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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Slowdown leaves mark on mink market as sales tumble AFP - 2 hours 34 minutes ago COPENHAGEN (AFP) - - The global economic crisis dealt a heavy blow to sales of mink furs at a sale held by the world's biggest auction house for furs, Kopenhagen Fur of Denmark, its director said Wednesday. "Only 18 percent of some 1.2 million mink pelts up for sale in the December auction were sold, for around bout 1.5 billion kroner during the last auction in September," Torben Nielsen told AFP. Denmark is the world's leading producer and exporter of furs, holding about 50 percent of the mink market, 60 percent of the chinchilla market and 10 percent for fox. "We had to reduce our price60 million kroner (8.05 million euros, 11.5 million dollars) compared to as by 22 percent to about 230 kroner per mink pelt, since demand had seized up even though there were more than 300 buyers present from around the world," Nielsen said. As a rule, Kopenhagen Fur "never dumps prices and only agrees to cut them by a maximum of 25 percent during a sale," he said, explaining why only 1.2 million pelts were up for sale. The December auction lasted only two days, instead of the average four days. According to Nielsen, the lack of interest from clients is not due to a change in fashion styles. "Fur is always a luxury item that never goes out of style." Rather, "the (economic) crisis is also hitting the entire luxury sector." The auction house noted "serious problems on the markets at the end of October, and the situation worsened in November and December as household consumption practically came to a halt in Europe, Japan and the United States," he said. Nielsen said he feared the crisis would continue and did not expect a turnaround before the next auction on February 3-6. For the 2007-2008 season, Kopenhagen Fur reported sales of 5.5 billion kroner for some 18 million pelts, compared to 3.7 billion kroner and 16 million pelts the previous season. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle 'Canadian Idol' canceled in 2009AP - Thursday, December 18 EU parliament prevents screening of anti-Islam filmAFP - Thursday, December 18 NKorean dance troupe takes Vietnam stageAFP - Thursday, December 18 Britain's Christmas pantomimes laugh off credit crunchAFP - Thursday, December 18 No charges in alleged thefts from Beckham houseAP - Thursday, December 18 Enlarge Photo A spotted mink fur is examined at an auction in Copenhagen in 2004. The global economic crisis dealt a heavy blow to sales of mink furs at a sale held by the world's biggest auction house for furs, Kopenhagen Fur of Denmark, its director said Wednesday. Most Popular – Entertainment Viewed 'Dark energy' expands, contracts universe: researchers Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine Fed cuts rate to virtually zero, will expand stimulus moves OPEC agrees to record cut in oil output: Saudi minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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