It’s only our opinion, as we hope to help auctioneers by sharing our numismatic knowledge. In that light, here are 10 tips that we hope will increase your bottom line if you are an auctioneer scheduling regular coin sessions on Proxibid.
- Treat your good consignors with special partnerships or rates because they send you quality coins.
- Fire your bad consignors who send problem coins that sell to dissatisfied customers.
- Know numismatics. If you deal in coins monthly or more frequently on Proxibid, you’re not only an auctioneer; you’re a coin dealer. Learn the trade.
- Become an expert grader by reading Proxiblog, Coin Values, Coin World, Coin Update News or by studying PCGS Photograde.
- Subscribe to CoinFacts so you can keep track of latest auction prices for specific coins.
- Advertise to purchase coins in your locality. Buy 10% below greysheet as many dealers do. Start with $5000 bankroll to purchase from the public. Within a year, you’ll be buying and selling in the tens of thousands.
- Compete with those dealers. As more dealers sign up on Proxibid–a sign of the times, as coin buying is at its peak on Internet–dealers will have the advantage because they advertise for coins, have walk-ins and go to estate auctions. Do the same, or they may win the game by offering 0% buyers and/or seller fees.
- Offer consignment contracts that charge 8-10% for lots that sell under $250 and 0% for coins that sell above that level. This will help you secure top consignments.
- Discourage reserves. In your contract, charge 5-10% for any coin with a high reserve that fails to sell. High reserves or opening bids discourage competition and waste bidders and your time.
- Charge for onsite sales at your auctions. You have physical set-up fees. Rent. Overhead. Otherwise you’re using the Internet crowd to bid up on the onsite crowd. Soon enough, Proxibidders will go elsewhere.
We want to see auctioneers succeed as much as bidders. We dislike bad consignments with problem coins, self-slabbed hype, and bad photography, shipping and customer service.
We support Proxibid. Yes, it charges fees; but you get the world with that on Internet where the coin business is. APN clearance or PayPal is essential if you hope to sell online.
Houses that change with the times will continue to have the advantage. And consignors with the best coins will go to those with the best contracts.
The auction business is about continuous innovation, competition and excitement.
If you have personal recommendations to enhance the bidding or selling experience on Proxibid, post a comment below.