Auction Update – EFur Cambodia Mink Skin Auction

Dear Valued Partners,

We are pleased to share with you a successful update from our recent Mink Skin Auction held in Cambodia – the first of its kind in the country. Over 100 international buyers travelled to the Marco-Cipel Dressing Complex to participate in the inspection and witness this historic event.

The auction venue was thoughtfully prepared with private bidding rooms, a dedicated inspection room, a large skin warehouse, comfortable resting areas, and more – all tailored to ensure a smooth and efficient experience for participants. Despite the announcement on the second day of inspection of a 124% reciprocal tariff imposed by the United States on China, which understandably raised some concerns, the event concluded with strong and cautious participation.

Buyers showed clear confidence in well-graded and cleanly sorted skins, especially Palomino Female, which sold exceptionally well with around 76% clearance. Farmers who consigned these high-quality lots are expected to see receive 7–10% more than recent March Auction prices.

On the other hand, skins that were less consistently sorted or priced too ambitiously, such as some Brown types, saw a more limited uptake, with only 26% sold for the male and 40% for the female.  This outcome reinforces the importance of realistic pricing and clean sorting. Anyhow, farmers will receive 5-7% more than recent March Auction prices as a minimum for the sold Brown skins.

The response to our hybrid auction model – combining both online catalog access and physical inspection – was overwhelmingly positive. Over 1,000 people downloaded the catalogue, and the majority of the buyers who visited Cambodia expressed satisfaction with the entire setup.

We have also spoken extensively with many of our farmer-suppliers. There is now a shared understanding across the board: clean sorting and fair, market-driven pricing not only improve buyer engagement but also maximize returns for the farmers. Encouragingly, all suppliers have agreed that future lots submitted to EFur will be sorted to the same high standard by our team from the Copenhagen Auction. This alignment among stakeholders is a major step forward and will ensure healthy growth of our auction business.

While there were areas for improvement – such as some sorting inconsistencies and high initial asking prices – we are overall very satisfied with the outcome. The event proved our capacity to operate a professional and buyer-friendly auction, while delivering strong results for sellers.

Additionally, we welcomed new farmers who visited the venue, and they have expressed interest in participating in future auctions by consigning their skins. With this momentum, we are excited to announce that our next auction is being planned for later this year, with an estimated offering of approximately 800,000 skins.

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Thank you again for your trust and participation. We look forward to growing this platform together with you.

Warm regards,

EFur Auction Team