The only remaining wool broker selling by auction in Napier outpriced the new Christchurch sales in a recent auction. Richard Kells, Founder and Director of Kells Wool and the last broker auctioning in Napier, says the sector is recovering from what he says was its worst price depression since the 1930s.

“It’s very satisfying to see decent-sized checks going out,” Kells says.

“Those who have hung in have finally got there.

“I had a laugh with one of the long-time state contractors the other day that we’ve both lived long enough to see it.”

Kells says his first instinct was to follow other brokers south.

“After a few discussions with a few of our customers, I decided to turn around and bring it back and just do my own thing here,” he says.

“It’s worked out quite liberating because I don’t have to discuss anything with anyone else.”

He says the Christchurch result was reassuring and that buyers bid freely at the Napier auction.

“We don’t buy wool, we’re not trading, so we’re not affecting the market; we’re not competing with our customers.”

He says there were times he doubted the recovery would come.

“The depression we’ve been through was the lowest and longest; it was probably worse than the 1930s for wool.”

He says that it might be the only other time prices fell below the cost of shearing, with the wool losing market position to synthetic fibres over recent decades.

“I think slowly the world is waking back up to the virtues of wool.”

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