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WorthPoint CEO Outlines Plan to Revitalize Collectibles Marketplace
Jul 31, 2009 (09:07 AM EDT)
ST. SIMONS ISLAND, Ga., July 31 /PRNewswire/ -- Will Seippel, the President & CEO of WorthPoint Corporation ( HASH(0x172fb80) ) this week told a gathering of Georgia auctioneers that his Atlanta-based company is unveiling a major initiative that promises to boost auction business. WorthPoint's new product offerings will benefit online auction providers and facilities based auction houses by revitalizing collecting and making it attractive to the younger generation, while at the same time assisting financially-stressed American families in supplementing their incomes.
Speaking to the Summer Conference of the Georgia Auctioneers Association, Seippel said that the deep recession has caused millions of American families to seek ways to bolster their financial situation. Quoting a Merrill Lynch study, Seippel noted that American households own more than $4 trillion worth of consumer durable goods, many of which can be turned into cash. "Baby Boomers -- and their parents -- are shedding or transferring assets as they downsize," said Seippel.
"We're talking about the silverware, the old antique couch in the basement, and unwanted or expensive art," Seippel said. "As the Merrill Lynch economist noted, we're seeing the beginning of what's going to be a giant, nationwide yard sale. And beyond that, we're evolving from a culture of consumption to a culture of frugality."
Seippel told the group that the WorthPoint initiative will make information from participating auction houses available to everyone; help families better understand, identify and value items they own and how to buy, sell or preserve them; plus it will help auction houses broaden the marketing of their services to reach more trading partners.
"Globally, more than 100 million people are involved in collectibles, a market that's been estimated at $150 billion," Seippel said. He went on to describe the WorthPoint Web site as a "Go To" resource that will contain 100 million antiques' and other collectibles' realized prices along with almost one billion pictures by the end of 2010. "We aggregate and classify data from more than 500 auction houses and eBay; additional resources we offer include more than 50 subject matter experts -- 'Worthologists' -- who have thousands of years of domain experience."
Asked to describe WorthPoint in 10 words or less, Seippel quipped: "We're Bloomberg and the Antiques Road Show combined."
Atlanta-based WorthPoint Corporation ( HASH(0x17202b0) ) is an Internet-based information and media company that offers a vast database of sales records on art, antiques and collectibles. Founded in 2007, WorthPoint has quickly become the world's largest resource for researching the worth of these items. WorthPoint helps collectors understand the worth of their items and provides expert advice from its international team of Worthologists on how to preserve or sell them. Last fall, WorthPoint acquired Dublin, Ohio- based GoAntiques, the oldest antiques-and-collectibles site on the Web. More recently, WorthPoint signed a seven-year partnership agreement with Terapeak, the industry leader in eBay research and education.
SOURCE WorthPoint Corporation
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Web site: http://www.worthpoint.com/