Any reviews for Silvertowne Coin Auctions?

SilverTowne Auctions does use stock photos for some bullion items, and a few non-bullion, too. They sold a whole pile of 1998-S matte Kennedys last year with a single photo. Seems like there was one in every auction for 3 months. Usually, after the first few lots, the initial ask is the low end of their "estimate", which is more hope than reality. It rapidly descends until there is a bid. I hear you. I have had a few "who would pay THAT for THAT?" moments. Are they shill bidding their own stuff to reinventory it? I don't know, but rumor has it ALL auction companies occasionally do, even Heritage and S-B.

Two things to keep in mind - 1) he who controls the auction seldom takes a loss, and 2) usually somewhere in their fine print they admit they reserve the right to reject all bids. I have always considered having someone bid at the "we won't go below X" price is a technique for doing just that. It's hard to insist an auctioneer selling his own inventory to take a loss, especially from over the Internet.

 

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