-- Number of buyers at events for PRG and Red Star Pictures
surplus gear jump 50% from auctions held in 1st half of
2021; bankruptcy auction of assets from Pacific Theatres achieves
99% sell-through rate.
ANGELES, June 23, 2022 /PRNewswire/ -- Tiger
Group's Commercial and Industrial (C&I) Division saw a record
number of sales registrants and buyers at its sales for
audio/visual and movie theater assets in the first half of 2022,
which played a major factor in achieving 96 percent to 99 precent
sell-through rates at its auctions and private treaty sales during
The results were driven by continued high demand for
professional-grade audio/visual gear, a renewed interest in
movie-going by consumers, and supply chain issues that continue to
make buying secondary market equipment an attractive option.
Interest in digital and film cameras, as well as lenses,
fueled successful online auctions in April and June for surplus
gear from rental houses PRG and Red Star Pictures. Specifically,
Tiger enjoyed a 50 percent jump in the number of buyers
participating in those sales compared with its AV auctions in the
first half of 2021.
"Prices remain strong, yet benefit the purchaser as new
equipment is difficult to obtain due to continued supply
chain issues," said Jonathan
Holiday, Director of Business Development for Tiger C&I
and leader of its audio-visual (AV) practice. "It all comes down to
content and this industry continues to be driven to meet this high
demand, so purchasing gear in secondary market auctions presents an
Holiday added that strong participation in the AV auctions
has also been buoyed by Tiger's reputation as "a trusted source for
Rental companies, studios, independent filmmakers, and resellers
bought the bulk of the equipment offered in the PRG and
Red Star sales, reflecting the
continued demand for content in the industry, Holiday said.
Tiger saw record levels in several metrics for its AV
auctions during the first half. A major highlight came from the
April auction of live event and production rental gear from North
American leader PRG, where new highs were set for registered
bidders at 520, along with the number of registrants new to Tiger's
database and total buyers, resulting in a 96 percent sell-through
rate for the gear.
Registrants for the PRG event came from 36 states and 17
countries – another new high for Tiger's AV practice. In the end,
buyers hailed from six countries: the U.S., Canada, Israel, Australia, Trinidad
Tiger's June auction of gear from Red Star Pictures, a
longstanding supplier of rental lighting, grip and production
equipment, delivered a sell-through rate of 97 percent. The company
registered 400 potential bidders. Buyers came from 20 U.S. states,
as well as the Canadian provinces of British Columbia and Ontario.
"The results of this initial sale with Tiger far exceeded our
expectations," said Travis Moody,
President of Red Star Pictures. "This proved to be a very efficient
way for us to clear out surplus gear to make room for new
equipment, without the types of issues we would have encountered
doing it on our own. We look forward to working with Jonathan and
his team on future sales."
Reflecting on the demand seen in the PRG and Red Star sales, Holiday said: "As we move into
the second half of the year, rental companies will be extremely
busy and will need gear to fill the needs for the production
Another strong point for Tiger's AV practice this year has been
its work on behalf of the secured lender for Pacific Theatres,
formerly one of North America's
largest movie chains. Pacific filed for Chapter 7 bankruptcy in
March 2020, due in part to the impact
of Covid on the movie industry.
Tiger's February auction of assets from an initial group of
closed theaters drew bids worldwide, with 99 percent of the lots
sold. Buyers mostly included theater owners, live event production
companies and rental houses.
The online auction drew thousands of page views and bids, with
individuals from 57 countries watching the event live. The winning
bidders came primarily from the United
States and Canada. Demand
was especially strong for late model digital and laser projectors,
media servers and amplifiers, Holiday noted.
Separately, Tiger sold five of the California-based chain's theaters on a bulk
basis to other operators through auctions and private treaty sales.
These included theaters in El
Segundo and Pasadena, Calif.; Chicago and
Winnetka, Ill., and Boston.
With more movie-goers returning to the theaters, Holiday sees
the cinema industry bouncing back with strength. "Even though there
are fewer theaters than prior to the pandemic, some of the latest
new films have been generating very strong box office numbers," he
Top Gun: Maverick earned $409.5 million after just 19 days at the domestic
box office. "People are eager to finally get out of the house
and enjoy a quality film on the big screen. We are thrilled to have
helped facilitate the re-openings of the theaters we sold."
At Tiger Commercial &
Industrial Division, Jonathan
Holiday, (805) 367-3893, email@example.com
At Jaffe Communications, Elisa
Krantz, (908) 789-0700, firstname.lastname@example.org, or Bill Parness, email@example.com
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SOURCE Tiger Group