Exhibit 99.2

                      SUPERIOR GALLERIES Q3 FY 2006 RESULTS

                           MODERATOR: SILVANO DIGENOVA
                                  MAY 16, 2006
                                   1:30 PM PT

Collins:            Thank you, Operator. Good afternoon everyone and welcome to
                    the Superior Galleries conference call for the Company's
                    fiscal 2006 third quarter, which ended March 31, 2006.

                    As the Operator said, my name is Sean Collins, a Senior
                    Partner with CCG, the Company's Investor Relations counsel.
                    In a moment you will hear from the company's CEO, Silvano
                    DiGenova, and its Executive Vice President and Chief
                    Operating Officer, Larry Abbott.

                    But we'd like to begin with the following statement: The
                    Company wishes to take advantage of the Safe Harbor
                    Provision of the Private and Securities Litigation Reform
                    Act of 1995 with respect to statements that may be deemed to
                    be forward-looking statements under the Act.

                    Such forward-looking statements may include general or
                    specific comments by Company officials about future
                    performance as well as certain responses to questions posed
                    to the Company's officials about future operations.

                    The Company wishes to caution participants in this call that
                    numerous factors could cause actual results to differ
                    materially from any future forward-looking statements. These
                    factors include the risk factors set forth in the Company's
                    SEC filings.

                    Any forward-looking statements made in this call speak only
                    as of the date of the call and the Company undertakes no
                    obligation to revise or update any forward-looking
                    statements whether as a result of new information, future
                    results or otherwise.

                    Following management's prepared remarks, we will open the
                    call to questions from members of the investment community.
                    Please note that any journalists monitoring the call are
                    welcome to contact management or CCG separately following
                    the call's conclusion.

                    So with that said, it's my pleasure to turn the call over to
                    the Chairman, President and CEO of Superior Galleries,
                    Silvano DiGenova.

                    Sil?

Silvano DiGenova:   Thank you. I'm Silvano DiGenova, Chairman and CEO of
                    Superior Galleries. I'm joined here today by Larry Abbott,
                    our Executive Vice President and Chief Operating Officer.

                    Earlier, we issued a press release on the financial results
                    of the quarter and nine-month period ended March 31, 2006.
                    If you're at a computer, you can go to our Web site, which
                    is www.sgbh.com, scroll down to the page to Press Releases
                    under 'Superior in the News' in the left-hand column, click
                    on 'Press Releases' and you'll see it.

                    Or if you prefer, you can contact CCG at 310-477-9800.

                    To summarize: For the fiscal 2006 third quarter ended March
                    31, 2006, we reported record revenues of $15.1 million, a
                    29% increase over the $11.7 million in revenues in the
                    corresponding period of the prior year.

                    We believe there are both internal factors and external
                    forces that are driving our record revenue performance, and
                    we believe they will continue to position us for good
                    financial results in coming quarters.

                    The internal factors include achievements we have mentioned
                    in our conference calls in recent months:

                       1) The significant upgrade to our website and its
                    e-commerce functionality;

                       2) Improvements to our management team and our sales
                    force;

                       3) And various business-building initiatives such as our
                    online-only "Collectors' Auctions," expanded advertising, a
                    shift to high-quality consignments that we have spoken of in
                    recent conference calls, and related strategies.

                    Supporting all of these is the expanded access to capital
                    that we gained from our largest shareholder, Stanford
                    Financial, in 2005 and our more recent designation as
                    preferred supplier and exclusive auctioneer for Stanford's
                    member company, Stanford Coin and Bullion.

                    The external factors supporting our outlook are well-known
                    to anyone who has been paying any attention at all to
                    domestic and international news in recent months.

                    Gold recently reached its highest price since 1980. Many
                    market commentators are seeing this as a symptom of investor
                    uncertainty about the prospects for the stock and bond and
                    other investing markets, and as evidence a "yearning for
                    yield" on the part of many investors. Other metals, both
                    precious and base metals, are following suit.




                    Oil prices are zooming upward, as any driver knows. There
                    are fears about further rises in the price of oil, further
                    erosion in the value of the U.S. dollar, and potential
                    international unrest in areas of the world, especially
                    oil-producing regions, ranging from Iran and Nigeria to
                    South America.

                    As in past times of economic uncertainty, many investors
                    seek to hedge their risk by investing in gold bullion, and
                    the wisest of them also invest in rare coins. They realize
                    that bullion is bullion, and its commodity price is its
                    market price. In contrast, many rare coins have market value
                    and potential for appreciation in excess of their intrinsic
                    commodity price. So a shrewdly composed portfolio of coins
                    can, over time, strongly outperform stocks, bonds and
                    commodities and can serve as a welcome hedge against turmoil
                    in other investments. Coins are also more portable than
                    bullion and have tax advantages in many jurisdictions.

                    We believe that the improvements we have made to our
                    company's operations are coming together and gaining
                    traction now, as reflected in our third-quarter results.

                    We also believe that the combination of these internal
                    improvements plus the external forces I've just outlined
                    will positively impact our financial performance in coming
                    quarters.

                    Before I outline further strategic highlights and our
                    outlook, our COO Larry Abbott will review our financial
                    results for the quarter and nine months ended March 31,
                    2006.

                    Larry?

Larry Abbott:       Thank you, Sil. As Sil mentioned, in the third quarter, we
                    reported revenues of $15.1 million. This marked a
                    year-over-year improvement of $3.4 million, or 29%, over
                    revenues of $11.7 million for the prior-year quarter. As
                    noted in our 10Q, the year-over-year improvement was
                    primarily due to strong market demand for rare coins, which
                    we believe was caused in part by rising gold prices, rising
                    oil prices, and numerous other factors that continue to
                    create overall uncertainty in the stock and bond markets.

                    We are meeting this higher market demand with both higher
                    levels and improved quality of inventory. These inventory
                    improvements continue to reflect in part the financing
                    provided to us in 2005 by Stanford Financial, our largest
                    shareholder.

                    Our quarterly commission income improved year over year, to
                    $1.2 million, or 8% of total revenues, from $725,000, or 6%
                    of revenues. As many of you know, our commission income
                    incurs minimal cost of sales, and varies from period to
                    period based on the mix of wholesale and retail revenues in
                    any given quarter. Commission income was influenced
                    positively by the timing of one auction which has fallen in
                    our fourth quarter in prior years, but which was in the
                    third quarter this year.




                    In the third quarter, the shift to higher-quality
                    consignments that Sil mentioned also had the effect of
                    raising hammer prices.

                    Hammer prices for the March 2006 quarter increased 24% year
                    over year, From $8.1 million in the prior-year quarter to
                    $10.1 million in the March 2006 quarter.

                    Our cost of sales totaled $12.1 million, or 80% of revenues
                    for the third quarter of fiscal 2006. This compares with
                    cost of sales totaling $9.7 million, or 83% of total
                    revenue, in last year's third quarter.

                    Gross profit for the three months ended March 31, 2006
                    improved year-over-year to approximately $3 million, or 20%
                    of total revenues, versus approximately $2 million, or 17%
                    of revenues, in the prior-year quarter.

                    In the third quarter of fiscal 2006, selling, general and
                    administrative expenses totaled $2.4 million, or 16% of
                    revenues, as compared with $2.1 million, or 18% of revenues,
                    in the prior-year quarter.

                    The dollar increase primarily reflects adding key staff to
                    our team, Employee compensation and commissions increased
                    year over year by $238,000 for the third quarter.

                    Third-quarter SG&A also included approximately $81,000 in
                    expanded investor relations and public relations expenses,
                    $52,000 in higher travel and other sales-related costs,
                    $89,000 in employee stock options expenses, plus
                    internet-related fees and commissions of $33,000 and higher
                    e-commerce consulting expenses of $22,000. Given these
                    higher expenses and costs, we are pleased that SG&A as a
                    percentage of total revenues declined 200 basis points year
                    over year.

                    Third-quarter operating income of $578,000 represented a 1%
                    year-over-year decline as compared to the prior-year
                    third-quarter's operating income of $679,000.

                    Our third-quarter net income was $451,000, or 9 cents per
                    basic share, 5 cents diluted, versus a net loss of $203,000,
                    or 4 cents per basic and diluted share, for the prior-year
                    quarter.

                    As noted in our 10Q filing and press release, we recorded a
                    one-cent-per-share extraordinary gain that stemmed from
                    early repayment of the balance of a $1.9 million line of
                    credit.

                    For the nine months ended March 31, 2006, total revenue
                    increased 24%, from $29.3 million in the first nine months
                    of fiscal 2005 to $36.3 million in the most recent
                    nine-month period. This included a 22% revenue increase in
                    the wholesale segment and a 27% increase in retail sales,
                    year over year.



                    Commission income, which can vary from one quarter to
                    another as noted, increased 25% comparing the two nine-month
                    periods, from $1.6 million in the fiscal 2005 nine months to
                    $2 million in the nine-month period ended March 2006.

                    Meanwhile, our nine-month cost of revenues increased 26%, to
                    approximately $30 million, or 82% of revenues, as compared
                    to $23.7 million, or 81% of revenues in the prior-year
                    period.

                    Nine-month gross profit totaled $6.5 million, or 18% of
                    sales, a 14% increase from $5.7 million, or 19% of sales, in
                    the prior-year period.

                    Meanwhile, due to additions to staff and other
                    business-building efforts, nine-month SG&A expenses were up
                    23% year over year, to $6.9 million, from $5.6 million. SG&A
                    as a percentage of sales, however, remained at 19% comparing
                    the two periods.

                    Our operating loss totaled $393,000 for the fiscal 2006 year
                    to date, versus operating income of $73,000 for the
                    corresponding period of fiscal 2005.

                    This reflected business-building investments throughout the
                    nine-month period, as well as the effects of increased
                    competition that we have discussed in prior conference
                    calls.

                    Our nine-month net loss totaled $772,000, or 16 cents per
                    share, compared to a $208,000 net loss, or 5 cents per
                    share, in the prior-year nine-month period.

                    Again, we recorded a one-cent-per-share extraordinary gain
                    that stemmed from early repayment of the balance of a $1.9
                    million line of credit, and our nine-month loss per share of
                    sixteen cents is net of that.

                    Turning to the balance sheet, our cash increased slightly,
                    to $471,000 at March 31, 2006, from $417,000 at June 30,
                    2005. Our accounts receivable also increased, to $5.2
                    million at March 31, 2006, from approximately $5 million at
                    June 30, 2005.

                    Inventories increased approximately 8.2% during the first
                    nine months of the year, to $9.4 million at March 31, from
                    $8.7 million at our June, 2005 fiscal year-end.

                    Cash provided by our operating activities totaled $915,000
                    for the nine months ended March 31, 2006, versus cash used
                    in operations of $887,000 at the same point of the prior
                    year. For further details on these items, please consult our
                    10-Q filing for the period ended March 31, 2006.

                    Now I'll turn it back to Sil for additional commentary on
                    our strategy and outlook.




Silvano DiGenova:   Thanks, Larry.

                    In news reported following the close of the March quarter,
                    we reported prices realized of $2.4 million during our March
                    30 to 31 Santa Clara Elite Auction. This event was anchored
                    by significant private collections, including the Megan
                    Collection and The Property of a Lady, and was an
                    unqualified success, with almost 75% sold by lot and dollar
                    value.

                    As we have noted in recent conference calls, enhancing our
                    Elite Auction offerings fits with our overall strategy to
                    use our Elite auctions and our monthly online-only
                    Collectors' Auction events to gain significant new
                    customers. These "life-cycle" customers then receive the
                    exclusive, top-level numismatic expertise of our Private
                    Client Services Group.

                    As we reported on our last conference call, we have been
                    selected by the State of California to serve as the
                    exclusive auctioneer for unclaimed property, including rare
                    coins, jewelry and other high-end small collectibles from
                    personal estates lacking designated legal beneficiaries.

                    We held the first of these events in early May, during our
                    fiscal fourth quarter.

                    Our first event of this kind featured a wide variety, and
                    surprisingly high quality, of vintage pocket watches, top
                    name brands of wristwatches, large amounts of jewelry,
                    bullion, and assorted high-end collectibles.

                    We continue to anticipate conducting about two auctions per
                    year under this program.

                    As we have noted, we do not expect these unclaimed property
                    auctions to contribute significantly to the bottom line.

                    But this program does add a third auction to our
                    fourth-quarter schedule. And we anticipate that these
                    unclaimed property auctions will serve to broaden and extend
                    our customer base going forward.

                    Looking ahead, as we announced in our April 13 press
                    release, we have secured the landmark Good River Collection
                    for our May 28th to May 30th Beverly Hills Elite Auction.

                    This multi-million-dollar consignment includes hundreds of
                    rare and high-grade coins, and represents further proof of
                    our strategic shift toward emphasizing and specializing in
                    top- quality consignments. We look forward to seeing you at
                    our exclusive Beverly Hills showroom to preview this
                    collection, at the Beverly Hills Elite Auction itself and at
                    our other future auctions. We believe this may well prove to
                    be our biggest auction in terms of total dollar-value sold
                    since 2001.




                    The take-away we'd like you to keep in mind from our
                    prepared remarks today is this:

                    We have spent several quarters positioning Superior
                    Galleries to take optimal advantage of the ongoing
                    geopolitical and economic trends that are driving increased
                    demand for rare coins.

                    We believe that our record results of this quarter reflect
                    permanent operational improvements, and that our strong
                    performance will continue in coming quarters.

                    With continued high oil prices, continued high metals
                    prices, the decline in the dollar exchange rate and ongoing
                    uncertainty affecting other kinds of investments, we are
                    seeing investors continue to become new and higher-quality
                    Superior Galleries clients to balance and hedge their
                    portfolios.

                    We are better prepared to serve them than ever before in our
                    company's history, and based on that, we hope to report
                    continued strong financial performance going forward.

                    So at this time I'd like to open the call to questions.

Operator:           At this time I would like to remind everyone, if you would
                    like to ask a question please press star then the number 1
                    on your telephone keypad. We will pause for just a moment to
                    compile the question and answer roster.

Silvano DiGenova:   Well we'd like to thank you all for your time and attention
                    1and we look forward to speaking to you about our
                    fourth-quarter and full fiscal year 2006 results in a few
                    months. Thank you all.

Operator:           Ladies and gentlemen, this concludes today's Superior
                    Galleries' conference call. You may now disconnect.

END