Euro Auctions Group’s first sale at its new, permanent site in Abu Dhabi has raised almost $4 million as bidders turned out in their droves to the live auction.
Euro Auctions is Europe’s largest auction house and oversees sales for industrial plant, construction equipment and agricultural machinery in the Middle East, UK, Germany, Spain, Australia and the USA.
On the 4th May, the auctioneers held their first live and online, unreserved sale at the new site in KEZAD, Abu Dhabi. With a sale inventory of 518 lots, from 35 vendors, from five countries including, UAE, GB, USA, Seychelles and Sri Lanka, the hammer total was $3.66 million, with a total from floor bidders being $2.33 million and $1.33 million transacted online, reported the firm in a statement.
“There was much interest on the day, with 365 registered bidders participating, of which 102 of those bidders were bidding for the first time with Euro Auctions. The sale attracted interest from a global audience with the top buying countries being: UAE, Iraq, India, UK, Armenia, Saudi Arabia and Bolivia,” said Euro Auctions.
Euro Auctions, general manager for the UAE, Richard Sweatt, added: “On sale day we saw plenty of familiar faces and our loyal clients commented that they were glad we are back! We had a good inventory of stock, with many late plate, low hours machines, for this first sale and we attracted new consignors and new bidders to Euro Auctions.
“The prices achieved at this sale pleased both consignors and the buyers and getting that balance right is the essence of a good sale. With limited space on site, due to construction works on the main office building, the crowds were impressed with the new facility.”
“With large development projects in the region, in the UAE, and KSA, including oil & gas, rail, hospitality and domestic housing, new or late, low hours excavators of all sizes were in great demand, as were telehandlers, skid-steers, commercial vehicles and 4x4s. With major contractors preferring to acquire plant and machinery ‘in country’ rather than import, Euro Auctions, with its international network of auctions, and sales managers, sources machinery to bring to this site for upcoming sales.
“As this new sale site is located in the Khalifa Economic Zone, Abu Dhabi, with easy shipping access to and from Khailfa Port, by collaborating with Abu Dhabi Customs and KEZAD Group, a proportion of the Euro Auctions yard is categorised as a ‘Customs Bonded Warehouse’ offering import and export customers the same advantages as a freezone operation. As 60% to 70% of our customers are local, this site provides Euro Auctions with enormous strategic advantages in the region.
“UAE customers no longer have the documentation requirements to deliver and collect equipment from the auction site, enabling them to have easy access to inspect the stock prior to the auction day. Inspections can be carried out in the yard, easily and seamlessly and the location provides cost-effective connectivity to major markets, with the Abu Dhabi facility contributing to growth in the UAE and the Middle East.”
According to Sweatt, relocating from Dubai to the new site – the biggest in the region – gives Euro Auctions scope for expansion.
“With over 43,000sqm of yard, with facilities for handling all aspects associated with the sale of industrial plant, construction and agricultural machinery including transportation to carrying out minor repairs, Euro Auctions has plans to develop the business in the region, developing this site to become the #1 in the Middle East,” he said.
“Whilst being the leading auction company in Europe for heavy machinery, Euro Auctions has operations worldwide, conducting more than 60 auctions per year and markets to an international audience from over 100 countries due to its strong online presence. We plan on hosting four sales per year at the new site and the next sale will be on the 7th September.”
