Other current assets

3 Months Ended

Mar. 31, 2022

Other current assets

Other current assets

15.    Other current assets

	March 31,		December 31,
	2022		2021
Advances against auction contracts	$	8,974	$	4,102
Assets held for sale		10,830		17,538
Prepaid expenses and deposits		30,319		41,955
Derivative financial asset		576		751
	$	50,699	$	64,346

Assets held for sale

Balance, December 31, 2021	$	17,538
Reclassified from property, plant and equipment		359
Disposal		(7,067)
Balance, March 31, 2022	$	10,830

On March 17, 2022, the Company completed the sale and leaseback of a parcel of land including all buildings, in Bolton, Ontario, for a total sale consideration of $208,195,000 Canadian dollars (approximately $165 million) net of closing and transaction costs, and recognized a gain on disposition of property, plant and equipment of $169,092,000. The net book value of the Bolton property was $7,067,000. The payments for the lease were not considered to be at market rates given an initial two year rent free period and, accordingly, the Company adjusted the sales proceeds and the gain to fair value. The Bolton property continues to be used for auction operations under the operating leaseback agreement until the completion of the acquisition and development of a replacement property located in Amaranth, Ontario. (Note 21)

As at December 31, 2021, the Company also classified vacant land in Casa Grande, Arizona with a net book value of $10,500,000 as an asset held for sale.