Ritchie Bros. Auctioneers, the world’s largest auctioneer of industrial equipment, conducted eight multi-million dollar unreserved public industrial auctions around the world last week, including two record-breaking auctions in Australia. The auction at the Company’s permanent Brisbane site on September 18, 2007 generated gross auction proceeds of AU$36 million — a new company record for an Australian sale. Also of note: one buyer at the auction purchased AU$16 million worth of equipment, setting a new single buyer record for the Company’s auctions worldwide. The auction at the Company’s Melbourne site on September 20 generated gross auction proceeds of AU$16 million, setting a new sale record for that site as well.

Close to 1,100 equipment items from Downer EDI Mining and more than 100 other consignors were sold in the Brisbane auction, which attracted over 960 registered bidders from 17 countries, including every Australian state and territory. More than 750 auction lots from close to 100 consignors were sold at the Melbourne auction, which attracted more than 1,000 registered bidders from 12 countries. The Company’s largest Australian auction prior to last week was an AU$24 million auction in Brisbane in 1998.

“The scale and success of these auctions prove that our unreserved auction methods have been embraced by industrial equipment users in Australia,” said Warwick Mackrell, Ritchie Bros. Divisional Manager in Australia. “We have been conducting auctions here for more than 15 years and have been holding auctions worldwide for close to 50 years. Buyers value the large selection of equipment available at our auctions and the knowledge that every item will be sold to the highest bidder on sale say, with no reserves or minimums, and sellers benefit from the large number of interested buyers our auctions attract.”

Western Australia-headquartered Ausdrill Ltd. is a diversified mining and services company with operations in Australia, the United Kingdom and Africa. The company has never bought or sold equipment at a Ritchie Bros. auction in the past, but purchased AU$16 million (US $13 million) worth of equipment at the Brisbane auction, including 20 rock trucks — the largest auction purchase by a single buyer in Ritchie Bros. worldwide history. The equipment will enable Ausdrill to begin mining operations in Australia.

“I’ve been to plenty of auctions, but never one that was so large, well-organized and professional,” said Ron Sayers, Ausdrill Managing Director. “It was a one-stop shop for equipment and it was very transparent. There were no reserves, you knew everything was going to be sold, and when you put your hand up, it was a fair bid. I’ll be buying at Ritchie Bros. auctions in the future, but more than that, I’ll be asking them to sell my equipment, too.”

Among the 1,100 items sold in the Brisbane auction: 42 crawler tractors, including a 2007 Cat D11R that sold for AU$1.5 million; 24 rock trucks; 23 wheel loaders; 23 hydraulic excavators; eight motor graders; and five motor scrapers. The Company’s next Australian sale will be an unreserved offsite auction in Adelaide on October 30, 2007. Ritchie Bros.’ next Brisbane and Melbourne auctions will be conducted on November 27 & 29 respectively.

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Posted: 09|24|07 at 10:25 am. Filed under: Auction News.