DGSE Companies Inc. (NASDAQ: DGSE), the core company behind the Dallas Gold and Silver Exchange, recently announced that its recent Superior Galleries acquisition just completed its first successful auction under DGSE ownership, spurring share prices up 33 percent to $4.06 a share.
According to the announcement, the sales pulled from the auction totaled just over $2.5 million. The 1,108 lot sale was reportedly held just prior to the 2007 ANA World’s Fair of Money annual convention.
“We are very pleased to have expanded the continuing strength of our recent auctions and our ability to offer the freshest material to our clients,” DGSE Executive Vice President Larry Abbot said in the statement.
As the name implies, Dallas Gold and Silver Exchange sells and auctions off jewelry, diamonds, watches, metal bullion, rare coins, and other precious metal-based items through varies galleries and exchanges. In addition to the above-mentioned Superior Galleries, the DGSE also has retail facilities in Dallas and Euless, Texas; Charleston, S.C.; and Beverly Hills, Calif.; and also sells a growing part of its stock through increasingly popular live Internet auctions.
Abbot went on to discuss his company’s upcoming auction in Beverly Hills.
“This event will feature the exceptional Stephen Cooper Collection of type coins, and as well the equally notable Bill and Judy Burgess Collection of type coins,” Abbot said. “Both consignments are loaded with classic pieces that are in older or first generation holders, and are fresh to the market after years, if not decades, of being in storage.”
William H. Oyster, the president and COO of DGSE, was impressed with DGSE’s progress.
“This auction, along with the launch of American Gold and Silver Exchange, marks the beginning of a series of new activities for DGSE,” Oyster said. “Superior’s long history of excellence as a premier auctioneer and coin dealer is a platform that DGSE intends to utilize to expand into new and dynamic markets.”
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