Luxury Goods Auction Market Top key Players - Tateward, 1stDibs, Worthy, Ebay, Christie's, Sotheby's , Bonham's, Phillips, China Guardian and Chiswick Auctions

According to a new report published by xResearch, titled, "Luxury Goods Auction Market 2022- Industry Insights, Trends, Opportunity & Forecast, 2021-2030," the global luxury goods auction market size is anticipated to witness exponential growth during the forecast period i.e. 2022-2030.

The growing number of auctions houses dealing in luxury goods across the globe, the surging accessibility of bidding at auction houses, the escalating number of highly wealthy individuals worldwide and the soaring inclination of the affluent class towards bidding on expensive objects for expressing their social status are among the predominant factors contributing towards the growth of the global luxury goods auction market.

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According to product, the cars segment dominated in the global luxury goods auction market in 2021. The segment is expected to continue with the trend over the forecast period owing to the burgeoning sales of luxury cars at auctions across the world. The handbags & accessories segment also held a notable share in the market in 2021 and is projected to witness significant during the forecast period.

On the other hand, the watches and the jewelry segment are predicted to attain the highest CAGRs in the market over the forecast period. According to mode, the at-house segment accounted for the largest share in the global luxury goods auction market in 2021 and is expected to further retain its dominance in the market during the forecast period.

On the other hand, the online segment is anticipated to grow robustly over the forecast period and acquire a 50.0% market share in the market by the end of the forecast period from 10.0% in 2021. The growth of the segment can be ascribed to the growing emphasis of brands on expanding their distribution channels to increase their global footprint and enhance their overall sales.

Geographically, the Asia Pacific region is predicted to hold the largest share in the global luxury goods auction market during the forecast period of 2022-2030 and register the highest CAGR in the market over the forecast period. The North American and the European region are expected to retain their second and third position in the global luxury goods auction market throughout the forecast period.

On the other hand, the Middle East and African region is projected to account for a significant portion of the overall market share in the global luxury goods auction market during the forecast period of 2022-2030 due to the proliferating number of auction bidder registrations and the surging inclination of people towards spending time on their hobbies in the region.

Some of the major luxury goods auction companies profiled in the report include Tateward, 1stDibs, Worthy, Ebay, Christie's, Sotheby's , Bonham's, Phillips, China Guardian and Chiswick Auctions.

The global luxury goods auction market is segmented into product, mode, end-user and region. Based on product, the market is bifurcated into collectibles, handbags & accessories, watches, high-end furniture, shoes, electronics, cars, bikes, artistic goods, jewelry, gemstones and precious stones, wines and spirits and others. Based on mode, it is classified into at-house and online.

The online segment is further categorized into web-based and application-based. Based on end-user, it is classified into individual, corporate, faith-based organizations, sports organization, schools & universities, associations and others.

The global luxury goods auction market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Luxury Goods Auction Market

• On the basis of product, the cars segment dominated in the global luxury goods auction market in 2021 and is expected to continue with the trend over the forecast period. the watches and the jewelry segment are predicted to attain the highest CAGRs in the market over the forecast period.

• On the basis of mode, the at-house segment accounted for the largest share in the global luxury goods auction market in 2021 and is expected to further retain its dominance in the market during the forecast period. The online segment is anticipated to grow robustly over the forecast period and acquire a 50.0% market share in the market by the end of the forecast period from 10.0% in 2021.

• On the basis of region, Asia Pacific is predicted to hold the largest share in the global luxury goods auction market during the forecast period of 2022-2030 and register the highest CAGR in the market over the forecast period.

• On the basis of region, North America and Europe are expected to retain their second and third position in the global luxury goods auction market throughout the forecast period.

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