In a June 24, 2011 post, Proxiblog encouraged Proxibid to add a “Coins and Currency” page and even provided a photograph of how that might look. We said the coin trade was gravitating toward the web. A month later, we shared the news that Proxibid would add such a page. Now, a record number of coin auctions are being held on the portal.
Proxibid reports that it saw a 29.3% increase in coins auctions from 2010 to 2011. In the first quarter of 2012, the portal saw a 36% increase in the number of coin auctions over the number of coin auctions that took place in the first quarter of 2011.
Our data support this, as we have seen upward of 70 coin auctions per month. Our Honor Roll–auctions selling at 15% buyer’s fee and under, with expandable pictures and reasonable shipping–rose from 11 in May 2011 to 84 in March 2012–and increase of 87%!
Last week we decided to ask Proxibid for these data on more coin auctions because we noticed something else–something every coin auction should be aware of on the portal–and that is, we were winning more coins than ever under bid. The reason? More coin auctions, to be sure; but only a select few were running specials, lowering buyer’s fees, shipping inexpensively, creating Internet ads, offering prime consignments, and photographing coins expertly.
In the coming weeks, we will showcase some auctioneer specials and innovations. Auctions now must not only adapt to the Internet but also know how to use it to draw more online bidders to sessions. If you’re relying on your onsite sales, using Proxibidders to help raise bids but really not serving them with APN clearance, inexpensive shipping, sharp photos and other Web essentials, you’ll keep selling under Grey Sheet … and competitive houses will continue securing the better consignments.
If you take a risk, and auctions are all about risk–which is why bidders love them–you might see your online business blossom. We’ll be here to help.
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.