STAMFORD, Conn., March 30, 2016 /PRNewswire/ -- Auction House Portal, a startup company and reverse auction service provider to the global auction industry, announced today the launch of www.auctionhouseportal.com to directly connect luxury asset consignors to auction houses worldwide. The company is well positioned to manage a ≈$50 billion inventory supply chain for the global auction industry by connecting sellers with auction houses at scale.
The new platform facilitates anonymous, no cost or obligation introductions of sellers to auction houses, providing an easier means of consigning assets to the right auction house with the best expertise at reduced fees. The portal's reverse auction software allows auction houses to competitively bid against their peers for seller inventory, with auction houses gaining online access to a global pipeline of new asset inventory and ultimately, new revenues.
Today's beta launch allows user registrations and motorcar listings for sellers, with limited access to the initial inventory of vintage and collector cars for registering auction houses; with all luxury asset categories to follow thereafter.
"The seller and auction house relationship is a centuries-old engagement that has yet to be disrupted by technology – until now," said Warren Pickard, Co-Founder. "Auction House Portal provides a faster, more intelligent, less expensive way for sellers to consign their assets to auction houses, and may dramatically increase the number of sellers that utilize them. In doing so, we're uniquely positioned to bring billions in assets to market, and create an inventory supply chain for the global auction industry by connecting sellers with auction houses at scale."
"With a no cost or obligation anonymous listing, sellers receive competing quotes from auction houses which they compare for the best fees, expertise, ratings and reviews," SVP of Business Development Robert Minnick added. "Sellers save time; up to 50% on seller fees; and they maximize their hammer price with the best expertise. Meanwhile, auction houses save on marketing costs and gain access to a new inventory pipeline for maximum revenues at each auction."
Auction House Portal solves the most critical challenges sellers face when seeking to overcome barriers to entry for auction representation. These include: negotiating escalating fees, securing specialized expertise, finding regional firms, access to ratings and reviews, evaluating multiple fee offers and comparing brick and mortar with online houses.
CMO John Crawley stated "According to Hagerty, over $1.45B in vintage and collector cars were sold at auction in 2015 just in the U.S., an 18% annual growth in car auction sales since 2009. Given the depth of our team's experience with rare motorcars, our first inventory will be vintage & collector cars, with all other asset categories to follow."
About Auction House Portal, Inc. Auction House Portal Inc., provides a unique reverse auction platform to the global auction industry. Our mission is to provide sellers a new, more intelligent way of consigning assets to the right auction house, with the best expertise and at the most competitive fees possible - all to maximize seller's final hammer price. While providing auction houses with a robust, single source, global supply chain of new asset inventory and revenues. Auction House Portal is a privately held startup company with offices in Stamford, Connecticut and is a wholly-owned subsidiary of Luxury Trading Club.