Trappers may see a slight difference in how their furs are auctioned, after a major auction house in Toronto faces uncertainty.
North American Fur Auctions was granted creditor protection in October, after a lender pulled out.
In a statement, the fur auction said it was trying for months to refinance.
“[This] procedure gives us the breathing room and the operational ability that we need to decide on next steps. In the immediate future, NAFA is proceeding to complete the sale of its ranched mink loan portfolio to Saga Furs.”
Yet, La Ronge-based trapper and northern director of the Saskatchewan Trappers Association Mark Studer explained for locals they should not be impacted that much, given there are many Saskatchewan fur buyers.
“It won’t stay the same. But I believe stay close to the same because fur buyers in the north and Prince Albert area that do buy fur I’m sure are going to continue to buy fur only with a different company backing them,” Studer said.
Studer pointed to Fur Harvesters Inc. as an alternative, for where a bulk of the buying can happen.
He predicts that fur prices may decline slightly, only to rebound later.
Studer said having the buyers at one auction may be beneficial, as it could lead to higher prices.
“I believe there will be more fur buyers at the auction house if there is only one auction house, than spreading them out between two different companies. In the short term, the price may be lower, but overall in the long term, the prices should go back up a little bit,” Studer said.