NAICS Code 541990-02 - Auctioneers

Marketing Level - NAICS 8-Digit

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NAICS Code 541990-02 Description (8-Digit)

Auctioneers are professionals who specialize in conducting auctions, which are public sales events where goods or property are sold to the highest bidder. Auctioneers are responsible for organizing and managing the entire auction process, from advertising the sale to collecting payment from the winning bidders. They work with a wide range of clients, including individuals, businesses, government agencies, and non-profit organizations, to sell a variety of items such as real estate, vehicles, antiques, art, and livestock.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 541990 page

Tools

Tools commonly used in the Auctioneers industry for day-to-day tasks and operations.

  • Auction hammer
  • Bid cards
  • Computer software for managing auctions
  • Public address system
  • Cash register or point-of-sale system
  • Catalogs or brochures for advertising items
  • Display cases or tables for showcasing items
  • Transportation equipment for moving items to and from the auction site
  • Security equipment such as cameras and alarms

Industry Examples of Auctioneers

Common products and services typical of NAICS Code 541990-02, illustrating the main business activities and contributions to the market.

  • Real estate auctions
  • Antique auctions
  • Livestock auctions
  • Art auctions
  • Charity auctions
  • Government surplus auctions
  • Vehicle auctions
  • Estate auctions
  • Bankruptcy auctions
  • Online auctions

History

A concise historical narrative of NAICS Code 541990-02 covering global milestones and recent developments within the United States.

  • The auction industry has been around for centuries, with the first recorded auction dating back to 500 B.C. in Greece. Auctions were used to sell goods and property, and the concept quickly spread throughout Europe. In the 18th century, auctions became more formalized, and auction houses began to emerge. In the United States, the auction industry began to take shape in the 19th century, with the first auction house opening in 1805 in New York City. The industry continued to grow throughout the 20th century, with the introduction of online auctions in the 1990s and the rise of auction houses specializing in art and antiques. In recent years, the auction industry in the United States has seen significant growth, with the rise of online auctions and the increasing popularity of auctions as a way to sell a wide range of goods. The industry has also become more diverse, with auctions now being used to sell everything from real estate to cars to industrial equipment. The COVID-19 pandemic has also had an impact on the industry, with many auction houses moving their sales online to comply with social distancing guidelines. Despite these challenges, the auction industry in the United States remains strong and continues to evolve to meet the changing needs of buyers and sellers.