SeeAuctions.com Going Strong after Only 6 Months

STILLWATER, Minn.--(EON: Enhanced Online News)--How does a start-up online auction and fixed-price site go from obscurity to prominence? At SeeAuctions.com, the key is giving both buyers and sellers a great product at a fair price. Plus, a bit of ambition doesn’t hurt.

“We plan on actually being the biggest site for the antique and collectible market”

“We plan on actually being the biggest site for the antique and collectible market,” said Mike Kranz Sr., owner of SeeAuctions, which is based out of Stillwater, Minn. “That’s what our goal is.”

The company is picking up buyers and sellers as word spreads about the business. One key area of interest drawing special attention has been the coin and currency market.

Although Kranz has had an online presence for years, SeeAuctions is a recent venture. “Realistically, we went full bore with it about six months ago,” he explained.

Growth has been swift. During the first week of April, SeeAuctions was ranked 226,767 by Alexa for total website traffic. To put that number in perspective, there were nearly 225 million websites worldwide in March, according to Netcraft.

Kranz said the current position represents a significant jump in the past month. About 30 days earlier, the site was ranked around 480,000. “It’s ahead of what I expected at this point.”

Much of the new traffic coming to the site is the result of marketing. “We do a lot of advertising,” he said. “We advertise in print publications. People are starting to take a lot of notice of that.”

The company’s free sales are attracting potential sellers. There is no catch or small print. Sellers can list an unlimited number of items for one year in the auction and fixed-price venues. There are no registration fees, no listing fees and no commission. There is also no charge to buy on the site.

Because SeeAuctions is relatively new, it doesn’t have the number of buyers and sellers associated with more established online companies. As such, Kranz sees the year of free sales as a way of working with dealers as he builds the business. “I don’t want to charge anyone for the site until it’s up to the performance that I want it to be. Right now they’re investing their time, which is like investing their money.”

Kranz added that the free sales might be extended, depending on the site’s development. At the point in time that SeeAuctions starts charging, probably next year, sellers will pay a flat fee of $29.95 per month or $289 per year for up to 50 listings per month; and 10 cents, respectively. No commission will ever be charged. The site caters specifically to antiques and collectibles. Potential sellers are interviewed prior to listing, which helps SeeAuctions weed out those who aren’t a good match for the venue. “Every person who signs up for our site, we call on the phone. We ask them where they sell now and what they sell,” said Kranz. That contact not only verifies that the seller has given them a legitimate phone number, but also brings credibility to the auction service. “We’re at least talking on the phone in person.”

Otherwise, merchants are given plenty of leeway. “We let sellers do business the way they want to. If they want to take checks, they can take checks. I don’t want to dictate how they do their business,” said Kranz.

Features on the site include sales of seven different durations, from one to 30 days; the option to automatically extend an auction for up to 10 minutes toward the close of the sale, eliminating sniper bids; a unique feedback system; a process for flagging suspect merchandise, such as reproductions; and the free importation of fixed- priced listings from eBay stores.

The coin and currency market has remained one of the most active categories on SeeAuctions. Kranz credited the company’s advertising campaign, which targets coin publications, as well as the ongoing international interest in that market.

“We geared for it. You follow the trends, and I’ve been in coins forever, so we knew it was cycling up,” he said.

“In the last year and a half, people have been putting their money into precious metals. Even the paper money, some of the rare currency has been selling well on the site. About 35 percent of the sales on the site are currency. A third of them are actually coins.”

The rarest items are selling the best, he noted. Also, graded coins and notes get extra attention, since buyers are assured of the condition. Among the top-selling items on the site have been South African Krugerrands and American silver coins. Recent fixed-price sales on SeeAuctions have included a 1976 1-ounce Krugerrand at $900. A 1-ounce gold bullion dollar featuring Mark Twain, from the American Arts Commemorative Series, dated 1981, also brought $900.

Other items sold at fixed prices included a 1928G $2 star note, described as “evenly circulated,” at $214.95; 1879-O Morgan silver dollar, MS-64, $470; 1909-O Barber half dollar, good condition, $155; 1921 Peace dollar, very good condition, $90; and a 1935F $1 silver certificate brought $41.80.

Auctions on the site yielded a 1923 $1 red-seal note said to be undergraded at EF-40, which realized $475; 1923 $1 blue-seal note, Gem 65, $297.50; 1907 $5 Woodchopper note, Parker/Burke signatures, VF-25, $205; 5,000 Wheat Cents dating from 1909 to 1959, $220; 1928 $20 note, EF-40, $135; 1832 Capped Bust half dollar, VF-30, $125; 1894-O Morgan silver dollar, $125; 1886 Morgan silver dollar, $45; and a 1931-S Lincoln Wheat Cent, MS-60, sold for $41.59.

“Probably right now the hottest thing on any Internet site is coins,” said Kranz. However, a variety of other antiques and collectibles is also attracting attention, including vintage advertising and sporting goods, especially fishing gear.

It’s not just the American crowd that’s buying and selling. “About 15 percent of our customer base is international now,” he noted.

Auctions are currently outpacing the fixed-priced side of the site. While the sell-through rate remains a relatively low 5 percent for auctions, Kranz suggested that the statistic isn’t out of line with much larger auction venues.

“It sounds like a bad number,” he said. “But realistically, if you do the research, on eBay it’s like 8 percent of the items sell, so it’s not as horrible as it sounds.”

To see what’s currently offered and for more information on buying and selling, visit www.SeeAuctions.com.

Also, see full article at Antiqueweek.com or SeeAuctions.com.

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