“We think there is a market for budget collectors,” says Cheryl Weaver, co-owner of the family-run business. “We have scheduled budget auctions through the rest of the year alternating with the Signature auctions.”
These will be live auctions rather than timed ones, she added. All of our auctions are “live” rather than timed but the budget auctions will not include in-room bidders. We will operate everything including the auctioneer as usual without the in-room bidders.
The budget series will feature an array of coins, even gold and key dates, rather than only low-cost clad rolls and mint/proof sets. “We end up with a lot of material that isn’t appropriate for the Signature auctions, but of course the seller deserves to have us try to sell consignments, so the budget auctions also fill that need.”
Dave and Cheryl Weaver also have considered specials with budget auctions. “I think we’ll see how the first one goes before we try that. We did stick with flat 5 & 10% BP rather than tiered with the 13%.”
She noted that her auction house likes shipping specials “as they greatly decrease the labor on our end (no looking up individual costs). They generally end up as a break-even deal.
“Sometimes just the difference of a flat rate vs. a box that might seem a more appropriate size for the items makes a lot of difference on the buyer’s shipping cost.”
Proxiblog applauds the Weavers for scheduling budget auctions. The house typically leads our rankings to the right, based on innovation and customer service. This new initiative focuses on a special kind of bidder.
As Cheryl Weaver noted, “Not all of our buyers have deep pockets.” Dave notes that “there are a whole lot of buyers out there that can afford a semi-key date Morgan as example, in Fine rather than Mint State.” We have been able to offer some wonderful items on our Signature auctions and will continue to do so.
“In these more difficult economic times we are going to offer all buyers the chance to purchase key or semi-key date coins at an affordable price. The grades won’t be as high but neither will the cost. We are not lowering our standards, just offering an alternative venue. We hope the buyers will respond positively but as with all changes we’ll adjust if we need to.”
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