Ritchie Bros Auctioneers sold more than 2,000 pieces of equipment at its most recent Dubai auction – held from June 2 to 4 – generating gross auction proceeds in excess of $33 million – one of the largest Middle East auctions in company history.

Almost 600 people registered to bid in the auction, either in person at the auction site, by proxy or over the internet. Online bidders purchased more than $3 million of equipment in the auction, setting a new site record for internet sales.
On Day Two of the auction (June 3), Ritchie Bros conducted a live auction simulcast of its multi-million-dollar Singapore auction at the Dubai site, giving customers in the Middle East the opportunity to bid in person on equipment being sold in two auctions from one location. On-site bidders in Dubai purchased more than $1.7 million of equipment from the Singapore auction.
“We’re always looking for innovative ways to help our customers access the global equipment marketplace, such as internet bidding and live auction simulcasts,” says Steve Barritt, Ritchie Bros’ area manager for the Gulf States. “The construction industry in the Middle East is booming right now, and the supply of equipment locally is tight. We conduct numerous auctions each week and our customers can't be at all of them in person. Conducting this combined auction enabled us to offer our customers in the Middle East access to an even wider selection of equipment.”
The next unreserved auction at the Ritchie Bros auction site in Dubai’s Jebel Ali Free Zone will be held on August 25.
Business for Ritchie Bros has been remarkable in the first quarter of 2008. During this period, the world’s largest industrial auctioneer set a number of new company records, as well as a new world record. The company conducted its largest Fort Worth, Texas and Las Vegas, Nevada auctions ever, as well as the largest auction in its 50-year history: in February 2008, Ritchie Bros sold almost 6,200 lots over five days in Orlando, Florida, US, generating gross auction proceeds in excess of $190 million – making this auction the world’s largest industrial auction ever.
“Ritchie Bros keeps growing and setting new company records for one reason: because both buyers and sellers of equipment benefit from accessing the global marketplace through our unreserved auctions,” says Barritt. “The increased ease of international transportation means that people don’t have to limit their equipment search to the local market anymore.
“Because our auctions offer one of the best sources of used and unused equipment in the world – and because every item is sold to the highest bidder on auction day, regardless of price – we attract hundreds, even thousands of bidders from all over the world to each of our auctions.
“At our last Dubai sale, we registered bidders from 52 countries, both on-site and online, ensuring that our consignors achieved the best possible returns when selling their valuable equipment. Our unreserved auctions are good for buyers, and they’re good for sellers too.”
During the first quarter of this year, Ritchie Bros sold more than 50,000 equipment items at 37 unreserved auctions around the world, generating gross auction proceeds of $782 million (compared to proceeds of $700 million in the first three months of last year). Although these auctions varied in size, each industrial auction featured a diverse selection of used and unused equipment for a range of industries – everything from skid-steer loaders and forklifts to wheel loaders and cranes.
“The unreserved auction method is the cornerstone of our business,” he explains. “When people come to our auctions they know that the prices are set by the bidders, not by us or by the sellers. Every item is sold to the highest bidder, regardless of price. And, because we forbid bid-ins and buy backs, the owner can’t raise the selling price. Our customers come to our auctions knowing that every piece of equipment will be sold to a new owner on auction day for its true market value; it’s that simple.”
During the first quarter of this year, Ritchie Bros processed more than 60,000 bidder registrations at its auctions around the world (compared to 55,000 in the first quarter of last year). Most of those bidders registered to bid in person at the auction site, but a record number – more than 17,500 – chose to bid over the internet, live and in real time, using the Ritchie Bros internet bidding service rbauctionBid-Live. Ritchie Bros sold more than $140 million of equipment to internet bidders during the first quarter.
“Our customers are a diverse group of people,” says Barritt. “We serve independent contractors with a few pieces of equipment and multinational companies with large fleets. People who travel the world routinely and people who like to access the global equipment marketplace while staying close to home. Our customers all have different needs, which is why we offer them choices: flexible contract options for sellers, multiple bidding options for buyers.”
Last year, Ritchie Bros sold $3.19 billion of used and unused equipment at more than 350 unreserved auctions around the world, making it the world’s largest industrial auctioneer. The company has 38 auction sites worldwide, including the site in Dubai’s Jebel Ali Free Zone.