PERRIS, CALIFORNIA -- (MARKET WIRE) -- 06/16/06 -- Ritchie Bros. Auctioneers (TSX: RBA)(NYSE: RBA), the world's largest industrial auctioneer, today announced the results of its two-day unreserved auction held at its permanent auction site in Los Angeles (Perris), California. The unreserved public auction, which sold over 2,200 items, generated gross auction sales in excess of US$28 million.

Over 1,960 registered bidders from 18 countries, 44 American states, and eight Canadian provinces participated in the June 13 and 14 auction.

"Once again, we had active participation from all over the world," said Richard Aldersley, Ritchie Bros. Area Manager for Southern California. "We were able to see strong, global market prices for many of the items at the auction."

Five hundred and fifty-five registered internet bidders, using the Company's rbauctionBid-Live real-time bidding service, purchased over US$5 million worth of trucks and equipment items at the two-day sale. Internet participants were buyers or runner-up bidders on 27% of the lots available for online bidding.

The Los Angeles auction broke several records including the largest total gross auction sales for the Company's facility there. As well, the auction broke the Company's California records for the largest number of online buyers and gross sale amount sold on the internet.

The auction included over 50 loader backhoes, 50 crawler tractors, 42 motor scrapers, 39 wheel loaders, 28 excavators, and over 75 truck tractors among the more than 2,200 truck and equipment items that sold.

Busy Upcoming Auction Week

There are over 24,000 truck and equipment items featured in 34 unreserved industrial auctions and 16 unreserved agricultural auctions in the upcoming Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions, including equipment that will be sold, are available on www.rbauction.com.

The week of June 19 is a busy week for the Company - there are eight unreserved industrial auctions and four unreserved agricultural auctions scheduled over six days in four countries. Those auctions include two-day auctions in Olympia, WA; North East, MD, and Denver, CO as well as a three-day auction in Moerdijk (Rotterdam), the Netherlands.

Lubbock, Texas - Unique July Auction

The Company's upcoming huge sports memorabilia, classic car, aircraft, watercraft and construction equipment auction in Lubbock, TX continues to garner an unprecedented amount of interest. The unique unreserved auction on July 15, 2006 is on behalf of Robert Wilson, the court-appointed receiver for the assets of Jonathan D. 'Jody' Nelson, who pleaded guilty on April 27, 2006 to embezzling more than US$77 million from his employer. Nelson is currently awaiting sentencing and his assets are being sold pursuant to a court order for restitution.

There are over 1,100 items in the unreserved auction including autographed and commemorative sports memorabilia, classic automobiles, a Hughes MD500E 369E helicopter, three Cessna aircraft, 17 pleasure craft, sport utility and recreational vehicles, and ranch equipment such as crawler tractors; skid steer loaders; motor graders; hydraulic excavators; loader backhoes; vibratory smooth drum rollers; truck tractors; dump trucks; fuel tank trailers; van trucks; flatbed trucks; pickups; trailers; forklifts; agricultural tractors; mowers; and grain handling equipment.

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.

Attention Media: For photos of the actual Los Angeles auction to use in your publications - as well as a selection from the upcoming unique Lubbock, Texas auction - go to www.rbauction.com/media/ or contact Kim Schulz, Corporate Communications Manager for more information.

Contacts:
Ritchie Bros. Auctioneers Incorporated
Kim Schulz
Corporate Communications Manager
Toll Free: 1-800-663-8457
media@rbauction.com
www.rbauction.com