Ritchie Bros. Auctioneers recently sold $59.5+ million of heavy equipment, property and trucks during a two-day unreserved public auction at its permanent auction site in Alberta, Canada.
More than 4,450 items were sold to the highest bidders regardless of price - without minimum bids or reserve prices. Bids were made in person at the auction site, online in real time at the Ritchie Bros. website or by proxy.
One of the notable items sold in the auction was the personal luxury condominium of Dave Ritchie, co-founder of Ritchie Bros. Auctioneers. The condominium is located in the heart of Edmonton and sold for $3.19 million.
"I was happy with everything and how it worked out," said Ritchie. "The unreserved auction is a system that works. In the Ritchie Bros. system, it's the honesty and integrity that makes it - we don't bid on anything, we don't buy back and we don't let the customers bid on their own merchandise. I believe the condo sold for a reasonable price and everyone is happy at the end of the day."
More than 4,850 bidders from 39 countries, including all Canadian provinces and two territories and 41 US states, registered to bid in person or online for the auction. $44+ million of equipment was purchased by Alberta buyers, while participants from outside Alberta purchased $14+ million of equipment or close to 25 percent of total gross auction proceeds. More than 2,500 of the bidders participated online and purchased $20+ million of equipment online.
"Our auction featured a large and diverse audience which generated competitive bids for all auction items and resulted in in-person and online registered buyers from as far away as Australia, France and Thailand," said Jim Rotlisberger, regional sales manager, Ritchie Bros. Auctioneers. "This auction really demonstrated the diverse range of quality items that Ritchie Bros. is known to offer its buyers - from the luxurious Edmonton condo of our co-founder Dave Ritchie to the 195 pickup trucks, 100+ truck tractors, 65+ hydraulic excavators, 50+ articulated dump trucks, 50 crawler tractors, 45+ flatbed trucks, 30+ dump trucks, 30+ wheel loaders, 15 motor graders and more - and it's this selection that regularly attracts buyers from near and far to our auctions."