By Yann Tessier

LONDON (Reuters) – Meat traders flung cheap turkeys to the highest bidders in a public auction at London’s historic Smithfield Market on Tuesday, a long-standing Christmas tradition whose future now hangs in the balance.

For around 900 years, the site in the City of London financial district has been a hub for meat and livestock trading, at one point attracting sellers from all over England and produce from as far as Argentina and Australia.

But City authorities’ decision last month to close Smithfield Market, a move that will free up prime real estate for future redevelopment, means its future is uncertain.

The market can operate at Smithfield until 2028 and most meat traders have said they plan to move to a new location after that within London.

For decades crowds of punters have braved the cold and thronged Smithfield Market on Christmas Eve to snap up surplus produce at bargain prices, exchanging cash — and only cash — for legs of lamb or cuts of red meat tossed into the crowd.

“The atmosphere is fantastic,” Smithfield Market Tenants Chairman Greg Lawrence said. “To a lot of people it’s the beginning of Christmas. They come up here early, they go to breakfast, they come to the auction, they purchase their goods, then they go to the pub.”

Hundreds of people, some in Santa hats and others holding up placards with meat orders, gathered in Smithfield’s Victorian market building.

Punters held up banknotes to grab the attention of butchers in white coats often throwing a turkey or ribeye into the crowd, eliciting loud cheers.

Some in the crowd said they came for the bargains, while others said they loved the atmosphere.

“Everyone’s so friendly and everyone’s rooting for everyone to get something for Christmas Day,” Sharon, who only gave one name, said. “It’s amazing.”

(Writing by Sachin Ravikumar; Editing by Alex Richardson)