Ritchie Bros’ Q1 2016 Dubai auction achieves $41m

More than 2,000 items were sold on behalf of over 200 sellers at Ritchie Bros’ Q1 2016 Dubai auction, which achieved sales in excess of $41m

Ritchie Bros’ Q1 2016 auction in Dubai, UAE achieved gross auction proceeds in excess of $41m (AED150m).
Ritchie Bros’ Q1 2016 auction in Dubai, UAE achieved gross auction proceeds in excess of $41m (AED150m).

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Over $41m (AED150m) of equipment was sold during the course of Ritchie Bros’ Q1 2016 auction in Dubai, UAE.

The two-day unreserved public auction was held from 1-2 March, 2016, and saw a 54% increase in gross auction proceeds compared to Ritchie Bros’ March 2015 sale.

More than 925 buyers registered for the auction, including more than 400 online bidders. Non-UAE customers purchased over $17m (AED62m) of the equipment – approximately 43%. All items were sold without minimum bids or reserve prices.

Commenting on the latest Dubai sale, Eduard Faig, Ritchie Bros’ regional sales manager, said: “People from 71 countries registered for the auction, with buyers from as far away as Germany, Taiwan, and the United States participating in person or online in real time.

“An international audience helped us achieve solid pricing despite challenges for some of our customers working in the oil and gas sector. In particular, we saw strong demand for the Caterpillar D8R dozers, concrete pump trucks, and mobile cranes in the auction,” revealed Faig.

Ritchie Bros sold more than 2,000 items at the two-day auction, 630 more than in March 2015. The items sold during the Q1 2016 auction included more than 100 excavators, 55 bulldozers, and 40 cranes.

Highlights included the sale of four 2012 Caterpillar 740B 6x6 articulated dump trucks sold for a combined $685,000 (AED2.5m); two 2012 Volvo A40F 6x6 articulated dump trucks sold for a combined $305,000 (AED1.1m); and a 2009 Liebherr LTM1160-5.1 160-tonne 10x8x10 all-terrain crane sold for $530,000 (AED1.9m).

Ritchie Bros’ next unreserved Dubai, UAE auction will take place from 24-25 May, 2016.

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