Ritchie Bros. Auction Raises Record $58M

April 5, 2011

Ritchie Bros. Auctioneers sold a record-setting $58 million in equipment and machinery at an auction held March 24 and 25 at 10500 Clark Petersen Blvd. in northeastern Las Vegas.

The event, which ran at Ritchie Bros' 51-acre auction yard, topped previous auction records by 17.2 percent.

There were about 4,598 bidders from 50 countries buying 2,500 pieces of equipment and machinery. More than $19 million, or 32 percent, of items went to foreign buyers as far away as Saudi Arabia, Australia and Colombia. About half of the bids were online, which accounted for 19 percent of total sales.

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Source: Las Vegas Business Press