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Auctions Yesterday & Tomorrow

GREG PETERSON 02/25/2011 @ 1:31pm Greg Peterson writes "Machinery Pete" column for Successful Farming magazine and appears on the Machinery Show on RFD-TV, talking about trends in the used equipment market

Time: Our most precious commodity.

I've been thinking about time a lot lately. Mostly about how it seems to speed by faster and faster. Can't believe it's been over 21 years now I've been compiling this auction sale price data on farm and construction equipment. Can't believe we have one daughter in her second year of college and the other one poised to start next fall.

Dickens nailed it. With time, it's past, present or future. Fits nicely enough into my realm. Yesterday there was a nice farm auction in west-central Illinois with a great line of equipment. Saturday I'm traveling to cover a nice farm auction in east-central Iowa. First a look back, then a look ahead.

More strong sale prices on Wednesday's farm sale near Trivoli, IL, by Van Adkisson Auction Service. I've known Van for nearly 20 years now, a great auctioneer. He emailed me a sale price report last night. Click through the slideshow to see how this great line of green equipment sold, including a 1998 JD 8100 2WD tractor with 2,364 hours:

Saturday (Feb. 26th), weather permitting, I'll hop in my pickup and zip down to Holy Cross, IA (east-central IA), for the farm retirement sale for Ken & Diane Hannan. Markham Auction Service will be conducting this sale. Great line of mostly red equipment on this sale, including two eye catching tractors: a 2001 CaseIH MX200 MFWD with 1,903 hours and a 1981 IHC 1086 with 3,700 hours. Check out the slideshow preview of items on this sale:

Here's a link to the sale bill.

I'll post a YouTube video on our Machinerypete.com website Saturday evening with highlights from the Holy Cross, IA, sale, including the MX200 and the 1086, so check back to see how high they sold.

While I'm on the topic of time and video, last weekend I posted a (3) part video interview I shot last week on my way down to Louisville, KY for the National Farm Machinery Show. I stopped in Wyoming, IL for a kitchen table interview with Tim Colgan and his 97-year old father Joe Colgan. Tim just recently retired after a long career in the farm equipment business.

Joe Colgan got his start in the equipment business with Deere back in 1933. From 1937-1947 he was a traveling territory man for Deere calling on dealers. In 1947 he bought into the local Deere dealership in Wyoming, IL and stayed in the business until retiring in the late 1970's.

What fun it was to talk to Tim and Joe about changes in the equipment biz over the last 30, 50, 70 years. Joe talked about how he used to allow $1,000 for used corn pickers his customers used to trade in, before combines came along. He remembered getting stuck with a bunch of pickers on his used lot and realizing their value had evaporated. He also talked about the old days and taking used horses in on trade from farmers.

Joe's wife of 70 years Majella joined us at the kitchen table at the end of our interview. They talked about raising their 12 kids and running a business.

I know some folks will look at these videos as a sort of nostalgia thing, the good old days, etc. Not me. I'm fascinated to hear about the challenges folks like Joe and Majella faced and overcame along the way. Do we have challenges in farming, the equipment biz, or any business today? Yes we do. Can we gain valuable insight by talking with our elders, those who have successfully navigated the road before us?

Yes we can.

Here is my (3) part video interview with 97-year old Joe Colgan:

Part I:


Part II:


Part III:


www.Machinerypete.com (1-yr. subscription $69.95; 1-week $10):

  • "Auction results" 261,242 sale price on ALL types of equipment. Updated daily
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  • "Who Makes it?" searchable database of farm equipment Mfg's
  • "Classifieds" free place to list your used equipment for sale
  • Machinery Pete blog...see what Pete's yakking about
  • Machinery Pete's 2010 Auction Price Guide: $19.95, call 800-381-0423
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  • See the latest Agriculture.com columns from Pete

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