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Draft:Grafe Auction

Grafe Auction
TypePrivate
IndustryAuction, Liquidation
Founded1959
HeadquartersStewartville, Minnesota, U.S.
Area served
United States
ServicesAsset recovery, commercial appraisals
Websitewww.grafeauction.com

Grafe Auction is an American commercial and industrial auction and liquidation company headquartered in Stewartville, Minnesota.[1] Founded in 1959, the firm specializes in the liquidation of assets for large-scale commercial facilities, including grocery stores, restaurants, professional sports venues, and historic landmarks.[2]

History

The company was established in 1959.[1] Over several decades, the firm transitioned from traditional live auctions to a digital-first model, utilizing online bidding platforms for large-scale industrial liquidations.[3]

During the COVID-19 pandemic in 2020 and 2021, Grafe Auction was cited in national media as a leading indicator of economic shifts within the hospitality and retail sectors.[3] In May 2020, company leadership noted on NPR's Marketplace that the auction industry often serves as a "first responder" to economic trouble, citing the liquidation of businesses such as local bakeries that were unable to survive initial lockdowns.[3] In 2020, the company conducted 289 auctions, an increase from 203 in 2019, as the surplus of used restaurant equipment reached record levels nationwide.[1]

Notable auctions

Grafe Auction has managed the liquidation of several culturally and historically significant properties:

  • Gemini Giant (2024): In March 2024, the company conducted the auction for the Gemini Giant, a 28-foot-tall "Muffler Man" statue and landmark on U.S. Route 66 in Wilmington, Illinois.[4] The auction drew international attention and resulted in a $275,000 sale to the Joliet Area Historical Museum, ensuring the statue remained in its original community.[5]
  • Arlington International Racecourse (2022–2023): Following the sale of the Arlington Park property to the Chicago Bears, Grafe Auction managed the liquidation of over 20,000 assets. The process involved 20 separate auctions over 176 days, including track maintenance equipment and historic memorabilia from the 95-year-old venue.[2]
  • Golden Gate Fields (2024–2025): The firm conducted the final liquidation for Golden Gate Fields, a historic horse racing track in Berkeley, California. The auctions included more than 3,500 lots of racing equipment and memorabilia.[6]
  • Target City Center (2024–2025): The firm handled the multi-part liquidation of the Target Corporation City Center corporate offices in downtown Minneapolis.[7]
  • Sabre Room (2016): Grafe managed the liquidation of the Sabre Room in Hickory Hills, Illinois, a venue that famously hosted performers such as Frank Sinatra, Liberace, and Bob Hope.[8]

Operations

The company operates across the United States, providing asset recovery and liquidation services for industries including retail, food service, and manufacturing. Its methodology typically includes a multi-week process of cataloging, digital marketing, and staggered online-only bidding events.

See also

References

  1. ^ a b c D'Innocenzio, Anne (February 18, 2021). "Pandemic restaurant closures produce glut of used equipment". The Seattle Times. Associated Press.
  2. ^ a b "Arlington Park auction: 20,000 items from historic track to go up for bid". Daily Herald. August 3, 2022.
  3. ^ a b c Ryssdal, Kai; Hollenhorst, Maria (May 13, 2020). "The auction industry readies for COVID-19 business closures". Marketplace. American Public Media.
  4. ^ "Gemini Giant sold at auction for $275K; will stay in Wilmington". Shaw Local. March 20, 2024.
  5. ^ "Iconic Gemini Giant stays in Wilmington after high-stakes auction". NBC 5 Chicago. March 20, 2024.
  6. ^ "Final stretch: Golden Gate Fields equipment hits the auction block". Berkeleyside. 2024.
  7. ^ "Target office liquidations continue in downtown Minneapolis". Star Tribune. 2024.
  8. ^ "Liquidation of iconic Sabre Room draws crowd". Chicago Tribune. September 13, 2016.

Category:Companies based in Minnesota Category:Companies established in 1959 Category:1959 establishments in Minnesota

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