Gold exchange buys stake in auctioneer

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The South African Gold Coin Exchange (SAGCE) and The Scoin Shops have acquired a substantial stake in the South African decorative and fine arts auction house Stephan Welz & Co‚ it said on Friday.

Stephan Welz & Co was founded in 1968‚ making it one of the country’s long-established auction houses. It has offices in Cape Town and Johannesburg.

“Our decision to invest in Stephan Welz & Co. stems from the synergy that exists between our two companies. Stephan Welz & Co. and SAGCE are established companies with 84 years of combined expertise. Joining forces will enable us to extend our offering of collectables to our customers‚ as well as a new channel‚ such as auctions‚ to add to our 35 Shops and our various broker networks countrywide” said Alan Demby‚ SAGCE’s executive chairman.

“The combination of our expertise‚ acquired over many years‚ will enhance the specialist service we offer to collectors and investors alike and create synergies‚ as we auction coins in addition to our valuation services and our private treaty sales‚” added Dr Fred Scott‚ managing director of Stephan Welz& Co. - I-Net Bridge

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