A few auctions are showcasing their consignments weeks and at times even months in advance. We think this is a good idea.
Weaver Signature Coin and Currency Auction this week posted a coin auction–replete with all pictures–scheduled for Jan. 24, 2012, some 41 days in advance. Rolling M Auctions and Silvertowne also post auctions well in advance.
This gives hobbyists time to select the coins they desire and budget for a particular auction.
One auction house, Silver Trades, typically posts all pictures on the day of the auction, or a little before. The auctioneer spends time on lot descriptions and takes multiple pictures of coins. He has a different advantage by posting late because buyers follow his auctions based on his performance and knowledge as well as his lots. They anticipate the session and so tune in, but that is the exception. (See this article about that.)
The beauty of posting consignments early is that it doesn’t cost more to do so. If Proxibid operated like eBay, auction houses would pay more for the length of time the lots are online.
Take advantage of this opportunity. Bidders will appreciate it.
Proxiblog is an independent entity with no connection to the auction portal Proxibid. Our intent is to uphold basic numismatic standards as established by the American Numismatic Association and the National Auctioneer Association and to ensure a pleasurable bidding experience not only on Proxibid but also on similar portals such as iCollector and AuctionZip.
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I have to disagree a little on long post times for coin auctions. The bidder base on PROXIBID is very large, there is no need for a seller to have his or her coins out for 30 or 60 days from time of consignment to settlement for closure. Also, with the markets, if you bid on a gold coin last week and it has not come to auction close yet, you might be paying $400.00 today more than its gold value on an ounce coin. Coin buyers that have money to spend are always looking to spend now, thus bidding on an auction… If an auctioneer has a good customer base, sends out emails to their past registered bidders, a fair market price should be abtained for all parties.
You right, Ron, about the precious metal prices and customer base. On the other hand, the auction company posting early as Weaver has done is getting 30-plus days’ publicity, and usually other services such as eBay charge for that. Your points, though, are well-taken and present a very valid viewpoint. THANKS!