Cheffins has sold over £12.4 million-worth of machinery in the first quarter of 2022 as the market for second-hand machinery holds firm.
At the Cambridge monthly machinery sale, the three auctions in January, February and March have grossed over £9,290,000, representing an uplift of 20% against sales in Q4 2021.
Overseas purchases made up circa 35 percent of buyers at each of the sales, with top countries for export including Ireland, Romania, Sudan, Lithuania and Poland.
There have been 11 on site sales take place across the UK in the first quarter of the year, incorporating both modern and vintage machinery.
The highest grossing on site sale for the quarter was for Stepside Agricultural Contractors in Cardigan, West Wales.
The top selling items in the first three months of the year include; £70,750 for a Case 240 CVX Puma tractor at the Raby Contract Services sale in Lancashire.
Elsewhere, a Fendt Vario 724 tractor was sold for £63,700 at the Cheffins monthly machinery sale in January and £60,000 for a 2018 JCB 560-80 telehandler at the Cheffins monthly machinery sale in March.
Oliver Godfrey, head of the machinery department at Cheffins said: “Whilst we are entering into uncertain times with the combination of the war in Ukraine and the global recovery from the pandemic, in general, the results from the first quarter of this year appear to be trending upwards.
"As the breadbasket of the world is now going to be disrupted throughout Eastern Europe, there is a possibility that agricultural produce prices will increase, which could bring with it increased investment from farmers into machinery."
Global supply chains also continue to be challenged, Mr Godfrey said, which consistently drives demand for quality second-hand kit.
"The next quarter is likely to be much more telling as to how global events could have impacted the market," he added.
"On site sales have also increased in regularity and we now have a busy calendar of sales for 2022.
"More and more farmers are seeing these as a hassle-free solution for selling off kit either on retirement or should they be taking their business in a new direction.”
