by Richard Cosgrove | Thu 04 Jun 2020
Market shows an appetite for pre-owned machinery
Euro Auctions' sale held between 20th and 23rd May was conducted online due to Covid-19 and attracted the biggest audience of first time bidders in Euro Auctions recent history, showing a true appetite for good used equipment and machinery.
With close to 4,200 lots of construction machinery, agricultural equipment, and industrial plant for sale, Euro Auctions proceeded with its Covid-19 'lock down' format and engineered the most surprising result in recent years. The Covid-19 formula adopted by Euro Auctions entails running an 'on-line' auction, behind closed doors, with video clips of all lots for sale running on the Euro Auctions online sales platform, with the sale conducted in 'real time' by a team of 'live' auctioneers operating from the Euro Auctions HQ in Ohio, USA.
With 4,200 lots for sale and a hammer total of £35.5 million, prices were strong, and interest was intense. The number of bidder accounts showed a 100% increase over the same sale in May 2019, however it was the first-time bidder numbers that were unprecedented. Over the sale in May 2019, the first-time bidders increased five-fold with first time registrations who bought up by 45% and the total of first time buyers up by over 90%. All Euro Auctions sales are unreserved, and when the hammer went down, all 4,200 lots were sold, with prices strong, and clearly a great deal of interest from eager bidders.
See more from Euro Auctions here.