Episodes that have already been recorded will be shown next year.
The series, presented by former Portobello market dealer Paul Martin, has been a regular on the channel since 2002, with more than 1000 episodes having been aired.
The format involves Martin and a team of auctioneers and dealers touring the UK to host valuation days. High-value and interesting objects are then picked out to sell at auction. Each episode features a local history insert, such as visits to museums and art galleries.
Martin revealed he has two new BBC antiques game shows, one called Make Me a Dealer, planned for the new year and is advertising for contestants.
'Most realistic antiques TV show'
Auctioneer Adam Partridge, who has been with Flog It! since its launch, described the decision to cancel the series as "very sad news. Flog It! is the most realistic show when it comes to depicting what happens in an auction room and it is disappointing that the BBC will replace it with game shows."
He added: "A lot of viewers have already expressed their disappointment to me. The show has a large elderly demographic audience and they find it a comforting and entertaining programme to watch."
Fellow presenter and silver dealer Michael Baggott said he felt "very fortunate to have been involved" with Flog It! from its early days.
Baggott said he doubted that any new series would "educate and inform the way Flog It! (at its best) often did. In that respect we have lost something, a familiar friend, who was, at its very heart, quintessentially British and who will leave a hole it may prove very difficult for the BBC to successfully fill in their daytime schedule."
Both Partridge and Baggott expressed regret that they did not hear of the show's cancellation privately from the BBC but rather via a publicly-broadcasted announcement.
A BBC spokesperson told ATG: “We have been in contact with the industry experts who appear on- and off-screen in Flog It! to thank them for all their hard work and invaluable contributions to the programme. We are currently working with many of them on other series and look forward to their future contributions.”
'My first TV show'
Christina Trevanion, partner at Trevanion & Dean Auctioneers and a Flog It! expert for nine years, expressed "great sadness" at the show's end. "It was the first television programme I was asked to work on and the closest in reflecting what I do in my day-to-day life as an auctioneer," she told ATG.
She thanked her "fellow experts, support crew, production team, camera crew and of course the contributors and audiences without whom none of it would have been possible. Flog It! will be fondly remembered and much missed”.
New game show
Flog It! is a factual series made by BBC Studios, unlike the broadcaster's other daytime antiques TV programmes, Antiques Road Trip and Bargain Hunt, which are game shows made by independent TV companies.
A BBC spokeswoman said: "We'd like to thank BBC Studios, and host Paul Martin, who we will be working with on other programmes."
Martin will be involved with two new daytime TV shows. Make Me a Dealer will give “wannabe antique and collectable dealers” a chance to learn the tricks of the trade, according to a BBC press release.
Each episode of Make Me a Dealer will feature “two amateur enthusiasts competing against each other to buy anything that takes their fancy at auction. Then under the guidance of pro Paul Martin, the aim is to sell the items on to make a profit. There’s a lot at risk. Each contributor invests their own money so the stakes are high."
The other show is a game show and is also advertising for contestants.
Flog It! presenter Paul Martin is launching a new show next year and is advertising for contestants.
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