Step 2: AuctionsWhether produced in the wild or on farms, most furs will pass through one of a dozen major auction facilities around the world, making it easy to monitor the types and numbers of furs on the market. The main fur auctions in Canada are held in Toronto, North Bay and Vancouver. These auctions are usually controlled by trappers and fur farmers themselves. This assures that producers receive a fair price for their furs.
At several auctions each season, experienced buyers from around the world gather to carefully evaluate the colour and quality of each lot of furs before placing their bids. Their task is to predict which fur types will be "in" with top designers and consumers in the coming season. They must gauge how market conditions, weather, and fashion trends will vary in different regions in order to determine the price they are prepared to pay. This competitive bidding system establishes fur prices for the year.