léft•bid: n. 1. An offer or bid for an item to be sold at auction in which the bid is "left" with the auctioneer prior to the auction. 2. A new Internet auction site specializing in the sale of fine art, antiques and collectibles, launched in March 2000, that provides a wide variety of fine property in an exciting and dynamic environment.
 
 

OVERVIEW

      You can utilize the Leftbid system to access a wide variety of the finest art, antiques, furniture and other collectibles from premier auction houses around the world.  The Leftbid system enables collectors to watch, listen to and participate in fast-paced live auctions held at the top auction houses of Europe, Asia and North America – all from the comfort and privacy of their own homes or offices.  Collectors are able to preview items in detailed online catalogues on the Leftbid site. 

      Leftbid is a transactional system that links auction houses in Europe, North America and Asia, giving collectors around the world access to a wide array of fine art, antiques and collectibles through a single site. A group of avid art lovers and collectors developed the idea for Leftbid.  Their personal experiences in acquiring paintings and other works of art from dealers and auction houses over the past five years convinced them that there was a better way. They saw the Internet as a way to bypass the physical limitations of the "bricks & mortar" art marketplace and set out to revolutionize the way art and antiques are collected and sold. 
 

      Built on a foundation of solid technology, Leftbid gives collectors access to the premier auction houses and private consignments throughout the world via the Internet. "We are constantly striving to maintain the highest levels of integrity, privacy and quality. To that end, our selective screening process ensures that only reputable auction houses of high-quality merchandise are permitted to sell through the Leftbid system," said Mike Luther, Leftbid Chairman and CEO.  The Leftbid system also pre-qualifies potential buyers with personalized spending limits to give its selling partners confidence that bidders have the financial means to pay for items purchased at auction. 

      In addition to our internet system, our selling partners - auction houses from around the world - differentiate us from other Internet auction companies. The founders of Leftbid have drawn upon their lifetime relationships with some of the finest auction houses in the world to make the "freshest" fine art and antiques available at attractive prices. In short, we at Leftbid are committed to providing a fine art auction venue with a sophistication and richness of experience second to none. 

IMPORTANT NEWS

Daniel Kruse and Ebay
The company has appointed Daniel Kruse, Chairman of Superior Auctions and Marketing, to its advisory board.  Mr.  Kruse is a third-generation auctioneer with over 30 years of industry experience and has participated in converting billions of dollars in assets through oral bid auctions.   In 1970, Daniel and his family, through Kruse International, Inc., founded the world's largest classic car sales organization, headquartered in Auburn, Indiana.  Kruse International, Inc. and Dan Kruse Classic Car Productions were recently sold to eBay, the world's largest on-line auction company.

A Significant Acquisition
Leftbid announced that it has entered into a Letter of Intent to acquire Signature Auctions LLC of Lincoln, Nebraska. Signature is a leading industrial equipment auction company that conducts unreserved auctions of construction, mining, agricultural, transportation and industrial equipment throughout the United States. Co-founders, Greg Forke and Kevin Duling draw their equipment auctioneering experience from their tenure with Forke Brothers Auctioneers, which has been well known in heavy equipment auctioneering for nearly 80 years.
 

ABOUT THE COMPANY

Leftbid Corp. is the U.S. leader in a new segment of the global auction business -- the Internet Auction Service Provider (IASP) market.  Leftbid specializes in providing live Internet broadcasts of auctions for fine arts, antiques, collectibles, motor vehicles and industrial equipment by providing the "brick and mortar" auction community with the tools that allow them to broadcast their auctions in real-time via the Internet. 

In the past year, Leftbid has broadcast approximately 250 live auctions on the Internet.  Many of the company's original sales were held in Europe and other parts of the world.  In the fourth quarter of 2000, Leftbid elected to concentrate its focus on the U.S. market. 

Leftbid complements existing auction houses’ onsite bidding audience by allowing the auction houses’ non-attending customers to participate in their sales, as well as, with a connected global community of qualified and competitive Internet bidders. In its most successful auctions, Leftbid generated approximately 20% to 30% of the total auction sales and had numerous absentee bids and pre-bidding occur before the live sale even began. 

In conjunction with its auction initiative, Leftbid has invented new business processes that allow for a seamless and efficient blending of the traditional auction market with the new Internet community.  This set of processes named “LiveNet Auction Process” by Leftbid is core intellectual property only gained by significant experience in the field and cannot be easily replicated by a straight technology solution.
 

MILESTONES

To date the company has completed the following major milestones in the execution of its business plan.

1. Established highly-qualified Senior Management and advisory board
2. Developed state-of-the-art software that is time-tested, proven and not easily duplicated.
3. Developed an organized and focused business strategy
4. Successfully Executed  over 250 auction sales
5. Penetrated key market segments - fine art, antiques and collectibles. 
6. Entered the automobile and motorcycle market with highly visible companies.
7. Launched plan to enter the industrial equipment auction business
8. Signed over 30 contracts for future auctions with approximately 100 in backlog for future sales.
9. Successfully completed an initial “seed capital” round of financing of approximately $20 million.

At present the company has geared itself to conduct approximately 45 live auctions per month in a variety of locations within the U.S.  A listing of these auctions, dates and partners is an addendum to this document.
 

THE INDUSTRY

• Buyers who use Leftbid.com to purchase an item pay a buyer's premium to the auction house and Leftbid receives a portion.  
• On the sell side, the auction house will derive a seller's premium fee and Leftbid receives a portion.

Leftbid's core business is in the live-to-Internet auction service market, which supplements its business with online timed auctions and other e-commerce services.  The live-to-Internet service is particularly appealing to most of the participants engaged in the sale or purchase of fine art, antiques, collectibles, automobiles, motorcycles and industrial equipment.

Leftbid works closely with its entire auction house member base to help foster and encourage the marketing and advertising plans of each individual house. Each major auction house generally engages in regional marketing programs targeted to each unique market region.  By co-marketing and branding with regional advertisers, Leftbid is able to leverage the local appeal of well-known auction houses into its own brand equity.   Leftbid is then able to broaden its own brand recognition maximizing its appeal to a diverse and remote online-buyer marketplace.
 

TECHNOLOGY

Using the Leftbid system, collectors can search through and screen hundreds of objects offered by auction houses from around the world. Collectors who have registered with Leftbid can then bid on these items at the auction or enter a "left bid" that will automatically be placed when the auction is held.  Live auctions are fast-paced events that require bidders to remain attentive and act quickly.  The Leftbid system was designed to match collectors with sellers through a high-quality Internet auction site that is feature-rich, reliable and user intuitive.  Leftbid's system maintains user registration information, billing accounts, current auctions and historical listings.  All information is regularly archived to a data warehouse. 
 

For OnLine Information

Visit the Leftbid Web site: click here
View current press releases: click here
View SEC filings:  click here
 

Company Contact

Leftbid.com, Inc.
13314 "I" Street
Omaha, NE 68137

Phone: (402) 334-5556

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