So Much for the Sluggish Summer Markets: Steffes Group Auction Attracts 1,129 bidders and Results in Sales Over $3.5 Million
HALLOCK, Minnesota (July 24, 2020) -- The market for high-quality used farm equipment defied conventional wisdom Thursday, with an auction of more than 150 pieces in Hallock, Minnesota. The major event attracted 1,129 bidders. That included 220 live bidders and another 909, or 80 percent, online.
In all, bids added up to more than $3.5 million -- 7 percent over pre-auction estimates, according to Scott Steffes, president of Steffes Group.
“Bidding was as strong as you’d see in any spring auction, defying the perception that it’s harder to sell machinery in the summer. The response Thursday just blew the lid off a lot of people’s expectations -- both in the number of bidders and in the prices they were prepared to pay. We had multiple bidders on all major pieces, and bidding was as strong as you’d see in spring,” said Steffes.
Some of those eyebrow-raising outcomes included $360,000 for a 2018 John Deere S790 combine.
A 2016 Ashland 175 XL2 scraper brought 19 bids on its way to a $71,000 sale price. A 2018 John Deere 2410 chisel plow also attracted 19 bids and a $71,000 price.
A 2018 John Deere 2230FH field cultivator sold for $78,000, with 13 bids. A 2012 SmithCo tri-axle side dump trailer brought 20 bids and sold for $50,000.
“Tractors did well, especially the late model ones with low hours. We had a 2013 John Deere 8360R tractor that brought $216,000,” said Steffes.
“The demand for well kept late model machinery is really strong. Ultimately, it just illustrates what we’ve said for years -- that the best time for an auction is when you’re ready to have one,” said Steffes.