Another one bites the dust-- Superior is sold! Anyone need a Rolex?

Longacre · January 12, 2007 1:09PM

I just got this email from Superior. I think things are VERY bad in the numismatic world if major firms are getting acquired, merged, or being sold off. What do you think of Superior's annoucement? If I am in the market for a Rolex, at least I know where to go.

**************

SUPERIOR GALLERIES

January 12th, 2007

Dear valued Customer,

As you may have seen in our recent press release (see link below),

http://biz.yahoo.com/bw/070109/20070109005916.html?.v=1

Superior galleries, Inc. is now being managed and soon will be acquired
by DALLAS GOLD & SILVER EXCHANGE, Inc. (a publicly traded company on
the Nasdaq Exchange). An important part of this transaction is that
Superior Galleries, Inc. now has access to substantial, fresh capital that
was not available before.

If you are a coin seller, this means we have money to spend and would
love to look at your coin collection should you wish to turn part or all
of it into cash!

If you are a coin buyer, we have new and fresh inventory to choose from
and will be adding more on a daily basis. If you would like to buy or
sell coins at one of our Auctions, they will be bigger and better then
ever! The new Superior Galleries, Inc. appreciates your business and
loyalty and looks forward to satisfying all of your coin needs in 2007!

If you would like to buy or sell coins, please call TOLL FREE
(800)421-0754. There is still time to consign to our upcoming Santa Clara
auction. Please call Paul Song or Larry Abbott to discuss a special 40%
discounted seller?s fee for your consignment to this important sale.

Also, our relationship with DALLAS GOLD & SILVER EXCHANGE, INC. now
gives us access to diamonds, bullion, Rolexes and other high end watches.
In fact, we will be opening a beautiful jewelry showroom with millions
of dollars of inventory at the address below. If you would like to buy
or sell diamonds, watches, bullion or other precious metals, please
stop by our showroom.

Warm Regards,

Larry Abbott
Superior Galleries, Inc.
Executive Vice President
9478 W. Olympic Blvd. Beverly Hills, CA 90212
Toll Free# (800)421-0754
Phone# (310)203-9855
Fax# (310)203-0496
E-Mail: larrya@sgbh.com

ziggy29 · January 12, 2007 1:12PM

And most acquisition targets are being bought by public companies. Which means they'll soon be managed to not give a damn about the long term as long as they can meet their current quarter's earnings target.

Ain't it grand?

JRocco · January 12, 2007 1:16PM

Numismatics did fine BEFORE Superior, and numismatics will do fine AFTER Superior.

The sky really isn't falling and we are NOT going to get hit by a killer asteroid next week (I hope)....relax, have a beer and enjoy your coins or sell them and move on to something else....

Or write a book

etexmike · January 12, 2007 1:18PM

I got that same email from Mr. Abbott.

Surprises all over the place.

Who is next?

-------------

etexmike

mrearlygold · January 12, 2007 1:20PM

What happened to Sil?

DickyBetz · January 12, 2007 1:21PM

Big Deal.

Edited to add: I dont think that this will really affect anything numismatically speaking. It might affect Superior and its customers, but not coins as its own entity.

ILikeMercs · January 12, 2007 1:27PM

I guess this means no more good BIN's...........

Bear · January 12, 2007 1:31PM

Not really a surprise

poor management
poor follow thru
losing market share
high overhead

Trime · January 12, 2007 1:36PM

Heard today by phone call from Superior.
The importance of the buy out will be determined. if it is used as an outlet for wholesale coins then maybe not quality over profit.

BlindedByEgo · January 12, 2007 1:36PM

I just passed by their building a couple weeks ago - pointed it out to my CFO. Nice digs.

keets · January 12, 2007 1:51PM

wasn't this known, speculated or talked about back at the end of the summer?? i actually thought Superior had already been sold and figured this thread was old news.

ziggy29 · January 12, 2007 1:53PM

Actually, I was hoping to buy the business by hitting their BIN for a buck. Damn!

RYK · January 12, 2007 1:56PM

<< Actually, I was hoping to buy the business by hitting their BIN for a buck. Damn! >>

While that is indeed humorous, it is even funnier that the business might be worth quite a bit less than a buck, and the joke would be on you.

To me, this news is a non-event, as both parties are completely irrelevant to my personal numismatic sphere.

WTCG · January 12, 2007 1:56PM

This news has already circulated for several months around dealer circles, but I am surprised that it's taken this long to release this information to the public.

I certainly wish the new Superior Galleries the best of luck. Love Sil or not, he is one of the sharpest minds in the business today.

Nobody has bitten the dust. Superior Galleries will still be around for a while.

keets · January 12, 2007 2:38PM

thanks for verifying that, Wei, i thought maybe i was having deja vu or maybe a flashback of some kind!!!

Coxe · January 12, 2007 2:53PM

<< Actually, I was hoping to buy the business by hitting their BIN for a buck. Damn! >>

Good one!

StampAlarm · January 12, 2007 3:43PM

I thought it had been discussed here too. I remember commenting in some thread about bidding in DGSE auctions. They were fun. Three rings, a necklas, one watch, and 3 coins. And that's what they would have up or some mixture there of.

Did anybody pay attention to Superior's Pre-FUN Sale? I heard there weren't a lot of people attending.

Jerry

FullStrike · January 12, 2007 6:50PM

As long as Blue Moon Coins is there to srrvice my every need - what do I care about all the others?

Trime · January 12, 2007 7:11PM

I have purchased some very nice coins at Superior auctions over the years. "Judge the coin not the house."
On a different tack, has the competition from different auction houses had an impact on the buy side juice. It undoughtedly has on the sell side.

Torrero · January 12, 2007 11:01PM

I think the more recent merger announcements I saw explained that the Dallas company was LOWERING its bid for Superior (after they did some more due dilligence work no doubt). I've never met Sill but heard he's a smart guy. But lots of smart people fail and I don't think this Abbott has the clout to repair Superior's reputation.

Jay

bidask · January 12, 2007 11:10PM

If I could buy a coin firm today it would be R A R C O A. Good old name.

Spinks, in London a 340 year old firm, went CHEAP, under 8 million I heard.

ColonialCoinUnion · January 12, 2007 11:37PM

<< I think things are VERY bad in the numismatic world if major firms are getting acquired, merged, or being sold off. >>

Do you feel the same way about such activity in other industries?

410a · January 12, 2007 11:53PM

So what? I thought it was a rather nice letter. Superior has had its
difficulties for years they hung in long enough and now will be better
for it all.
Look at Bowers and ?? and ?? The man's name was so important
someone bought it or absconded with it through wise business
dealings. Big deal. Now, ANR is with Stack's and I see much improve
ment for Stack's, a nice NYC company which I would hate to see
not there in Manhattan.
So this big company is grouped with auctions and Bowers name
and NACT and stock offerings and it does or doesn't work out.
Well, OK. Good luck to the principles in the future many good people.
This type of thread is worse that having some one say "That's an
Anac's coin or an NGC coin" NO ITS NOT!!!! It is a US coin housed
in one of their holders. POINT? There US coins sold by different
people and companies. Companies that I don't think should be
public stock offerings. They are quasi industries at best involved in
the redistribution of a limited supply product and the redistribution
of monies that already exist and don't create any new monies.

IrishMike · January 13, 2007 12:19AM

<< 

<< Actually, I was hoping to buy the business by hitting their BIN for a buck. Damn! >>

While that is indeed humorous, it is even funnier that the business might be worth quite a bit less than a buck, and the joke would be on you.

To me, this news is a non-event, as both parties are completely irrelevant to my personal numismatic sphere. >>

Post a picture of your numismatic sphere!

wayneherndon · January 13, 2007 12:30AM

The Superior sale is very old news. I guess they are now getting around to integrating the two.

prenum · January 13, 2007 2:50AM

This deal was announced months ago. Bottom line smaller positive cash flow firm buys larger negative cash flow firm. Has absolutely nothing to do with numismatic expertise and everything to do with cash management. [see related BK thread]

Superior merger

Another one bites the dust-- Superior is sold! Anyone need a Rolex?

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