Ritchie Bros does double with Dubai-Singapore

Last week, for the first time, industrial equipment auctioneer Ritchie Bros combined two unreserved industrial auctions, enabling customers in the Middle East to bid live on a wide selection of heavy equipment items being sold at auctions in Dubai and Singapore on the same day.

The unreserved Dubai auction generated US $26 million in gross auction proceeds.
The unreserved Dubai auction generated US $26 million in gross auction proceeds.

Last week, for the first time, industrial equipment auctioneer Ritchie Bros combined two unreserved industrial auctions, enabling customers in the Middle East to bid live on a wide selection of heavy equipment items being sold at auctions in Dubai and Singapore on the same day.

The multi-million dollar unreserved Dubai auction featured 1,783 lots and generated over US $26 million (AED95.5 million) in gross auction proceeds. More than 500 registered bidders from 47 countries, including 14 US states and five Canadian provinces, attended the auction either in person or via the internet. Eighty-six of the registered bidders participated in the auction live and online, using the company's online bidding service, rbauctionBid-Live.

The unreserved Singapore auction featured 74 lots and generated more than $6 million in gross auction proceeds. More than 180 registered bidders from 31 countries took part and 55 of the registered bidders participated in the auction live and online.

"This is the fourth Ritchie Bros auction that we've put equipment in," said Christina Hiu, director, PT Pamapersada Nusantara (PAMA), Indonesia's leading mining contractor. "We like working with Ritchie Bros because we can trust them and we know the bidding process is done properly. The joint Singapore and Dubai auction was a real success because the bidding audience was a lot larger. Not only were there just Singapore bidders on auction day, but the internet and a very large crowd in Dubai was also participating. There truly was a global audience."

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