Tycoons' toys

Reporter: Damien Hansen
Broadcast Date: July 15, 2009

With the credit crunch biting, there are plenty of ways so snap up a bargain at the ex-millionaire's fire sale.

A jet ski is just one of the thousands of luxury items being ripped from the homes of the wealthy and thrown into auction sheds like Lloyd's Auctions on Queensland's Gold Coast.

Auctioneer Bill Freeman is reluctant to admit it but the global financial crisis is very good for business.

"Recently we've had quite a few hairdressing salons, a lot of restaurants are closing down and the assets are coming in," Bill said.

Maseratis, motorbikes, jet skis and boats, are all high-flyer toys.

But when the high flyers go broke they take mums and dads with them.

"It's the poor mum and dad, they're working for the company that goes into receivership and all of sudden they don't have a job and then they can't afford to pay their monthly repayment," Bill said.

Bill's seeing everything from leather chairs to limousines.

"Corporate lunches are slowing down, the corporate travel is slowing down and so subsequently the limo industry is suffering," he said.

"We've got three limos here for auction as well utes which came from a mining company that went belly up, they'll be sold with no reserve."

According to Richard Jeremiah from Ibis World Economics, there are a number of industries that are expected to struggle over the 2009-2010 financial year.

They include tyre and auto manufacturing, foreign banks and employment services and housing.

"I think the corporate world will continue to suffer for at least the next twelve months of so," Richard said.