How long will the hype continue?

Normally we are patient when auctioneers new to the portal make numismatic errors, but this particular auction (no longer new) inflates values to such extent that we are holding Proxibid accountable to do something about it, namely, by changing the Unified User Agreement to prevent ridiculous lot estimates like the ones below.

We have reported on this particular auction before. Its coin estimates have little basis in fact, from a numismatic standpoint. But one this week really caught our attention. A common 1887 Morgan graded MS63 by PCGS is estimated in Lot 46 as being worth $800-$900. But 29 lots later, the same coin is estimated at $200-$250.

Take a look. (We added the PCGS look-up certification so you can see just how much the coin is really worth.) Click to expand photo:

lot46

Now look at this screenshot featuring the same coin in the same auction being worth $200-$250.

lot85

If you spot gross inaccuracies like the ones above, report them to Proxibid and ask the company to alter the Unified User Agreement “4.4 Marketing and Accuracy of Materials” (OUR RECOMMENDATION IN ALL CAPS):

    Seller shall not knowingly misrepresent any items. VALUES OF ITEMS SHOULD BE BASED ON VALID APPRAISALS OR VERIFIABLE DATA. All catalog descriptions must accurately describe the items for sale, and all photos must be original. If Seller uses stock photos, Seller must disclose so in the catalog description as well as in the Special Terms of Sale for the auction.

Inaccurate values undermine Proxibid’s brand of trust. We recommend a simple rule: If you don’t know the value, don’t make one up.

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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