East Anglian auctioneer announces exceptional growth

Medals

Local auctioneers and valuers, Bishop & Miller, respond to consumer trends and report 200% increase in gross profit in three years

Bishop & Miller, one of the region's leading independent auction and valuation firms in the East of England, has seen significant growth in its gross profit, from £500,000 to £1.5 million, an impressive 200% increase, in just three years since its launch.

In response to obvious demand from its customers, the number of auctions at Bishop & Miller increased by 300% from six to 24 per year between 2015 and 2017. In 2017, the business expanded into its neighbouring unit in response to its rapid growth. 

The auction firm, which is based in Stowmarket, has experienced considerable growth in its first three years of trading and part of its success is attributed to the development of various specialist auctions which currently totals 13, including Fine jewellery and wristwatches, Fine Art, Period Oak and Toys. The number of items sold each year has grown from 3,600 in 2015 to over 10,000 last year.

Oliver Miller, managing director, said: “When we launched in 2015 I knew we had a tough task getting our name out there and competing against the national auction houses, but we’ve done it. With a growing number of loyal customers, as well as new ones being introduced to us at each auction and valuation day, we’ve seen dramatic growth which is set to continue this year and beyond.

“We’ve been quick to respond to changing trends and demands from our customers, for example this year we’re pleased to be holding our first popular music memorabilia auction which we know will attract a diverse crowd. The list of specialist auctions is set to increase too as we grow our team and expertise.”

Oliver continues: “In terms of predictions for 2018, it will be interesting to see what happens with the price of gold as Brexit negotiations continue. Uncertainty tends to push up the price of gold and other commodities, we may see more jewellery going under the hammer this year.”