As The Pursuitist continues to interview the leaders of luxury, next up in the series is our interview with Adriano Ponte of BillionaireXchange:
Q. Tell us about your company.
A. The BillionaireXchange (www.billionairexchange.com), is a private online auction portal, which facilitates the sale and trade of unique luxury assets with an unparalleled level of exclusivity, reliability and security. The BillionaireXchange initiates its client service cycle by confirming the identity of all potential members. Our due diligence protocols include selected asset verification efforts. After verification, members may enter into auctions and other bartering arrangements confident that BillionaireXchange has verified the information submitted by counterparties.
Q. How is your company unique compared to competitors?
A. Until the advent of BillionaireXchange, High Net Worth Individuals (HNWI), lacked an online portal dedicated exclusively to the secure exchange of luxury assets. The high transaction values commanded by true luxury assets require an elevated degree of security and due diligence which authenticates the provenance of the asset and the financial resources of the bidder. Site which cater to a mass consumer market, cannot provide the due diligence or security vital to facilitating high value transactions. Traditional auction houses have been the preferred solution for individuals needing to purchase or sell luxury goods. However, these venues levy large commissions on the sale of assets.
Sellers of luxury assets have also been hesitant in the past about grouping their luxury assets alongside goods of lesser value. Since our portfolio consists exclusively of luxury assets, our members feel comfortable knowing the value of their assets are not lost in the transaction. The unique and exclusive nature of our offerings is a powerful driver of asset value and fosters a strong level of satisfaction for all auction participants.
BillionaireXchange is the only online auction service that combines escrow protection and transaction management from a single source, making BillionaireXchange a true partner to its members. The transportation tracking and insurance of goods is professionally managed directly by in-house Member Services.
Q. Where are you based, how large is the company?
A. The BillionaireXchange Corporate offices are located in Miami, FL. However our membership spans the globe. Currently the BillionaireXchange has members in over 140 countries around the world. We are currently in the process of opening our European Operations office in London.
Q. Please share your brief bio.
A. Currently I serve as BillionaireXchange’s Director of Operations. I’m responsible for international company operations, including business development, legal services, compliance issues, loss mitigation and member services.
Prior to BillionaireXchange, I spent the last 15 years in the international business, process redevelopment, and acquisitions. During my tenure, I have consulted with over 100 businesses around the world; many have which been acquired or gone public.
Q. Tell us about your day to day duties — and challenges in the industry.
A. My day to day activities are centered around our members and field requests. We receive sometimes hundreds of emails from all over the world from people looking to sell an item or some priceless asset. The challenge for us is to weed out the good guys from the bad. I mean if you have a $9million dollar painting for sale, however no insurance cert, purchase history, or recent appraisal; then we will not be able to help you. And this is what makes our service so unique. Because we are providing the due-diligence the others don’t in order to protect our members.
Q. Please share any trends, has luxury returned?
A. I think luxury is on its way back. Frankly, I don’t think it ever left, it was just pushed into the shadows. From our platform we can see both sides of the equation. The seller needing to liquefy assets discreetly to free up cash, and the buyers looking for a great deal on assets.