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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.
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.
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