The West Yorkshire-based Gin Festival Limited went into administration earlier this summer meaning 20 major festivals - including one set for Kelham Island in September - had to be cancelled.
More than 1200 bottles of craft gin - some of which was worth over £40 each - plus other items including 7000 mixer bottles, bar equipment and lighting sold for £60, 000 at an auction held in Scunthorpe yesterday.
Eddisons CJM director Paul Cooper said the lot was highly sought after and scores of people were involved in a bidding war.
Mr Cooper said that along with the sale of thousands of gin and mixer bottles, the auctioneers had also "been instructed to dispose of all the festival furnishings and equipment that the company used to stage events around the country.
"That ranges across everything from optics boards, travelling bars and bar equipment, through sound system kit and event fencing, to pallet trucks and the large flight cases that were used for transportation. We’ve even got their ‘selfie stand’ and camera."
Following the cancellation of the gin festival in Sheffield, another company Roister has now come forward to organise an event to take place on the same weekend.
The Kelham Island Gin Festival will take place at Kelham Island Museum on September 21 and 22.