The American Mink Exchange auction wrapped-up last week at the South Point Conference Center in Las Vegas. Prices for mink pelts were the highest they’ve been in a long time. The reason is reduced supply not increased demand.
Fur farming is a shrinking industry. The decline is most dramatic in Europe, where several thousand fur farms have closed over the past ten years.
A shortage (or anticipated shortage) of mink and fox pelts may keep prices high at future international fur auctions. But higher prices do not necessarily mean that the industry will grow as a result. Starting or expanding a fur farm takes time and is an expensive gamble.
At future auctions, we will be looking closely not at the price of pelts, but the number of pelts sold (number of mink and foxes killed).