The First Art Newspaper on the Net Established in 1996 United States Monday, July 28, 2014


Online Auction Site, BillionaireXchange, Launches for Rich and Famous
The company said it has already played a role in the sale or exchange of more than $180 million in assets.

By: Burton Frierson

NEW YORK, NY (REUTERS).- Millionaires down on their luck now have a place to sell their mega-yachts, super-cars and family jewels without having to resort to the pawn shop.

An Internet auction site devoted to millionaires launches officially Monday and is likely to profit from the worst recession in decades, which has extended its reach to the rich and famous in the United States, BillionaireXchange said.

The company said it has already played a role in the sale or exchange of more than $180 million in assets during a 10-month test phase, and has noticed a trend of distressed transactions from U.S. clients.

"I would say that in the United States market that's probably the majority of the types of the transactions that we're seeing right now," Quintin Thompson, co-founder and executive partner of BillionaireXchange, told Reuters.

"Because of the current economic conditions in the U.S. we're seeing a lot of people who need to actually trade out or trade down from some of their luxury items and facilitate that transaction somewhere discreetly and privately so that they don't have to deal with the shame and or embarrassment of downgrade."

The company said its website aims to exploit a market niche between internet sales sites such as eBay, which are available to the general public, and auction houses such as Sotheby's and Christie's for fine art and collectibles.

Given the nature and price of items auction houses come to mind as potential competitors. But BillionaireXchange's completely on-line model, is likely to be a key difference.

The site facilitates sales and trades of everything from arts and antiques to commercial properties, businesses and foreclosed homes.

Above all else, it aims for privacy and exclusivity, requiring of prospective members a minimum of $2 million in verifiable net worth.

BillionaireXchange will charge sellers a fee of five percent of the sales and said it would have generated approximately $8.75 million in revenue had those fees been charged during the test phase.

The Miami-based company set high financial qualifications to make sure bidding for the high-priced items would be taken seriously, according to Thompson.

He said the firm counts among its clients professional athletes and A-list actors. Overall, the five-member firm claims more than 26,000 multi-millionaires as well as "nearly a dozen" billionaires as its members.

(Reporting by Burton Frierson)


BillionaireXchange | Quintin Thompson | Internet Auction Site |


Today's News

November 10, 2009

Leaders from Around the World Celebrate 20th Anniversary of Fall of Berlin Wall

Sotheby's Greek Sale in London Sets Four New Records

Beyonce Visits the Pyramids in Egypt while on Her "I Am ..." World Tour

Recently Rediscovered Velázquez Painting Featured in New Exhibition

National Museum Wales Acquires Picasso's "Still Life with Poron"

Art Dubai Announces Dates for Its 2010 Contemporary Art Fair

Multifaceted Artist Beat Takeshi Kitano to Exhbit at Fondation Cartier

Exhibition Considers how Art and Magic often Share Common Ground

Online Auction Site, BillionaireXchange, Launches for Rich and Famous

Sotheby's is Set to Exhibit Artworks by Some of Kazakh's Leading Artists

Japanese Manga Comes to London's British Museum

Bowes Museum Returns Historic Stones To Original Setting

Michener Art Museum Hosts Major Exhibition of Edward Weston Photography

ICA will Present Acclaimed International Group Exhibition

All New Works by Conor Harrington at Lazarides in London

National Museum of the American Indian Opens "IndiVisible" Exhibition

New Orleans' Exhibit Offers Sights, Sounds of WWII

Hebrew Bible Looted by Nazis Being Sent to Vienna

Glenn Ligon Wins 4th Joyce Alexander Wein Artist Prize

Smithsonian's Archives of American Art Presents Artists' Holiday Cards

Most Popular Last Seven Days



1.- Archaeologists discover Roman 'free choice' cemetery in the 2,700-year-old ancient port of Rome

2.- Romanians must pay 18 million euros over Kunsthal Museum Rotterdam art heist

3.- Hello Kitty designer Yuko Yamaguchi defends cute character as cat turns 40 years old

4.- eBay and Sotheby's partner to bring world class art and collectibles to a global community

5.- Exhibition on Screen returns with new series of films bringing great art to big screens across the globe

6.- Marina Abramović reaches half way point of her '512 Hours' performance at the Serpentine Gallery

7.- The Phillips Collection in Washington introduces a uCurate app for curating on-the-go

8.- United States comic icon Archie Andrews dies saving openly gay character

9.- New feathered predatory fossil, unearthed in China, sheds light on dinosaur flight

10.- Exhibition at Thyssen Bornemisza Museum presents an analysis of the concept of the 'unfinished'



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Rmz. - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
produces:

ignaciovillarreal.org theavemaria.org juncodelavega.org facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site