UK global auction heavyweight attracts strong turnout and support for its first Dubai sale as it continues global expansion
The Middle East has always been an important market for the machinery and equipment sector, owing to its economic vibrancy. The GCC in particular is a key region for sellers and buyers alike due to the numerous big-ticket public and infrastructure projects in the region, as well as, of course, the constant activity in the private construction sector.
This means a steady stream of equipment is constantly making its way into and out of the region with the commencement and conclusion of projects – from the smallest of compact machines to the largest of cranes and the heaviest of excavators, they are all to be found aplenty in the region.
Naturally, this has led to the major global auction houses gravitating towards the region, and with the proliferation of online auctioneering, customers in the region, both buyers and sellers, are now tuned into the entire global auction market.
The latest entrant among the global giants is UK auction heavyweight Euro Auctions. Established in 1998, Euro Auctions has permanent auction sites in the UK, continental Europe, Australia and the US, and new facilities in Hong Kong.
The European market leader, conducting over 60 major auctions a year, Euro Auctions also specialises in off-site sales, including in the past the largest ever one-day auction of mobile cranes, with 127 units sold for $38.2m.
Euro Auctions also offers a secure online sales platform that is free to use and markets equipment globally to over 150,000 buyers in more than 95 countries.
Last month marked the first time that the worldwide auctioneers of industrial plant, construction equipment and agricultural machinery held a sale at its new permanent site in Dubai, where bidders packed into an impressive sales arena, confirming Euro Auctions’ successful arrival in the Middle East.
A total of 448 lots went under the hammer at this inaugural sale, from an initial 50+ consignors, the majority of whom were local and entrusting Euro Auctions to market their equipment for the first time.
Around 500 bidders registered for the sale, many from across the region and around a third new to the Euro Auctions experience. Over 50 were successful first-time buyers and over 25% of sales, both by buyers and by value, were transacted via the internet.
Speaking about the inaugural auction, Jonnie Keys, Euro Auctions’ commercial manager, says much of the equipment sold will remain in the region, with buyers from the UAE snapping up over 65% of the lots on offer, closely followed by buyers in Saudi Arabia and Oman, accounting for a further 10%.
Buyers from 45 countries registered for the sale, with bidders in the UK and from across Europe collectively accounting for 20%, while bidders in Asia also placed successful bids.
“We are delighted with both the reception and the support we have received in establishing a new sales facility in Dubai and in delivering our first successful auction here,” Keys says. “We have long wanted to expand the Euro Auctions brand into the Middle East, and in particular into the United Arab Emirates, as part of our continued global development. In Dubai, we have a strong and stable operating base that will add another four sales per year to our international calendar.”
“We already 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.”
Euro Auctions has leased a 91,000sqm site in Dubai’s Jebel Ali Free Zone, which includes a purpose-built auction complex covering over 3,000sqm with a 360-seat, fully air-conditioned, enclosed auction arena, as well as ancillary buildings, workshops and infrastructure. The organisation has all the necessary services and licences in place for the new venture and will trade under the Euro Auctions brand.
“We already have a strong sales and support team on the ground here in Dubai, backed up by our international operations,” Keys continues. “We are now actively looking to build on this initial success by both attracting more consignors to allocate larger volumes of quality equipment to the auction while at the same time attracting even more bidders. News of our success is spreading, and Dubai should become another jewel in the Euro Auctions global crown, along with our new operation in Hong Kong.”
Euro Auctions’ next Dubai auction is scheduled for December 13, Keys adds. Other upcoming sales include a three-day sale in Leeds, England, October 18-20; a one day sale in Brisbane, Australia, November 9; and a sale in the US under the Yoder & Frey banner on October 25.
Separate bidder numbers are required to bid on any lot at each event, and buyers must first register individually for each auction in order to obtain the bidder number. Participation can be in one of three ways, Keys explains: on-site, online via Euro Auctions’ free internet bidding service, or by placing a pre-bid.