SOURCE: J. P. King Auction Company

J. P. King Auction Company

October 14, 2015 11:47 ET

J.P. King Auction Company Holds Its Centennial Celebration

Luxury Real Estate Auction Firm Celebrates 100 Years in Business

GADSDEN, AL--(Marketwired - October 14, 2015) - Celebrating as the oldest real estate auction company in the U.S., luxury property auction company J.P. King held its centennial celebration last week at its headquarters in Gadsden, Alabama with approximately 100 auction industry professionals from across the nation and friends and family attending to recognize the company's 100 years in business.

At the ceremony, Mayor Sherman Guyton presented a Proclamation from the City of Gadsden declaring the firm as "a pillar of success" and also awarding J.P. King, III, immediate past president of the firm, a key to the City. Craig Ford, Alabama House of Representatives Minority Leader, presented a Resolution by the State House "commending J.P. King Auction Company for outstanding service."

During the celebration event, Hannes Combest, CEO, National Auctioneers Association, remarked, "J.P. King has a very long and storied history and we at the National Auctioneers Association (NAA) look to J.P. King as the gold standard for real estate auctions. Craig King was recently recognized for his industry contributions and placed in the NAA Hall of Fame. That is a huge honor and not one to be taken lightly. It is exciting to hear the plans the firm has for the future. I thank all at J.P. King who are not just successful within themselves but who are also major contributors to the whole of the auction industry."

Excerpt from Presentation by Craig King, President and CEO, J.P. King Auction Company

"We appreciate all those who joined us in person, by video, and by correspondence as we celebrate our first 100 years in business.

"We were founded in 1915 by my great grandfather J.P. King when Woodrow Wilson was president, the nation was six months into World War I, women were marching in New York City demanding the right to vote, and the average American house cost $3,200.

"In 1939, when my grandfather, Leslie C. King, became president of the company, Franklin D. Roosevelt was president, the nation entered World War II, NBC/RCA held the first public television demonstration at the opening of the World's Fair in New York, and the average American house cost $3,800.

"Leslie continued to sell subdivisions, farms and work for banks. We have auction listing contracts from 1940 where the company was using an 'auction fee,' a flat amount paid by the buyer in addition to the bid price. This practice is now often referred to as a Buyer's Premium, primarily a percentage of the bid price paid by the buyer in addition to the bid, and is a common practice in the auction industry today.

"In 1961, my dad, J.P. King III, became company president. John F. Kennedy was president, the U.S. breaks diplomatic relations with Cuba, Alan Shepard becomes the first American in space, and the average new house is $12,500.

"In 1966, an owner with numerous properties in Mobile, Alabama, hired the firm to auction their properties. J.P. determined the company would pull the bidders into one location, a local hotel ball room, and auction all of the properties from the one location. The term 'ballroom auction' was coined, a property auction practice often used in the industry still today.

"In 1985, I became President and Chief Executive Officer of the company. Ronald Regan was president, the Internet's domain name system was created, Microsoft released Windows version 1.0, and the average cost of a new house was $89,330.

"In 1992, we auctioned legendary horse farm, Calumet Farms in Lexington, Kentucky, for $19.9 million and shifted our business model to non-distressed, premier property auctions. In 2011, Christie King was elected President of the National Auctioneers Association, the first female president of the association. Last year, the firm surpassed $2 billion in sales since the fourth generation of Christie, Scott King and I assumed leadership.

"A lot has changed since the fourth generation began running the company. Last week, we sold a home online with 23 registered bidders and never had to leave the office. Currently, we are leveraging the most innovative mobile platform that allows real-time auction bids from anywhere in the world, making buying our clients' premier properties easier than ever before. The days of bidders having to hop in their jet and go to an auction are over -- unless, of course, the buyer prefers to make an event out of it by attending the live auction.

"A lot has changed and more changes are in store for J.P. King as we look forward to our next 100 years. Thank you."

J.P. King Auction Company has sold properties in all 50 states and for celebrities such as Barbara Mandrell, former Atlanta Braves pitcher Mike Hampton, and NBA star Karl Malone. The company has auctioned properties to several of the Forbes List of Wealthiest Americans, including Donald Trump.

As an independent premier real estate auction firm, J. P. King's impressive portfolio of trophy property sales includes over a million acres of land, high dollar recreational ranches and farms, and multi-million dollar luxury waterfront and vacation homes across the United States.
www.jpking.com

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