Kaufman Realty No Longer on Proxibid

kaufman

This week we received the sad news that one of our consistently top-rated houses, Kaufman Realty and Auctions, no longer will be calling sessions interactively on Proxibid. Click the photo above to see the email blast that we received.

Kaufman increasingly was securing top consignments with good photographs. The company averaged two major auctions per month on Proxibid.

Those looking for the company can still bid online through its website at www.kaufman-auctions.com. You will have to create a new username and password as the Proxibid data will not apply in the new bidding platform.

A company spokesperson apologized for the change in online bidding providers but noted that the contract with Proxibid expired at the beginning of the year with an increase in charges per auction. So Kaufman decided it was no longer feasible to use Proxibid services.

Word about fee hikes is nothing new, as this seems to be happening in several venues associated with numismatics. PCGS, for instance, has raised its holdering fees. Several top auctions, including Stacks-Bowers, Heritage and Teletrade have raised their buyer’s premiums to 17.5%. Proxibid also has extensive technology to maintain and upgrade to keep pace with the buying public.

Nonetheless, we hope those serving our industry, including Proxibid, hold the line on fee increases in the future to preserve and expand the collecting hobby, especially during questionable economic times.

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.

Proxibid coin buyers to benefit from higher fees at Heritage, Stacks Bowers

Coin auctioneers on the portal should take advantage of a trend among top numismatic houses Heritage and Stacks Bowers Galleries, which each announced higher buyer’s fees of 17.5%. Combined with new eBay coin rules, which Proxiblog reported in this post, coin auctioneers on the portal should lower Internet buyer’s fees to take advantage of the trend.

Several Proxibid houses in the rankings to the right have 15% or lower buyer’s fees. Currently Teletrade has 15% and GreatCollections, capitalizing on the unfortunate trend of Heritage and Stacks–raising buyer’s fees during a recession–boasts 10% fees. Teletrade not only has a 15% buyer’s fee but also has 0% no reserve auctions every Tuesday.

We admire the competitive spirit of Ian Russell, GreatCollections owner, who also auctions raw collections and lots in addition to coins holdered by top companies. See his latest advertisement (click to expand picture).

We recommend coin auctioneers on the portal go against the trend of raising online buyer’s fees. It makes no sense for Heritage and Stacks to raise their fees when old gold–$5, $10, $20, etc.–is selling with a small premium over bullion.

When consignors get less for their money at houses with high buyer’s fees, because of lack of competition, they will migrate to GreatCollections, Teletrade and, of course, Proxibid.

A final note to Proxibid: Take out more advertisements in numismatic publications showcasing auction houses on the portal with low online buyer’s fees. That will begin the migration to Proxibid and yield results in today’s numismatic market!

Brian’s Auction Service Offers Special

Proxibid houses have a golden opportunity to pick up additional customers with the right advertising as traditional numismatic houses wrestle with online buyer’s fees. One house on the portal–Brian’s Auction Service–has set the pace with a 5% buyer’s fee special for its April 10 auction. Click picture to expand.

Brian’s Auction Service is a numismatically savvy house that uses PayPal rather than APN clearance, allowing Proxibid buyers to use credit cards conveniently on Internet. Moreover, the photography is good and shipping even better, with orders going out within 48 hours of payment.

In a recent post Proxiblog advocated for specials to spur competition and win new bidders. Brian’s Auction Service did just that, announcing in its terms of service: “THIS IS A CUSTOMER APPRECIATION SALE. ONLY A 5% BUYERS PREMIUM. SEND US A CHECK AND RECEIVE AN ADDITIONAL 3% OFF.”

This offer comes when Teletrade and Great Collections are offering buyer and seller fee specials, with Teletrade reducing seller fees for consignments to 0%, matched by Great Collections on some consignments with the latter keeping fees at a low 10%. (For specifics of each major house, click pictures to expand.)

Teletrade and Great Collections continue to compete vigorously while some traditional houses used to setting terms are going in the opposite direction, believing they can still set the pace with others following in an Internet age. Stack’s and Bowers Galleries has raised its buyer’s fee for the June Baltimore Auction to 17.5%, lowering the fee to 15% for invoices exceeding $50,000.

Stack’s and Bowers believes it can do this because it has an elite buyers’ audience and top consignments.

However, we have seen equally top consignments at Teletrade and Great Collections–two of the most Internet savvy auction houses in the business.

With elite East and West Coast numismatic companies expected to raise their fees by following the example of Stack’s and Bowers, Proxiblog sees an opportunity for top houses such as Leonard’s Auction, Capitol Auction, Weaver Signature Coin and Currency Auction, and Western Auction, among others, to consider specials and lower or continue at low rates their buyer’s and seller’s fees.

Currently Teletrade and Great Collections are not offering raw coins, as does Proxibid, and this gives the portal’s houses another advantage to win over customers. But auction houses on the portal must adhere to all the conveniences and standards of the major competitors, i.e., accurate lot descriptions, refunds for counterfeits, superior photography, flat-rate shipping and (we cannot emphasize this enough), refusing to see maximum bids or allowing consignors/auctioneers to ghost bid on the portal.


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.