ADDISON, Texas – Most of the time, world champion auctioneer Mike Jones spends his days traveling and bid calling – he finds and sells treasures on the auction block.

For nearly a year, though, there’s been a lot less travel for Jones and a lot more time in front of the computer screen.

“I would say right now, realistically, probably 90% of the industry is online,” said Jones, showing one of the many professional auction sites he frequents and works with.

Jones says there still have been some in-person auctions throughout the pandemic, but for the most part it’s become a virtual business.

That’s certainly not to say it’s been a slow year - not after the initial shock of the situation wore off, at least.

“Business was off 25-30% in the first half of the year, but they [colleagues in the business] said, without a doubt, the fourth quarter was their best. It made their whole year – a whole year!” said Jones.

Jones, who won the International Auctioneer Championship in 1998 and runs an auctioneering school in the Dallas-Fort Worth area, said the business tends to be a reflection of the economy at any given time - much like the real estate business can be. That’s again proven true throughout the pandemic.

Jones has seen prices shift on things like vehicles and real estate. More telling may be the influx of certain items on the auction sites. Things like collectables, big real estate, and restaurant and commercial supplies - the type of items that people likely didn’t expect to part with but that they’re now trying to get money for.

“You’re seeing an urgency to sell,” said Jones. “A lot of the business we see right now is driven by fear. Fear of what’s going to happen. Fear of 'if I hold onto this will I be able to get my money back out of it?'”

The restaurant and business supplies may be particularly telling. According to a report by Goldman Sachs, economic growth throughout the U.S. is expected to be about half of what was expected for the first quarter of 2021. The firm predicts it could be some months still before the economy returns to pre-pandemic levels of output.

Those hard times have been reflected very clearly in many businesses and, particularly, in the restaurant industry where many have had to close their doors completely in recent months. Jones says all of the supplies from those restaurants and stores are now showing up on the online auction blocks as owners try to recoup some losses.

“They’re predicting that 20-30% of all restaurants will go out of business in the United States,” said Jones.

Jones believes this tough time will pass. Until then, he recommends that people take advantage of the current boom on the auction scene.

“If there’s something you’re interested in, now’s the time to be looking because there’s a lot of quantity,” he said.