One thing I've learned from 28 1/2 plus years of compiling auction sale price data...you can slice and dice data up in limitless fascinating ways.
For example: What does $100K buy you at auction today vs 10 years ago (2008).
Here's a list of farm/construction machinery items that have sold for $100,000 at auction so far here in 2018 through May:
Machinery Sold $100K at Auction in 2018
* Data by http://www.MachineryPete.com
Probably the one item in our $100K auction price list from this year that jumps at me is the last item in the last, the 1999 John Deere 8400 tractor with 2,536 hours sold on the January 10, 2018 farm auction in Van Buren, IN by our friends at Sullivan Auctioneers (http://www.sullivanauctioneers.com). That 8400 sold for $100K was the highest auction sale price on an 8400 in the U.S. in nearly 6 years. Here's a video of it selling:
Now let's walk back in time 10 years to the year 2008...here's a list of items sold for $100K at auction back then:
Machinery Sold $100K at Auction 10 Years Ago (2008)
* Data by http://www.MachineryPete.com
Now let's go back even farther in time, 18 years ago, to the Year 2000. Here's a list of items sold for the magical $100K mark back then:
Machinery Sold $100K at Auction in Year 2000
Notice how many fewer items sold for $100K 10 and 18 years ago? Way fewer than we've already seen in only 5 months of 2018. One underlying truth at work here in the used equipment market has been the constantly rising price of NEW equipment and how it works to pull UP on the value of good condition used equipment.
Come out with me to any machinery auction around North America and I guarantee you'll one phrase uttered at some point on sale day by any and all auctioneers:
"Boys, what's a new one cost?"
So big reason why we see things like the 19 year old 1999 John Deere 8400 tractor with 2,536 hours sold for $100,000 on the 1/10/18 farm auction in Van Buren, IN. After all...
What's a new one cost?