Ritchie Bros. Auctioneers Breaks Records at its First 2006 Industrial Auction.

VANCOUVER, British Columbia -- Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA) held its largest ever Phoenix, Arizona auction at the Company's first unreserved auction of the year on February 16, 2006, with gross auction sales of more than US$24 million.

This Ritchie Bros. auction also set the Company record for the single largest item purchased online (a Gilbert, AZ office/property that sold for US$3.2 million) and it was also the first time that Ritchie Bros. sold a Cat D9T and a Cat D8T crawler tractor by unreserved auction.

"The Gilbert office and property and the Cat crawler tractors were some of the highlights of the sale," said Steve Simpson, Ritchie Bros. Vice President - South West division. "It was just a great sale all around. We had the largest crowd we've ever had at a Phoenix auction; interested bidders came from as far away as Belgium, Colombia, Mexico, Russia, The Netherlands and Canada.

"Prices were strong on auction day. There's a booming construction market here in the Southwest and the prices reflected that. The Cat D9T went for US$730,000 to a buyer located in Las Vegas, Nevada and the Cat D8T went to Spruce Grove, Alberta for US$510,000," he said.

Over 2,300 people from 16 countries and 45 U.S. states and territories registered to bid on over 1,300 lots in the auction. More than 650 internet bidders, using the Company's real-time bidding service, rbauctionBid-Live, purchased over $5.6 million worth of real estate, trucks and equipment items. The internet participants were buyers or runner-up bidders on 19% of the lots available for online bidding.

Jeff Morgan of WDC Exploration & Wells - with its main office in Woodland, California - was the successful online purchaser of the Gilbert, Arizona property and office (which was sold as part of a complete dispersal for Archon Inc.). He had been looking in the Phoenix-area for over a year for a new location for his Arizona satellite office but found it hard to find the right office with the property that he needed. But this office and property fit the bill.

"It was a very convenient way for me to purchase a new location for my company," said Mr. Morgan, president of WDC Exploration & Wells. "I had my local Phoenix employees check out the location ahead of time and report back to me on the condition of the office and shop. I felt comfortable bidding online; it was really easy."

There are currently over 35,000 truck and equipment items that will be sold at 41 unreserved industrial auctions on the Ritchie Bros. calendar over the next few months, including a five-day Orlando, Florida auction February 21-25. Details on all upcoming Ritchie Bros. auctions, including equipment listings, are available on www.rbauction.com.

About Ritchie Bros.

Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial equipment including equipment utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a web site at www.rbauction.com.

Investors and potential investors should note that this information may not be indicative of the overall financial performance of the Company for this or any period.

Ritchie Bros. Auctioneers Incorporated (TSX:RBA) (NYSE:RBA)