Yesterday’s Brisbane auction returned about $2.2 million. The six-colour Heidelberg Speedmaster CD 74 went for $575,000, the 2002 10-colour Heidelberg Speedmaster SM 102 perfector fetched $345,000 and the 2003 10-colour Heidelberg SM 102 perfector sold for $330,000.

All three presses went to overseas buyers, said Terry Fitzpatrick, the director of marketing from auction house Dominion Group.

The six presses from Melbourne and Sydney sold for a combined $2.3 million.

[Exclusive: Geon insider speaks out]

Dominion Group and Great American Group jointly conducted the three auctions, which were held at Geon’s old Mt Waverley site on 23 May, the Banksmeadow plant on 28 May and the Eagle Farm factory on 30 May. The auctions raised about $7.7 million.

“We’ve exceeded our expectations, probably about 10-15% above expectations,” Fitzpatrick told ProPrint.

He said that was due to a strong marketing campaign in Australia and overseas, the quality of the equipment and Geon’s reputation.

“The equipment was good equipment. The Geon name was well known. There’s no doubt that dealers throughout the world would be aware of Geon,” said Fitzpatrick.

“The result was excellent. The local market is probably pleased to see a lot of the equipment head offshore.

“Local dealers were very happy to see the prices that were being realised, because it meant the stock they were holding was not going to be devalued as a result of a horrible firesale of stock.”

[LinkedIn: What bargains have you found at auctions?]

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