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UNDER THE HAMMER

Author: Hilton Tarrant|

10 June 2009 15:08

Fancy a private jet? A diamond mine camp from the DRC? A Lambo?

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There are still buyers (at the right price) for high-end toys - Aucor MD.

Want a Fairchild DC Metro airplane? How about a Piper Chieftain? Nine bank repossessed aeroplanes and two helicopters will be auctioned by Aucor next Wednesday at the Rand Airport, Germiston.

These and other more exotic items are making their appearance in the auction press of late as more and more companies and individuals are forced to sell assets or enter liquidation.

Aside from that, on Wednesday morning you could've bagged Gem Diamonds's entire mining camp and accommodation from its halted DRC project (SLH Trading (Pty) Ltd in liquidation).

Included in Wednesday's Gem Diamonds auction were 73 park homes and site offices, 23 ablution blocks as well as complete camp infrastructure including safety equipment, furniture, a canteen, supplies, and appliances.

In addition, three new forklifts, two truck horses, three TLBs, three trucks, four tippers, three generators and a crusher were up for auction.

Shannon Winterstein, MD of Aucor says that "this morning's auction was very, very well attended which is good news."

However, he adds that in Aucor's "opinion, prices were down 10, 20% - maybe even 25%. This is more proof that there hasn't been a bounce back in the mining industry yet."

But, "the stuff has to go and it has to go. I think we're likely to see a longer slump until mining picks up."

"Attendance is up at auctions, which shows that the market is dictating the price its willing to bid at". This is not a case of prices being lower than expected simply because there are no buyers, he explains.

Winterstein adds that Aucor has "some very expensive [mining] machines coming up for auction" in the next few weeks.

An entire wood/plastic composite facility is another of the more "unique" items up for sale, as is an entire logging/timber plant in the Eastern Cape.

Standard Bank Vehicle & Asset Finance, Nedbank & Debis Fleet Management, Absa as well as Wesbank need to clear a yard full of repossessed yellow metal plant equipment and vehicles (drilling rigs, articulated dumpers, excavators, graders, front end loaders, trailers, trucks, truck tractors and bakkies).

VOLVO 35TON ADT

Among the slightly more "usual" items on auction this week (by Park Village Auctions) were over 300 "genuine bank repossessions", including:

  • 2007 Lamborghini Gallardo (6500km)
  • 2006 Bentley Continental GT (60000km)
  • 2006 Aston Martin DB9 Cabriolet (30000km)
  • 2003 Porsche Carrera 4S (45000km)
  • 2006 Porsche Boxster S (48000km)
  • 2008 Porsche Boxster S (10000km)
  • 2004 Mercedes-Benz E55 AMG (67000km)
  • 2008 Mercedes-Benz CLS 350 (14000km)
  • 2008 Mercedes-Benz C63 AMG (26000km)
  • 2007 BMW M6 Cabriolet (37000km)
  • 2006 BMW 740i (81000km)

Winterstein says there has been "a lot of interest" in next week's aircraft auction, especially in the helicopters. He compares this to the interest in über-exotic vehicles.

"What this says to us is that there are still buyers - at the right price - for high-end toys," he says. What's good for us is that these "sorts of buyers are generally cash buyers".

BEECHCRAFT SUPER KING AIR 200 ZS-PKM

The aircraft auction next week will require a R100 000 registration deposit to bid. Most of the planes are airworthy:

Aircraft

  • Beechcraft Baron ZS-JKZ
  • Beechcraft Super King Air 200 ZS-PKM
  • Cessna 421C Golden Eagle EAGLE
  • Fairchild SA227 DC Metro 23 ZS-PBU
  • Hawker Siddeley DH125-400A
  • Piper Chieftain ZS-KIH
  • Saab 340B ZS-PDO
  • Saab 340B ZS-PDR

Helicopters

  • Robinson R22 Beta II
  • Robinson R44 Raven II

"On the day we'll find out [how well the aircraft auction goes]," quips Winterstein. "Hopefully the weather will be a bit better!"

Write to Hilton Tarrant: hilton@moneyweb.co.za

Topics: Auctions, Aucor, Shannon Winterstein, liquidation, repossession, repossessed, diamond mine camp, DRC, yellow metal, Lamborghini Gallardo, Bentley Continental GT, Aston Martin DB9, Porsche Carrera, Porsche Boxster, Mercedes-Benz, BMW, über-exotics, sports cars, helicopters, Beechcraft, Cessna, Hawker Siddeley, Piper Chieftain, Saab, Robinson, private jet



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