People love making predictions. Whether it’s who will win the Super Bowl, how the economy will perform or which politician will be victorious in the next election.
It turns out, auctioneers are no exception to this rule. We enjoy predicting the future of our own industry, especially which secondary market items will be the most popular demand auction items each year.
We’ve seen the demand for items change quite a bit over the past year. But the interest in the following four items continues to grow, and I anticipate they will be among the most popular items at auction throughout 2022.
Our Predictions for 2022’s Most in Demand Auction Items
Luxury Watches – According to US-based consulting firm McKinsey, pre-owned luxury watches are expected to grow to a $30 billion industry by 2025, compared to the $18 billion industry they were in 2018. At our New Year’s Day Auction on Jan. 1, we sold a Rolex Oyster Perpetual Daytona Men’s Wristwatch for more than $22,000. Three other Rolex watches sold for nearly $19,000, more than $12,000 and nearly $10,000, during the same auction.
The big four luxury watch makers, which include Rolex, Patek Philippe, Audemars Piguet and Richard Mile continue to produce only limited inventory to ensure exclusivity. Which means prices and demand for these watches will only increase throughout the year.
High-end Jewelry – Fine jewelry almost always does well at auction. In fact, on Jan. 1 we sold a modernist 14 karat gold, 5 carat diamond ring for more than $41,000.
Surprisingly, fine jewelry by well-known brands like Tiffany or Cartier makes up a small percentage of the overall jewelry market. In 2022, demand for jewelry from luxury brands is expected increase more quickly than other fine jewelry, according to McKinsey.
Mid-Century Modern Furniture – Quality mid-century modern furniture has experienced a significant increase in demand during the past decade. Auctioneers expect this trend to continue.
Supply chain issues are making it difficult to find new, reproductions of mid-century modern furniture. This is adding to the demand we’re seeing for furniture on the secondary market. These issues are expected to continue for at least the next six to 12 months according to an article in Furniture Today.
Firearms – Firearm sales began surging along with the pandemic. Last year was the second busiest year on record for gun sales in the United States. The record for most gun sales in the U.S. in one year belongs to 2020, according to the consulting group Small Arms Analytics and Forecasting. We expect demand for secondhand firearms to remain high throughout 2022.
Whatever item you’re interested in buying or selling, be sure to do your research beforehand to fully understand its market value. And when in doubt, consult with a professional appraiser or industry expert.
Erik Hoyer owns EJ’s Auction & Appraisal in Glendale. Contact him at firstname.lastname@example.org, www.ejsauction.com or 623-878-2003.