Superior Galleries a division of Dallas Gold & Silver Exchange (DGSE) abruptly announced that they were suspending all auction activities effective immediately. This includes the scheduled Santa Clara Auction that was to have started yesterday.
The following notice was posted on the Superior Galleries web site by Superior President and CEO Don Ketterling:
Quote:
Dear Friends and Clients of Superior,
We are all facing challenging economic times which require resourcefulness and creativity. Although these decisions re in the long term best interest of all concerned, they are often not easy. Such is the case with our recent decision to suspend all our auction activities beginning with the April 2 Santa Clara Sale.
The current market conditions have forced us to reassess where our strengths lie both in terms of our business model and also for our client's best interests. Every auction company is experiencing reduced revenue and declining consignments which coupled with reduced buyer activity spells unacceptable results for auction prices and. most importantly our client/consignors.
Our immediate goals are to focus on our rare coin. precious metals and jewelry departments, all of which are vital, growing and profitable. We continue to seek talented and experienced individuals for all these activities and forecast a vibrant and exciting second half of 2009. On a personal note, I would like everyone to know that Superior stands ready as a valuable resource for all our clients and colleagues.
Sincerely,
Don Ketterling
President & CEO
Superior Galleries, Inc.
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Posted 04/03/2009 4:17 pm
