One of Otley's auction marts has been forced to close after 65 years because of rising costs and plunging prices.
In a blow to the farming industry across Wharfedale, the management of Otley Cattle Market Auction Ltd has decided to stop holding its twice-weekly livestock sales at Bridge End Auction Mart because of difficult trading conditions faced by farmers.
The last auction was held amid emotional scenes and the site now faces an uncertain future.
Otley was believed to have been the only town in the country to still have two auction marts.
Cattle Market Auction Chairman Bill Cowling said he was sad to have to close the auction, but said the company faced no other option given atrocious trading conditions over the last few years.
"After a thorough examination of all the factors of the trade, both national and international, we have reluctantly decided to discontinue holding livestock auctions at Bridge End," he said.
"Ever increasing costs have led us to this decision, which is very sad, but all livestock markets are in difficulty at the moment.
"We didn't want to get into the situation where we could not fulfil our obligations, and all creditors will get paid.
"We remain as committed as ever to providing efficient marketing service for our customers, but the costs of this operation, and of the attendant regulatory burden, have become too great for us to contemplate."
Mr Cowling also blamed the BSE scare, changes in the European Union's agricultural policies, the strength of the pound and new Government legislation affecting farmers for the closure.
He said the lease of the market has been surrendered to freeholders Parkmount Estate Co (Allerton) Ltd.
Secretary of the National Farmers Union, Michael Rhodes, said: "All farmers in Wharfedale and Aireborough will be sad that this has had to happen after such a long time. It provided a wonderful facility for the agricultural community but its closure is a sign of the times."
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