Mink at peak despite turmoil

SANDY PARKER REPORT, VOL. 32, ISSUE 29, SEPTEMBER 29, 2008
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
Mink at peak despite turmoil
THE 2007-08 AUCTION SEASON JUST ENDED NOT ONLY FINISHED ON A STRONG NOTE – AGAIN – but with international mink price averages setting new records. This marks five straight years of a bull market for mink and a dramatic turnaround following nearly two decades of depression and stagnation that had brought further attrition to the farming sector. The renewed popularity of furs in recent years and the adoption of mink and other furs by more designers than ever have contributed significantly to increased demand for the pelts. However, it is unquestionably the development of the new markets in Russia and China and their aggressive buying that have done the most to propel the prices skyward.
This year’s mink prices at auctions on both sides of the Atlantic were not only the highest in history, but more than double what they were five years ago. The overall season average for American mink was $65.70, compared with $30.60 in the 2003 season, according to the U.S. Dept. of Agriculture. The final sale at Kopenhagen Fur produced an overall average of $51.30 for an end-of-season collection. For the entire auction season, the Danes averaged $46.98 versus $43.59 the previous year. While Hong Kong/China has been a major force at the auctions for more than a decade, this mainly reflected its role as manufacturer to the world; it is only in recent years that the Chinese and Russian domestic markets have become major factors because of their soaring economies.
Nevertheless, the ability of a fur auction season to end on a strong note at a time when the world’s securities markets and financial institutions are in turmoil may be considered remarkable. Expectations of a drop in consumer spending have caused the stocks of major U.S. retail organizations to collapse and more than a dozen chains have already filed for bankruptcy this year.
IN THIS ISSUE:
Mink at Peak Despite Turmoil
Finnish Sale Ends on Strong Note
China, Russia Defy Western Trend
Big Stores See Trouble Ahead
Fur Shops May Fare Better
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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