11.09.2024
Day 7 stock exchange release/ 11 September at 19:40 EET
Insider Information: Value of Saga Furs September auction brokerage sales is EUR 105 million
Saga Furs’ September auction concluded today, 11 September. Over 250 buyers from all major markets participated, with most purchases made to China. Pelts were also bought to South Korea, Türkiye, Greece and the Western fashion industry.
Of the 3.5 million mink pelts on offer, 95% were sold. Of the 277,000 fox and Finnraccoon pelts, 90% were sold. Typical for the September auction, a large portion of the offering consisted of lower quality pelts. Since September 2023, the average mink pelt price has increased approximately 30%. Fox and Finnraccoon pelt prices continue to be impacted by weak market demand.
The auction brokerage sales value was EUR 105 million (9/2023: EUR 91 million). After the September auction, the brokerage sales value for the current financial year is EUR 343 million (2022/2023: EUR 349 million). During the financial year, the company has sold 9.6 million mink, 0.8 million fox and 45,000 Finnraccoon pelts (2022/2023: 11.8 million mink, 1.0 million fox and 0.1 million Finnraccoon). The quantities of pelts offered at the auctions have been clearly lower than at the corresponding auctions last year.
“The auction result shows there is demand for certified furs in our main markets. For the majority of producers, the mink pelt price level is profitable. Following the strong mink auction, the fox sales remained disappointingly low,” says Markus Gotthardt, CEO of Saga Furs.
The company will hold its next auction in March 2025.
Day 7 report / Wednesday, 11 September 2024
Saga Furs’ September auction concluded today with the offering of 171,000 Blue fox, 20,000 Silver fox, 20,000 Blue Shadow fox and 26,000 Blue Frost fox.
- The regular Blue fox offering was 89% sold at firm prices.
- The regular Blue Shadow fox offering was 97% sold at firm prices.
- The regular Blue Frost fox offering was 85 % sold at firm to slightly easier prices.
- Today’s lowgrades and breeders were all sold.
Blue Fox Top Lot was purchased by Harbin Jinfuren Laopan Fur.
Price comparisons of regular goods are to Saga Furs’ May auction.
China was the dominating market with support from Türkiye, Greece, South Korea and the European fashion industry. The next auction will be held in March 2025.
Day 6 report / Tuesday, 10 September 2024
Saga Furs mink auction concluded today with the offering of 32,000 Black Cross, 95,000 Silver Cross and 34,000 various Cross type mink pelts. The auction then continued with the offering of 21,000 various mutation foxes and 18,000 Finnraccoon pelts.
Minks
- The limited offering of regular Cross type minks was all sold at increasing prices.
- The lowgrades and breeders were all sold at very strong competition.
Foxes
- The fox offering was 65% sold at firm prices.
- The Finnraccoon offering was nearly all sold at slightly increasing prices.
Price comparisons of regular goods are to Saga Furs’ May auction. China was the dominating market with support from Greece, Türkiye and the Western fashion industry. The Saga Furs September auction concludes tomorrow with the sale of Blue fox, Blue Shadow fox and Blue Frost fox.
Day 6 stock exchange release / 10 September 2024 at 15:45 EET
At Saga Furs mink auction: 95% of the pelts sold, with increased price level
Saga Furs’ mink auction that began on 5 September concluded today, on 10 September. As before in the September auctions, a large portion of the offering consisted of lowgrade mink pelts. The number of buyers reached nearly 250.
“The increase in prices and the widespread demand for different types of mink pelts partly surpassed our expectations. Of the 3.5 million mink pelts on offer, 95% were sold. The price level for regular quality skins rose by an average of +6% compared to the May auction,” says Markus Gotthardt, CEO of Saga Furs.
China was clearly the dominating market. Purchases were also made to South Korea, Türkiye, Greece and the European fashion industry.
The fox auction, which started today, will conclude tomorrow on 11 September. The company will then issue a stock exchange release covering the entire September auction.
Day 5 report / Monday, 9 September 2024
Today’s offering consisted of 430,000 Silverblue female mink pelts and 386,000 White mink pelts. The positive trend continued, and the following results were achieved in the lively auction room:
- The regular offering was nearly all sold at firm to increasing prices.
- The offering of lowgrades and breeders were all sold at very strong competition.
The White female mink Top Lot was bought by George Gkogkos from Abel Furs Dubai.
Price comparisons of regular goods are to Saga Furs’ May auction.
China was the dominating market with support from Greece, Türkiye and the European fashion industry.
The mink auction concludes tomorrow with the sale of Black and Silver Cross mink pelts. The auction then continues in the afternoon with the offering of fox and Finnraccoon pelts.
Day 4 report / Sunday, 8 September 2024
Today’s offering consisted of 78,000 Palomino female and 367,000 Silverblue male mink pelts. The attendance was the biggest so far in this auction. The following results were achieved in the lively auction room:
- The regular offering was nearly all sold at increasing prices.
- The offering of lowgrades and breeders were all sold at strong competition.
Price comparisons of regular goods are to Saga Furs’ May auction.
China was the dominating market with support from Greece and Türkiye.
The auction continues tomorrow with the sale of Silverblue female mink pelts and White mink pelts.
Day 3 report / Saturday, 7 September 2024
Today’s offering consisted of 148,000 Royal Black and Black, 248,000 Pearl mink pelts and 66,000 Palomino male mink pelts. The positive trend that started on the first day, continued in today’s mink auction.
- Today’s regular offering was nearly all sold at firm to increasing prices.
- Today’s offering of lowgrades and breeders were nearly all sold at strong competition.
Price comparisons of regular goods are to Saga Furs’ May auction.
China was the dominating market with support from Greece and the European fashion industry.
The auction continues tomorrow with the sale of Palomino female and Silverblue male mink pelts.
Day 2 report / Friday, 6 September 2024
Today’s offering consisted of 524,000 Brown and 110,000 Mahogany female mink pelts along with 43,000 Sapphire and 36,000 various mutation type mink pelts. The positive trend continued with another successful day of the mink sale.
- Today’s regular offering was nearly all sold at very firm prices.
- Today’s offering of lowgrades and breeders were nearly all sold at strong competition.
Price comparisons of regular goods are to Saga Furs’ May auction.
China was the dominating market with support from South Korea and the European fashion industry.
The auction continues tomorrow with the sale of Royal Black, Black, Pearl and Palomino mink pelts.
Day 1 report / Thursday, 5 September 2024
The Saga Furs September auction kicked off today. During the 7-day auction, Saga Furs will offer 3,5 million mink pelts and 277,000 fox and Finnraccoon pelts to more than 200 buyers representing all the main markets.
Today’s offering consisted of 385,000 Brown and 37,000 Mahogany male mink pelts, along with 124,000 Pastel mink pelts.
- Today’s regular offering was 85% sold at very firm prices.
- The Brown and Mahogany lowgrades and breeders were sold at strong competition.
- The Pastel lowgrades and breeders were all sold.
Price comparisons of regular goods are to Saga Furs’ May auction. China was the dominating market with support from Türkiye, South Korea and the European fashion industry.
The auction continues tomorrow with the sale of Brown and Mahogany female mink pelts along with to Sapphires and other various mutation type mink pelts.