Ritchie Bros Aims to Hold First Chinese Auction in 2012

Industrial auctions unheard of there but the concept is catching on in other sectors

Ritchie Bros Auctioneers has applied to establish a wholly-owned Chinese subsidiary and hopes to be granted a license to hold auctions in the country, with the aim of holding its first Chinese auction in the second half of 2012. Chris Edwards, a long-time Ritchie employee in Asia who has been chief representative in China since 2004, told International Rental News (IRN) that equipment auctions are virtually unheard of in China (illegal until 1996), but the concept has caught on in other sectors such as art and wine.

(More on Ritchie Bros. auctions in China . . . )