Lure or Lose Bidders With Lot Descriptions

Recently we bid on two auctions on the same day. One, Tangible Investments, was a joy to see and read, with numismatic lot descriptions graced by fine, expandable photos. The other, which we won’t name, made several numismatic mistakes. In sum, one house lured us, the other lost our interest.


Look at this sample screen shot and note how photo and lot description attract bidders in a Tangible Investment auction (click to expand):

tangibleassets

The description uses Greysheet low estimate, cites mintage and denomination (including variety), and notes damage, a previous mounting and scratch–plus provides multiple views of the coin. It doesn’t get much better than this on Proxibid.

Now take a look at a series of lot descriptions that, frankly, irked us to the point that we stopped bidding.

pcgs

This overstates PCGS values for an ANACS coin. The value does not apply as both companies have different grading standards. Also, the Proxibid auction company inflates the PCGS value, again as the retail price index documents. Multiple numismatic errors irk us to the point where we almost stopped bidding.


pcgs1

This lot description does the same as above, overstating and misapplying values. Moreover, using PCGS CoinFacts, you can see precisely how much a similar ANACS coin sold for at a recent auction.


sticker

We stopped bidding when the auction house covered the PCGS certification number of an expensive key date 1893-S. Never buy a pricey coin without verifying the PCGS certification number with this link. Because the auction house has gotten into the habit of covering certification numbers with its promotional stickers, instead of using Proxibid lot technology, we don’t know if this is an authentic key date Morgan.

Most knowing bidders willing to spend high-dollar amounts for pricey coins usually know the ropes. Don’t hang yourself with hype.

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.

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