Calgary Stampede canvas auction reflects oil patch lows

It is said that the state of Alberta’s oil and gas economy is reflected each year in one event: the Calgary Stampede Canvas Auction.

Each year, companies bid on the advertising rights to the canvas covering the chuckwagons at the Calgary Stampede. When the economy is hot, bidding can reach record highs. This year, however, the auction raised just under $2.3-million – down nearly $480,000 from last year’s total of $2,782,000. However, this years figures weren’t as bad as the last downturn in 2010 when the auction only produced $1,966,000 in bids.

The driver who received the highest bid of the night on Thursday was Kurt Bensmiller, the two-time defending GMC Rangeland Derby Champion. He scored $120,000, down approximately $50,000 from last year.

(Written by: N. Reitmayer; Original information source: Calgary Herald