FIFE, WASHINGTON - July 9, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that Heritage Galleries & Auctioneers, the largest dealer and auctioneer of collectibles including rare coins, currency, comics, movie posters and illustration art in the world, and Kruse International Inc., the largest collector car auction company in the world, have joined its consortium, paving the way for the consortium to reach its target of representing over $1 billion in gross auction revenue.

The consortium, consisting of some of the largest and most influential auction companies in the world, is established with the objective of implementing Ableauctions live auction technology (www.ableauctions.com/technology), and solidifying the Company's strategic alliance with eBay Live Auctions.

The Company intends on sharing its massive server array, its high capacity Internet feeds, and its operational support structure to enable each of the consortium members to broadcast auctions economically and exclusively with Ableauctions and eBay. As the consortium garners a strong presence in the market place, the company believes it will have the position to leverage better sales and lower costs for its members. The Company derives its revenues from upfront setup fees per auction and a percentage of online sales.

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.