Euro Auctions puts 448 lots under the hammer in debut Dubai auction
International auctioneer registers 500 bidders for inaugural sale in the Middle East, which saw 50 successful first time buyers and close to 75% of sales conducted on the ground
International auctioneer Euro Auctions has held its first ever sale at the company’s new permanent site in Dubai, UAE, in an event that saw 448 lots from more than 50 sellers under the hammer.
Roughly 500 bidders registered for the sale, a third of them new to the Euro Auctions experience, and in the subsequent bidding, there were more than 50 successful first time buyers. More than 25% of the transactions, by both the number of buyers and purchase value, took place over the internet.
Much of the equipment will remain in the region, with buyers from the UAE purchasing more than 65% of the lots, followed by buyers in Saudi Arabia and Oman, accounting for 10% each, according to Euro Auctions.
In all, buyers from 45 countries registered for the event, with bidders from the UK and across Europe collectively accounting for a further 20% of the sales, and alongside a number of bidders from Asia.
Jonnie Keys, the commercial manager at Euro Auctions, commented: “We have seen increased participation in our European and American auctions from the Middle East region over the past year and have had numerous customers who have requested that we take a larger part in this region.
“In Dubai, we have a strong and stable operating base that will add another four sales per year to our international calendar, and we are delighted with the reception and the support we have received in establishing a new sales facility in Dubai and in delivering our first successful auction here.”
Euro Actions has leased a 91,000m2 site in the Jebel Ali Free Zone of Dubai that includes a purpose-built auction complex with workshops and a 360-seat enclosed and air conditioned 3,000m2 arena.
The company is going up against some stiff competition in the region, including from Ritchie Bros., which recently celebrated 20 years of auctions in the region.
Keys continued: “We have many excellent relationships with buyers and sellers across the Middle East and Africa, but having a permanent presence in the region is opening the door to many new buyers and sellers, some of whom committed to our next event before even leaving the first.”
Established in 1998 Euro Auctions also has permanent auction sites in the UK, Europe, Australasia, the USA, and is the market leading auctioneers of plant and machinery, in Europe, where it conducts over 60 major auctions every year.
The business specialises in off-site sales and recently conducted the world’s largest one day auction of mobile cranes, selling 127 cranes with a hammer value of $37.9m.
Its online sales platform markets equipment globally to over 150,000 buyers in over 95 countries.