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Luxify is an eBay for the super-rich

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Luxify is an online marketplace for new and used luxury goods.
Luxify is an online marketplace for new and used luxury goods.
For sale: yacht. Asking price: US$13 million.

It's not the kind of item you'd normally find on eBay. So if the adage is true that to succeed in business, you have to find a need and fill it, maybe Luxify is on to something.

But for the Hong Kong-based website, catering to the top 1 per cent income bracket doesn't cut it. It's aiming for the top 0.01 per cent.

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Luxify deals in new and used luxury goods. With offices also in London and Singapore, it recently announced it had raised US$800,000 in seed funding from undisclosed investors in Asia and Europe. Most of its sellers, however, are in Hong Kong - at least for now.

The site started out in March last year with typical luxury fashion items - handbags, jewellery, fine wine and art. But since then it has come to include sports cars, boats, aircraft and even property. Listings on the homepage this month have included the aforementioned yacht, a 2008 Maserati and a five-bedroom waterfront house.

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While most listings have quoted prices, Luxify includes a "make an offer" function so buyers and sellers can haggle. Communication tools, social media integration and a map interface make that kind of negotiating easier.

Luxify provides a useful alternative to pawn shops and auction houses, and it allows private sellers to keep their identities anonymous. For high-net-worth individuals, this can be an important factor.

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