Passed Lots Waste Time

Of course we understand that on occasion an auctioneer has to pass on an item because the highest bid is just too low. As long as an auction has an onsite crowd, Proxibid doesn’t charge for passed lots. But what about a majority of passed items with Proxibid buyers in the lead at or above wholesale and at times near retail prices?

We have seen several auctions new to Proxibid using the portal not in the auctioneering tradition of competition but more in the spirit of an online coin shop on eBay. We’re not sure how large a crowd exists onsite at these auctions. For all we know, it’s a coin hobbyist in his den. Or perhaps there is a small onsite crowd with shallow pockets.

Last week we took screen shots of such auctions. We point this out because Proxibid auctioneer fees for use of the portal are shared, meaning those who misuse the technology add cost to those who use it correctly, such as our top houses in the right sidebar.

In any case, we have three distinct thoughts about auctions that pass between one-fourth and one-half or more of all lots:

  1. You’re wasting our time spent looking up coins, knowing their wholesale and retail values, and figuring out our maximum bids based on your individual buyer’s fee and shipping.
  2. You’re wasting Proxibid’s resources, using the company’s technology in a non-competitive way, with pictures posted for a week or more. Last week we proposed a “no sale” option for passed lots or ones sold “onsite” (when no onsite crowd exists), and that is a $1 fee per lot.
  3. You need to advertise your auctions to draw a crowd, which will make your sessions more competitive. Click here for information about that.

We encourage Proxibid to look into auctions that consistently pass on item after item, week after week, especially when Proxibid customers have highest bids. In the meantime, we’ll be recommending to our followers not to bother wasting time in certain auctions that pass when they should sell.

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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