Superior Galleries exited the numismatic auction business in early April with the suspension of an April 2 auction in Santa Clara, Calif.
The announcement was made in a letter posted on the firm’s Web site.
“Although these decisions are in the long term best interest of all concerned, they are often not easy,” wrote Don Ketterling, CEO and president hired earlier this year by DGSE Companies, Superior’s owner.
“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,” he continued.
“Our immediate goals are to focus on our rare coin, precious metals and jewelry departments, all of which are vital, growing and profitable.”