Mink fur price drops 40 pct as new breeders burst China bubble

The price of mink fur has dropped almost 40 percent at auction in Denmark this year after hosts of new breeders piled into the business, attracted by the record sums China’s middle class had been willing to pay for the luxury item.auktion_nyt_bred_3x3 unit

Kopenhagen Fur said it succeeded in selling the offering of 530,000 Silverblue males and females on the first day of the February auction. Prices declined as expected but not as much as some had feared.

The opening of the February auction was anticipated with excitement by farmers as well as customers. The uncertainty in the trade has been great during the months after the auction in December at which only 20 per cent of the offering was sold. The demand for mink skins has for some years been record-high and this has resulted in large increases in the production world wide. This year, more than 80 million mink skins are to be sold and the number has doubled in just a few years.

– The result of the first selling day was satisfactory. We had announced worldwide that we would meet the market and we did that from the very first lot. Very quickly customers started bidding and the nervous atmosphere was replaced by keen competition in the auction room, says Tage Pedersen, Chairman of Kopenhagen Fur’s board.

Read more: Kopenhagen Fur and CNBC

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