The numismatic hobby has just come through a very busy August with the American Numismatic Association World’s Fair of Money and many days of auction sessions by numerous firms featuring participation both in person and online. While at the ANA Convention, I had a conversation with a valued client regarding online auctions. We both agreed that bidders remain enthusiastic and have thoroughly embraced online participation. This brought to the forefront the difference in how each online auction is conducted, and the fact that each auction house closes lots in a different manner.
Many firms close their lots at a designated time. The clock ticks down and the hammer falls on the highest bid at that moment, giving no additional time for the underbidder to respond. At Stack’s Bowers Galleries, our systems do not drop the hammer until the last bid comes in, maximizing the proceeds to the consignor. In addition, several of our online auction programs have the advantage of a live auctioneer, which gives participants the feeling they are actually in the room, experiencing the auction action as it happens. We’ve received a lot of positive feedback regarding our superb auctioneers whose dynamic personalities engage with the online audience encouraging bidding and providing additional numismatic information. These factors also maximize the return to the consignor.
Bidders continue to appreciate the ease of online bidding and the savings of time and resources that are gained by not having to travel. Even if you were quarantined with Covid, you could still participate and bid from home. Additional benefits include the ability to maintain anonymity and to quickly research pricing history online and consult reference books without having to lug these materials to an in-person event. All these features drive more participation, which in turn drives higher prices realized.
I invite you to check out our tremendously popular Collectors Choice Online “themed” events such as our Token and Medal sales, Old Holder events, World Coins and Currency, Dollars attributed by VAM and more. We also present multiple Precious Metal Auctions each month, focused on bullion and offering the chance to bid by percentage. Check out all of our upcoming events at StacksBowers.com. I’m sure you will enjoy the auctions and the wonderful additions to your collection. Happy Bidding!
