Canadian farmland and equipment auctioned for $33 million

Over $33-million realized in Ritchie Bros. auction of property and equipment on behalf of Hanson Farms in Saskatchewan. 

By Andrew Joseph, Farms.com

During a two-day online auction—January 24-25, 2022—Ritchie Bros. sold over $33-million worth of farmland, real estate and equipment on behalf of Hanson Farms in Torquay, Saskatchewan, conducting what it called its largest agricultural auction ever. All dollar figures are in Canadian funds.

The auction featured over 9,600 acres of farmland spread over 59 parcels, and featured a home quarter with a 500,000-bushel capacity grain storage system that itself sold for $1.33 million.

"The results were much higher than we anticipated," said Kirby Hanson, who co-owns Hanson Farms with his wife and his parents. "We didn't think the land prices would hit that high, but interest from farmers the week of the sale was unreal. We were pretty stressed the night before the auction, but everything went high. Ritchie Bros. runs a top-notch operation—from the day we signed, to setting up, to sale day, they are the best auction company we have ever dealt with."

Although the auction attracted bidders from more than 30 countries, Ritchie Bros. said that over 97 percent of the farm’s assets were sold to Canadians—89 percent of whom were from Saskatchewan.

"This was the largest agricultural auction in our history, with record prices for both farmland and equipment," said Jordan Clarke, Sales Director, Ritchie Bros. "Farmland prices averaged $416,000 per quarter, which is a new high-water mark for values in the area, while many of the equipment items sold for more than what the consignor acquired them for."

Clarke added: "Everything was sold with our Timed Auction software, which continues to drive unprecedented demand and strong returns for our agricultural customers. Customers can bid from the comfort of their home or office, and we can sell farmland and agricultural assets during the middle of winter in Saskatchewan, giving buyers a head start on seeding season."

Some of the prices realized for equipment during the auction include:

• 2018 Seedmaster 80-ft air drill—$440,000;
• 2016 John Deere 9260RX track tractor—$425,000;
• 2016 John Deere 9570RX track tractor—$400,000;
• 2018 John Deere S790 combine—$325,000;
• 2015 John Deere R4045 120-ft high clearance sprayer—$260,000

Established in 1958, Ritchie Bros. is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, mining, and forestry.

Ritchie Bros. has a lineup of agricultural farmland, real estate, and equipment selling in its upcoming online auctions and marketplaces, including 6,100+ acres in The Pas, Manitoba scheduled for March 15, 2022.

For a complete list of upcoming real estate and farmland auctions, visit www.rbauction.com/realestate.