Cheffins, the English auction house, has sold over £11.8m (€13.6m) worth of machinery in Q3 of 2021 across its monthly sale in Cambridgeshire and on-site sales.
At the company’s monthly machinery sale, the total for the quarter was £7.2m (€8.38m), which shows a drop in sales in comparison to Q2 2021, which grossed over £9.4m (€10.94m).
The drop is blamed on low stock levels and large swathes of buyers being preoccupied with harvest throughout the summer months.
On average, over 45% of sales were to overseas buyers. Ireland was one of the most active countries buying in the quarter, accounting for 15% of all sales. Other popular countries included Romania, Poland, Bulgaria and Sudan. Each of the monthly auctions in Q3 achieved strong results, with July grossing £2,554,000 (€2,972,090), August £1,880,000 (€2,187,756) and September £2,800,000 (€3,258,360).
The highest price paid in the quarter was £210,112 (€244,507) for a 1983 County 1474 at the Shrubbs Farm Collection in Essex.
Cheffins hosted 11 on-site auctions in Q3 across the UK, with over 2,200 lots of machinery offered, totalling £4.6m (€5.35m) sold. The highest price paid in the quarter was £210,112 (€244,507) for a 1983 County 1474 at the Shrubbs Farm Collection in Essex. On the modern side, a 2016 Claas Lexion combine harvester achieved £138,500 (€161,172) at an on-site sale in Cambridgeshire.
Meanwhile, at the monthly sale, the top lots in the quarter included £50,000 (€58,185) for a 2019 John Deere 6120M tractor, £45,500 (€52,948) for a John Deere 6195R tractor and £49,500 (€57,603) for a New Holland T7.315 tractor.
“As new equipment has consistently seen longer lead in times with delayed delivery dates and restrictions on components for new machines, farmers trading in machines has reduced, which has directly led to a reduction in stock levels over the past three months,” commented Oliver Godfrey, Cheffins director.
“However, the average lot price consistently creeps up as we continue to sell good-quality machines across the agricultural and plant sectors. Earlier this month, JCB reported that new machines were sold out for as long as 12 months, coupled with an increase in orders of around 50% in comparison to pre-Covid, while John Deere and Caterpillar have also painted a picture of bottlenecks in the supply chain and rising costs.
"As more and more machinery manufacturers report surges in demand, coupled with longer wait times, we expect to see prices rise in the second-hand market, as buyers turn to auction in order to source kit quickly,” he added.
The highest price paid in the quarter was £210,112 (€244,507) for a 1983 County 1474 at the Shrubbs Farm Collection in Essex.
Cheffins, the English auction house, has sold over £11.8m (€13.6m) worth of machinery in Q3 of 2021 across its monthly sale in Cambridgeshire and on-site sales.
At the company’s monthly machinery sale, the total for the quarter was £7.2m (€8.38m), which shows a drop in sales in comparison to Q2 2021, which grossed over £9.4m (€10.94m).
The drop is blamed on low stock levels and large swathes of buyers being preoccupied with harvest throughout the summer months.
On average, over 45% of sales were to overseas buyers. Ireland was one of the most active countries buying in the quarter, accounting for 15% of all sales. Other popular countries included Romania, Poland, Bulgaria and Sudan. Each of the monthly auctions in Q3 achieved strong results, with July grossing £2,554,000 (€2,972,090), August £1,880,000 (€2,187,756) and September £2,800,000 (€3,258,360).
The highest price paid in the quarter was £210,112 (€244,507) for a 1983 County 1474 at the Shrubbs Farm Collection in Essex.
Cheffins hosted 11 on-site auctions in Q3 across the UK, with over 2,200 lots of machinery offered, totalling £4.6m (€5.35m) sold. The highest price paid in the quarter was £210,112 (€244,507) for a 1983 County 1474 at the Shrubbs Farm Collection in Essex. On the modern side, a 2016 Claas Lexion combine harvester achieved £138,500 (€161,172) at an on-site sale in Cambridgeshire.
Meanwhile, at the monthly sale, the top lots in the quarter included £50,000 (€58,185) for a 2019 John Deere 6120M tractor, £45,500 (€52,948) for a John Deere 6195R tractor and £49,500 (€57,603) for a New Holland T7.315 tractor.
“As new equipment has consistently seen longer lead in times with delayed delivery dates and restrictions on components for new machines, farmers trading in machines has reduced, which has directly led to a reduction in stock levels over the past three months,” commented Oliver Godfrey, Cheffins director.
“However, the average lot price consistently creeps up as we continue to sell good-quality machines across the agricultural and plant sectors. Earlier this month, JCB reported that new machines were sold out for as long as 12 months, coupled with an increase in orders of around 50% in comparison to pre-Covid, while John Deere and Caterpillar have also painted a picture of bottlenecks in the supply chain and rising costs.
"As more and more machinery manufacturers report surges in demand, coupled with longer wait times, we expect to see prices rise in the second-hand market, as buyers turn to auction in order to source kit quickly,” he added.
The highest price paid in the quarter was £210,112 (€244,507) for a 1983 County 1474 at the Shrubbs Farm Collection in Essex.
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