Want to bid in this timed auction on Proxibid?
Terms of service: “Bank Letter of Guarantee required to bid in the auction, please fax from the bank to . …” In addition to USPS shipping, “[t]here will be a $1.00 per item handling fee added to the final cost as well”–with that fee worth more than many of the lots. Click picture below to expand for sample lots.
Proxiblog says: If you want to sell on Internet, get with the APN program and make bidding easy, especially when you’re offering mainly low-ball lots of common cents, nickels, and mint sets–what dealers would consider junk.
Tip to Proxibid sales team: Start advising auctioneers that policies such as this–a bank letter fax, which costs more than many of these lots–brands that company as Internet unfriendly and also undermines Proxibid’s brand of trust. Start worrying about setting standards for the portal rather than signing up clients with terms like these.
Result of this auction: Once this type of damage is done to an auction house, buyers will see the company’s name and dismiss outright without wasting time checking catalog.