New Rankings, New Top House

Silvertowne Auctions has overtaken two of Proxiblog’s favorite houses, Western Auction and Weaver Signature Coin and Currency Auction, to ascend to the top of our rankings, primarily because of the consistently reliable grading and lot descriptions of veteran numismatist Larry Fuller and frequent top-quality coin auctions by Rick Howard.

Back in the top rankings after several months’ hiatus is Matthew Bullock Auctioneers, which has some of the best coin photography on the portal and choice consignments accurately described.

New to the sidebar rankings are Leonard Auction and Capitol Coin Auction, both of which charge more than 15% buyer’s fee and had been excluded in the past from our top houses. But based on those auction houses’ superior consignments, numismatic knowledge and excellent customer service, we have amended our rules and will list exceptional companies like these in our rankings.

Also making an initial appearance is Southwest Bullion, which recently set online buyer’s fees at zero, with APN clearance and flat-rate shipping. We saw auctioneer Justin Quinn add rare and precious metals to one third of his lots, and we bid $15,000+ but failed to win one item, as most lots sold at retail or above. How does he do it? We suspect he is buying consignments directly rather than going through out-of-town coin dealers. Watch for a post on that this week.

Finally, Chaparral Trading Company made our rankings, featuring lower 15% online fees, good photography and other amenities.

You’ll also notice some of our regular top 20 houses missing from the new rankings. After several complaints from peer auctioneers and online coin buyers, we have decided to omit from sidebar rankings any house viewing maximum bids or allowing auctioneer/consignor bidding. We have run a half dozen articles on why these practices are frowned up, even when the auctioneers honestly only want to know where limits on an item are. Problem is, other houses take advantage of these computer-assisted irregularities. We’ve heard all the justifications and excuses. Fact is, ghost-bidding is unethical. Shill bidding is unethical. Auctioneers should know the wholesale value of items, especially coins, and can pass on underbid lots. And if consignors buyback their own coins, auctioneers can penalize them with fees.

For more on this issue, read this article.

In closing, please know that several of these houses seeing maximum bids are entirely reputable. We patronize their auction houses. We admire their auctioneers. But we have to institute this policy in keeping with Proxibid’s own standards and new badge rankings, which add a level of transparency and quality control, sure to enhance the portal’s reputation.

Congratulations to all in the top 20. Competition is stiffer than ever on Proxibid.

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 “New Rankings, New Top House

  1. Very interesting post, I have bid on items in the auctions of most of these companies and find them to be excellent as well.

    As time passes, I find some auction companies are far better than others and you are doing a great service in pointing out those that are exceptional. Thank you.

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