EBay for the rich: New auction site helps millionaires quietly offload pricey wares


In another sign the economy has plumbed new depths, the rich (who, need it be said, aren't like you and me) have a new, high-tech way to unload their lavish wares -- the Internet. U.S. millionaires down on their luck and looking to offload those heirloom family jewels, or that underutilized limousine, can now turn to an online auction site exclusively for the jet set called BillionaireXchange.

The company says it already has helped sell some $180 million in assets during a 10-month test phase, and has noticed an increase in the number of distressed transactions in the U.S., Reuters reported. "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 the news agency.