Foreign bidders raise the stakes at Ganly Craigie
Sales hit new high at Kildare auction as overseas buyers make the most of weak euro
Published 02/03/2010 | 05:00
Buyers from as far afield as Iran, Iraq and South Africa snapped up more than half the machinery on offer at the Ganly Craigie auction.
Trade for the plant was brisk, with auctioneer Robert Craigie reporting an 85pc clearance of stock at the Naas sales yards.
"It was one of the dearest sales in Europe, with revenues from the auction 25-30pc higher than expected," Mr Craigie said.
"With the weak euro, 50-60pc of the sales went to non-EU countries and rising empires such as Iran, Iraq, South Africa and Finland. In fact, buyers from 15 or 16 countries participated. Our online facility allowed buyers from as far away as the USA and Australia to participate."
Anything that is sold at Ganly Craigie's auction is subject to a seller's fee or commission of 5pc on top of the hammer figure; 21pc VAT is then applied. When the VAT and commission are included, this puts an additional 27pc on the sale figure.
The final bid is also a provisional figure and it is then at the discretion of the vendor whether to accept it or not. In many cases further negotiations may follow between the highest bidder and the vendor.