East Anglia-based auctioneers Cheffins increased its machinery and plant sales by £23m in 2023, to a new record of £71m.

The auctioneering firm held 51 auctions throughout the year with firm demand for second-hand machinery and strong buyer interest from both domestic and export markets.

Premiums were being paid for low-hour, second-hand machinery in good condition, which was able to provide a valuable alternative to purchasing new equipment.

See also: Strong sales for new tractors and second-hand kit in 2023

One sale in Yorkshire hosted by Cheffins for John Deere dealership Ripon Farm Services saw more than £5m worth of machinery sold in one day.

Cheffins director and head of machinery, Oliver Godfrey, said: “Despite supply chains returning to normality from the past couple of years, new machinery prices continue to be high, which is adding caution to the market, especially when many arable growers have struggled to get winter crops established.

“The export market has also returned in full force over the past 12 months, with machines sold and shipped worldwide from both our monthly machinery sales hosted at Sutton and at the on-site sales throughout the country.”