Proxibid’s New User Agreement

For those who do not read the fine print of service terms, which Proxiblog routinely does, you may be surprised or pleased (we were) at changes in Proxibid’s new user agreement. Here are a few items that may prompt you to read the entire shebang.

You can find the Unified User Agreement by clicking here.

This clause below was news to us–welcome news, we might add:

    4.3 Auction Events. (c) Passed Lot Fee. If Seller conducts bidding for any lot within an Auction Event without allowing Buyers the opportunity to bid using the Proxibid Services (a “Passed Lot”), Proxibid may in its sole discretion charge Seller a fee per Passed Lot.

We have seen too many passed lots in our time on Proxibid. It’s about time the company instituted a fee to make auctions online as exciting as ones onsite.

We’re aware, as is Proxibid, of the various ways to circumvent the passed lot fee. Frankly, we bid on Proxibid because we hope to get a coin on wholesale and then sometimes get caught up in the competitive auction experience and end up paying retail. That’s the allure and risk of an auction.

This clause safeguards that.

We also understand the need to pass on a lot. But not on every lot that fails to bring a retail result, as a few Proxibid auction houses are doing. That practice is unfair to competitive houses who sell through their consignments, as everyone on Proxibid shares technology costs to reach the online bidders through the portal.

This clause on minimum bids is related to the issue above.

    5. DEFAULT AUCTION TERMS Items may be offered with a “minimum bid”, in which case, the Seller agrees to sell the item to the highest bidder who bids at or above the minimum bid price.

We have seen minimum bids posted, and those minimums met, only to see the lot withdrawn (or passed) or then read “a reserve not met” notice. Passed lots and reserves are allowed, of course; but auctioneers should never use minimum bids on lots to attract more bids and, if not, to pass on an item. Once a minimum is posted, honor it. This clause makes it mandatory.

Finally, Proxibid is to be commended for this service term about counterfeit items:

    5. DEFAULT AUCTION TERMS If, within a reasonable amount of time, Buyer gives notice in writing to Seller that the lot so sold is a counterfeit and after such notice the Buyer returns the lot to Seller in the same condition as when sold, and establishes to the satisfaction of Seller that the returned lot is in fact a counterfeit, Seller as agent for the consignor will rescind the sale and refund the purchase price.

When Proxiblog started bidding on coins a few years back, we had to persuade a company to rescind a sale because the auctioneer claimed that all sales were final. They are not, legally and ethically in the United States, as we have noted in previous posts like this one.

By adding such a clause about counterfeits, Proxibid has enhanced its image in the numismatic world.

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.


2 thoughts on “Proxibid’s New User Agreement

  1. Excellent additions to make Proxibid auctions even better. Twice in past auctions I had a higher bid than the auctioneer accepted as the selling price and no satisfaction when questioned about the auctioneer’s actions. I have several sellers whose auctions I will not open or bid on, due to problems. There are simply too many good sellers to allow yourself to continue to use any who don’t hold to the proper rules.

    • Thanks, Dick. I’ve experienced the exact same thing and am doing what you are doing with certain sellers. There are enough coin auctions now on Proxibid to pick and choose.

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