Ritchie Bros. co-founder to sell 220-ft luxury megayacht in Ritchie Bros. unreserved auction in Grand Cayman

Published March 25th, 2010 - 10:17 GMT

GRAND CAYMAN, Cayman Islands, March 25 /CNW/ - Next week, Dave Ritchie, co-founder of Vancouver, Canada-based Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, will sell his 220-ft (67 m) luxury megayacht Apoise at an unreserved auction in Grand Cayman. Ranked as the 89th largest yacht in the world, Apoise was built by world-renowned Lurssen Yachts. It will be sold to the highest bidder on auction day, regardless of price. Ritchie Bros. will conduct the auction at 11:00 a.m. (Eastern) on March 30, 2010. Anyone can watch the auction online at www.rbauction.com.

Dave Ritchie purchased Apoise new when he retired from Ritchie Bros. in 2006. He spent the last four years cruising around the world on Apoise, with the intention of selling the yacht at a Ritchie Bros. unreserved auction after completing his travels. "I really believe in the auction system. An unreserved auction, with no restrictions and no limitations, gives the fairest, most honest valuation of any item," Mr. Ritchie said.

Dave Ritchie, along with his brothers Ken and John, founded Ritchie Bros. Auctioneers in 1958 on two core principles: conducting strictly unreserved auctions and treating every customer with fairness and respect. He led the Company to its current position as the world's largest auctioneer of heavy equipment, with billions of dollars in annual sales and operations worldwide, including 40 auction sites.

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