Message #20 From:
NewsBot Date: August 16, 2006 11:32:00 AM
SPGR News Superior Galleries Realizes Outstanding Prices in August 12, 2006 Denver Elite Auction
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Aug. 16, 2006--Superior Galleries, Inc. ("Superior") (OTCBB:SPGR) announced today the results of its August 12, 2006 Denver Elite Auction. Anchored by numerous choice private collections, including Part II of the superlative Good River Collection, prices realized from this successful auction were $7,138,061.50, inclusive of the buyer's premium. Total prices realized were in excess of the pre-sale estimate, with 80% sold by lot and dollar value, and with an average sold lot value approaching $6,000.
The Auction was held in Denver, Colorado in conjunction with the Colorado Coin Expo, where Superior Galleries was the official auctioneer, just prior to the Denver ANA World's Fair of Money. The full-day auction saw numerous coins rise to prices far in excess of expectations, as aggressive bidders competed fiercely for fresh, high-quality coins that are becoming increasingly difficult to obtain. The capacity crowd of live bidders was active throughout all three sessions.
The superlative Good River Collection II realized a robust $4,868,300, with active bidding from live and telephone bidders, and through Superior's website and eBayLive.
Other notable collections which exceeded their pre-sale high estimates included:
-- The Property of a Lady
-- The Dixie 45 Collection
-- The Bayou St. James Collection II
-- The W.M. Rosene and Walter Rosene Jr. Collection II
Some individual highlights from this auction include, but are not limited to, the following lots:
Commenting on the auction results, Executive Vice President and COO Larry Abbott commented: "Our focus at Superior has been to fill our sales with fresh, top-quality consignments. So our sell-through rate continues to improve as a direct result of the high quality of consignments that we feature in our sales. I am especially pleased with the results of Part II of the Good River Collection, which realized almost $5 million. Looking forward, our Consignment Representatives have once again done an outstanding job of obtaining consignments for our next auction, so bidders can expect another large and diverse offering of the finest rare coins from Superior Galleries in our signature September 10-12 2006 Beverly Hills Pre-Long Beach Elite auction."
For further information about this Beverly Hills Elite Auction or to consign to Superior's future Elite Auctions, please contact Paul Song, Vice President of Auctions, at 310-203-9855 or paulsong@sgbh.com.
Superior Galleries, Inc. is a publicly traded company acting as a dealer and auctioneer in rare coins and other fine collectibles. The firm markets its products through its prestigious location in Beverly Hills and the company's web site at www.sgbh.com.
Included in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including express and implied statements concerning future growth potential, future revenues, income, results of operations, expansion plans, and expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward-looking statements will prove to have been correct. These forward-looking statements are subject to certain risks and uncertainties, including market and other conditions that may affect our ability to expand our auction and dealer activities and control our operating costs and risks identified in our SEC filings. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including sales levels, operating costs, distribution and competition trends, consumer preferences, and other market factors. Past sales performance may not be indicative of future results. No assurances are given that sales trends or sales performance on behalf of consignors or customers will continue.
