Niche Auction Marketplaces
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The speakers discuss the opportunity in niche auction marketplaces, highlighting Heritage Auctions' success ($800M in sales) and suggesting new verticals for auction-style platforms.
Key Points:
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Why Auctions Work:
- Time component creates urgency
- Makes people buy more
- Can work both online and in-person
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Successful Examples:
- Heritage Auctions ($800M in sales):
- Coins/Currency: $300M
- Sports Collectibles: $60M
- Comics: $50M
- Movie Posters: $20M
- Real Estate: $19M
- Wine: $10M
- Barrett Jackson:
- Specializes in classic/rare cars
- 68 shows per year
- Hundreds of millions in revenue
- Heritage Auctions ($800M in sales):
-
New Auction Opportunities:
- Small Businesses:
- Could auction off businesses like Shopify apps
- Challenge: Requires significant due diligence
- Storage Units:
- Mystery box concept
- Gambling element with unknown contents
- Houses:
- Currently an illiquid market
- Potential for faster sales through auction format
- Small Businesses:
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Key Success Factors:
- Focus on specific niches
- Create urgency through time limits
- Can combine online and offline presence
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.