AP NEWS

Invaluable Secures U.S. Patent Allowing It to Consolidate Online Bidding across the Auction House Industry

June 13, 2018

BOSTON--(BUSINESS WIRE)--Jun 13, 2018--Invaluable, the world’s leading online marketplace for fine art, antiques and collectibles, today announced it has secured a U.S. Utility Patent that paves the way for the company to consolidate and streamline online bidding technology across the auction industry.

Invaluable CEO Rob Weisberg said the patent recognizes the unique live auction bidding console technology developed and managed by Invaluable and offers intellectual property protections from any U.S. companies. Invaluable has applied for the same protections internationally; that application is pending.

“I consider it a game-changer for our company and for auction houses everywhere, setting Invaluable apart as the go-to platform to consolidate the auction industry,” said Weisberg.

The Invaluable technology aggregates all online live auction marketplaces and funnels bids to a single auction house clerk utilizing one clerking console powered by Invaluable. This integration spares auction houses from having to use multiple clerks to take bids from several online live marketplaces and sort them in real time during a sale and manage them post-sale. It gives auction houses the ability to efficiently scale up their online sales - vital for growth in the challenging and competitive auction industry, said Weisberg.

The patent award from the U.S. Patent and Trademark Office came after a four-and a half-year application process, said D.J. Charles, the company’s Chief Technology Officer. Sotheby’s and eBay have used Invaluable’s console technology to power their live auction sales for the last three years, said Charles.

Additionally, Invaluable has filed a secondary “continuation-in-part” application to extend the patent on live auction bidding technology to further include timed auctions, said Charles.

For more information on Invaluable, to view upcoming auctions and shop from galleries and dealers, please visit www.Invaluable.com.

About Invaluable Invaluable is the world’s leading online marketplace for buying fine art, antiques and collectibles. Working with more than 5,000 of the world’s premier auction houses, dealers and galleries, Invaluable helps buyers from nearly 200 countries connect with the things they love. With best-in-class online bidding technology, along with a fixed-price retail platform, Invaluable provides sellers with e-commerce and marketing solutions, as well as auction management software. Recently called “one of the fastest growing e-commerce sites in the art world” by Blouin ArtInfo, Invaluable has also been recognized by Deloitte’s Technology Fast 500™ and the EY Entrepreneur Of The Year ® program in both 2015 and 2016. Headquartered in Boston, Invaluable also has offices in the United Kingdom, France, Germany, Belgium and Australia. For more information, visit  www.invaluable.com  or follow us on Twitter at  @InvaluableLive.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180613005378/en/

CONTACT: Invaluable

Andrew Gully, 978-886-3200

agully@invaluable.com

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: ENTERTAINMENT ARTS/MUSEUMS TECHNOLOGY ONLINE RETAIL INTERNET SOFTWARE SECURITY MOBILE/WIRELESS RETAIL

SOURCE: Invaluable

Copyright Business Wire 2018.

PUB: 06/13/2018 05:00 AM/DISC: 06/13/2018 05:01 AM

http://www.businesswire.com/news/home/20180613005378/en

AP RADIO
Update hourly