FIFE, WASHINGTON - June 16, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it's wholly owned subsidiary iCollector.com posted record revenue and record earnings for 2003 in the month of May.

For the month of May, iCollector facilitated 34 live auction sessions under its alliance with eBay Live Auctions, compared to an average of 12 per month this year. The gross auction revenue for the month was double the average per month so far this year, exceeding $800,000. The figure does not include revenue realized from the Company broadcasting Commercial and Industrial auctions, or revenue realized from catalogue and support services.

The Company's believes that its Technology arm will continue to grow and increase the number of auctions it broadcasts. The launch of the Company's most recent technology is expected to reflect positively on future auction statistics.

About Ableauctions.com

Ableauctions.com is a high-tech business-to-business and consumer auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information contact Investor Relations at 858-775-7962 or investorrelations@ableauctions.com.

About iCollector.com

iCollector.com is the independent connection to the world's auction houses. Founded in 1994, it was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet. Today iCollector.com represents some of the world's leading auction houses. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, direct to the saleroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With its unparalleled understanding and expertise in this sector, iCollector can help you to maximize your opportunities to find, buy or sell art, antiques and collectibles online.