Gulf Construction Online - Ritchie breaks Dubai record

UAE Focus

Ritchie breaks Dubai record

01 April 2011

RITCHIE Bros Auctioneers, the world’s largest industrial auctioneer, conducted a record-breaking auction in Dubai, last month, selling $57 million of heavy equipment and trucks – claimed to be the highest gross auction proceeds ever generated from a Dubai auction.

The auction also set new Dubai site records for on-site and online bidder registrations. In total, more than 800 unique bidders from 59 countries participated, competing for the 2,340 heavy equipment items and trucks sold. Buyers from outside the UAE purchased close to 60 per cent of the equipment worth $32 million.

“This was a phenomenal auction and a great way to kick off the auction year in the Middle East. The impressive line-up of heavy equipment and trucks drew the largest bidding crowd we’ve ever seen at a Dubai sale,” said Guylain Turgeon, senior vice-president, Ritchie Bros Auctioneers.

Of the 2,340 heavy equipment items and trucks sold on behalf of more than 240 consignors in the Dubai auction, there were 20 late model Caterpillar 777D rock trucks, which were sold for a combined $15.7 million to buyers from Australia, Germany and the UAE.

“The 20 Caterpillar 777D rock trucks we sold on the first day of the auction captured the attention of the international mining market, leading to very strong results for consignors,” said Turgeon.

“Over the course of the two days, our unreserved auction method delivered active competition between on-site and online bidders for the items they needed.”

Ritchie Bros also conducted several other multi-million-dollar unreserved auctions last month in Fort Worth, Texas; Toronto, Canada; Saint Aubin Sur Gaillon, France; Olympia, US and Edmonton, Canada.