House owner Kevin Hayward (66) said he and his business and life partner, Jude Ferguson (65), had decided to drop the hammer on the business and retire.
The couple had leased the Princes St auction house for six years and decided against renewing the lease when it expires in August.
The couple had the right of renewal for another six years, in three-year blocks, but decided to shut the business.
''We could have carried on but if we had, we would have been 70 and probably a bit old to be pushing furniture around,'' Mr Hayward said, laughing.
A man offered to buy the business as a going concern about two years ago but the deal faltered with 10 months remaining on the lease, he saidMs Ferguson said the couple felt more comfortable closing the business than selling it.
''All our business friends think we are mad.''
When they opened the business, there were four or five competitors holding weekly auctions in Dunedin but they had since closed.
Mr Hayward said the business was busier than ever.
''It's got a head of steam, it's charging ahead and is almost unstoppable.''
The supply of cheap imported goods in New Zealand had devalued the sale price of auction items.
Consequently, more goods needed to be auctioned to keep the business viable, he said.
Ms Ferguson said the increased turnover increased business costs.
''It becomes a vicious cycle.''
Mr Hayward said he felt a responsibility in providing a service to Dunedin residents for people for people selling possessions to move to a smaller home or trustees selling an estate.
A auction house was an economically viable business in Dunedin and he hoped somebody would take on the challenge.
''If they want to do the hard work, there's plenty of opportunities,'' he said.
Mr Hayward said the best part of the job was giving people a lot estimate and it selling for much more.
The most unusual items he auctioned included a stuffed yak and a portable ice box to cool a cadaver.
Another was a large fur mat.
''It was made of 100 different cat skins. We didn't advertise it as cat because we thought we would get all kinds of crazies ringing us - so we advertised it as a patchwork fur animal skin.''
Ms Ferguson said the couple would retain the business name and would consider holding occasional one-off auctions in premises rented short term.
''But we are not counting on that,'' she said.
In retirement, Mr Hayward would landscape about 2ha of land in Corstorphine and Ms Ferguson would spend more time in the vegetable garden. The final auction in the Princes St auction house would be in July, Ms Ferguson said.
''We'll miss it ...
we enjoy the work but it takes up all waking hours,'' she said.shawn.mcavinue@odt.co.nz
