The revenues of Czech auction companies are coming increasingly to depend on the sale of flats and family houses. The average price the hammer has fallen on has dropped by CZK 100,000 to approximately CZK 660,000 (€25,544) since the beginning of the year, and auctions worth tens of millions of crowns are scarce. Libor Nevšímal of Naxos says family homes or second homes in locations most severely affected by the crisis, such as North Bohemia or North Moravia, are auctioned most often, sold off to allow the sellers to pay back their loans. This is pushing the average auction price down. The total number of auctions has dropped slightly in the Czech Republic y-o-y, with 1,570 organized in the first half of 2012. That’s a drop from 1,700 in 2011. Revenues were lower as well, having decreased from CZK 1,506bn in the first half of 2011 to CZK 1,204bn in 2012.
