over the next 12 months, most dealers (74%) expected to maintain steady employment levels, with 19% forecasting a rise, and only 6% anticipating any losses. Just over one-third (35%) of mid-tier auction houses had increased employment in 2024, with only 12% reducing numbers. The majority (69%) also hoped to keep employment stable in 2025, with 9% planning further expansions. The share expecting to lose employees also rose to 22% (from 5% the previous year).