Method and system for electronically executing sale transactions across a plurality of networked terminals

• US 7,593,869 B2
• Filed: 05/26/2004
• Issued: 09/22/2009
• Est. Priority Date: 02/16/1994
• Status: Expired due to Fees

• Current Assignee: Elliot Capital LLC (Intellectual Ventures LLC)
• Original Assignee: Elliot Capital LLC (Intellectual Ventures LLC)
• Inventors: Miller, Robert H., Nahan, Kenneth, Lipman, Alexander, Corapcioglu, Ahmet K., Graham, John D., Nahan, Sherri, Osipou, Andrei
• Primary Examiner(s): Smith; Jeffrey A.
• Assistant Examiner(s): MISIASZEK, MICHAEL
• Application Number:
  US10/853,510
• Publication Number:
  US 20050021423A1
• Time in Patent Office: 1,945 Days
• Field of Search: 705/26, 705/27, 705/1
• US Class Current: 705/27.2
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0625 Directed, with specific intent or strategy
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 30/0635 Processing of requisition or of purchase orders
• CPC Class Codes: G06Q 30/0643 Graphical representation of items or shoppers
• CPC Class Codes: Y10S 707/99945 Object-oriented database structure processing
• CPC Class Codes: Y10S 707/99948 Application of database or data structure, e.g. distributed, multimedia, or image

Abstract

The present invention includes a system and method of electronically executing transactions with a preprogrammed main computer having data and image storage and retrieval equipment. A plurality of electronic images of works of art which are for sale are created by at least one listing dealer and stored on the storage equipment associated with the main computer. Data is input about each stored image and input data is associated with each corresponding stored image. A plurality of preprogrammed intelligent terminals each having data storage and retrieval equipment, at least one display screen and at least one input device, located at least one listing dealer location and at least one buying dealer location communicate with the main computer. Search criteria are input through the intelligent terminals for selecting at least one of the stored electronic images for review. Selected images and corresponding data are communicated to the intelligent terminals and at least a portion of the selected electronic images are displayed. A reservation on at least one of the displayed electronic images can be made to prevent the completion of a sale transaction involving the artwork corresponding to the selected reserved electronic image. An indication of the reserve status of the work is displayed in conjunction with the display of the reserved work on any of the intelligent terminals. A buy order can be input on the intelligent terminals to transact a purchase of the artwork corresponding to the electronic image subject to the buy order. Instructions to complete the purchase are automatically generated and communicated to the intelligent terminals corresponding to the appropriate listing dealer and the appropriate buying dealer.

Claims

1. A method for electronically executing sale transactions across a plurality of networked terminals, comprising:

storing a plurality of electronic images and corresponding data of property for sale by at least one seller;

searching stored electronic images and corresponding data of property for sale according to search criteria to select at least one of said stored electronic images, the corresponding data being representative of a hierarchy of unique characteristics of the property;

displaying at least a portion of said selected electronic images at at least one terminal of the plurality of networked terminals;

reserving in a database at least one of said displayed electronic images according to a request of a first buyer received from said terminal;

receiving an order of said first buyer to purchase property for sale by a first seller, said property corresponding to at least one of said displayed electronic images reserved according to said request of said first buyer, wherein a sale transaction of said property is initiated; and

transmitting instructions to complete said sale transaction to said first buyer and said first seller.

2. The method of claim 1, wherein said searching step comprises:

randomly selecting a plurality of said stored electronic images when said search criteria specify a random search request.

3. The method of claim 1, wherein said reserving step comprises:

indicating the reserve status of said reserved electronic images when said reserved electronic images are displayed at any of the plurality of networked terminals.

4. The method of claim 1, further comprising:

initiating a tracking inquiry when, in response to said instructions to complete said sale transaction, availability information is not received from said first seller within a predetermined period of time; and

canceling said sale transaction when a response to said tracking inquiry is not received from said first seller within a predetermined period of time.

5. The method of claim 4, further comprising:

transmitting a notice of cancellation of said sale transaction to said first buyer and said first seller.

6. The method of claim 1, further comprising:

initiating a tracking inquiry when, in response to said instructions to complete said sale transaction, payment information is not received from said first buyer within a predetermined period of time; and

canceling said sale transaction when a response to said tracking inquiry is not received from said first buyer within a predetermined period of time.

7. The method of claim 1, further comprising:

initiating a tracking inquiry when, in response to said instructions to complete said sale transaction, shipment information is not received from said first seller within a predetermined period of time; and

canceling said sale transaction when a response to said tracking inquiry is not received from said first seller within a predetermined period of time.

8. The method of claim 1, further comprising:

receiving from said first seller an indication that said property for sale by said first seller has been shipped;

initiating a tracking inquiry when an indication of the receipt of said property for sale by said first seller is not received from said first buyer within a predetermined period of time; and

transmitting an insurance information request to said first seller when a response to said tracking inquiry is not received from said first buyer within a predetermined period of time.

9. The method of claim 1, wherein said reserving step comprises:

preventing buyers other than said first buyer from completing a sale transaction of property corresponding to said reserved electronic images.

10. The method of claim 1, wherein the plurality of networked terminals include a plurality of locally, regionally, or nationally networked terminals.

11. A method for electronically executing sale transactions across a plurality of networked terminals, comprising:

storing a plurality of electronic images and corresponding data of property for sale by at least one seller, the corresponding data being representative of a hierarchy of unique characteristics of the property;

searching said stored electronic images and said corresponding data according to search criteria received from a first terminal of the plurality of networked terminals to select at least one of said stored electronic images;

transmitting said selected electronic images and said corresponding data to said first terminal, wherein at least a portion of said selected electronic images is displayed at said first terminal;

reserving in a database at least one of said displayed electronic images according to a request of a first buyer received from said first terminal;

receiving from said first terminal an order of said first buyer to purchase property for sale by a first seller, said property corresponding to at least one of said reserved electronic images, wherein a sale transaction of said property is initiated;

generating instructions to complete said sale transaction; and

transmitting said instructions to said first terminal of said first buyer and to a terminal of said first seller.

12. The method of claim 11, wherein said searching step comprises:

randomly selecting a plurality of said stored electronic images when said search criteria specify a random search request.

13. The method of claim 11, wherein said reserving step comprises:

indicating the reserve status of said reserved electronic images when said reserved electronic images are displayed at any of the plurality of networked terminals.

14. The method of claim 11, further comprising:

initiating a tracking inquiry when, in response to said instructions to complete said sale transaction, availability information is not received from said terminal of said first seller within a predetermined period of time; and

canceling said sale transaction when a response to said tracking inquiry is not received from said terminal of said first seller within a predetermined period of time.

15. The method of claim 14, further comprising:

transmitting a notice of cancellation of said sale transaction to said first terminal of said first buyer and said terminal of said first seller.

16. The method of claim 11, further comprising:

initiating a tracking inquiry when, in response to said instructions to complete said sale transaction, payment information is not received from said first terminal of said first buyer within a predetermined period of time; and

canceling said sale transaction when a response to said tracking inquiry is not received from said first terminal of said first buyer within a predetermined period of time.

17. The method of claim 11, further comprising:

initiating a tracking inquiry when, in response to said instructions to complete said sale transaction, shipment information is not received from said terminal of said first seller within a predetermined period of time; and

canceling said sale transaction when a response to said tracking inquiry is not received from said terminal of said first seller within a predetermined period of time.

18. The method of claim 11, further comprising:

receiving from said terminal of said first seller an indication that said property for sale by said first seller has been shipped;

initiating a tracking inquiry when an indication of the receipt of said property for sale by said first seller is not received from said first terminal of said first buyer within a predetermined period of time; and

transmitting an insurance information request to said terminal of said first seller when a response to said tracking inquiry is not received from said first terminal of said first buyer within a predetermined period of time.

19. The method of claim 11, wherein said reserving step comprises:

preventing buyers other than said first buyer from completing a sale transaction of property corresponding to said reserved electronic images.

20. The method of claim 11, wherein the plurality of networked terminals include a plurality of locally, regionally, or nationally networked terminals.

21. A method for a first terminal of a plurality of networked terminals to electronically execute sale transactions, comprising:

establishing communication with at least one server, wherein said at least one server stores a plurality of electronic images and corresponding data of property for sale by at least one seller, the corresponding data being representative of a hierarchy of unique characteristics of the property;

transmitting search criteria to said at least one server to initiate a search of said stored electronic images and corresponding data according to said search criteria, wherein said at least one server selects at least one of said stored electronic images;

displaying at least a portion of said selected electronic images received from said at least one server;

requesting with said first terminal to reserve at least one of said displayed electronic images to prevent buyers other than a first buyer from completing a sale transaction of property corresponding to said reserved electronic images; and

placing an order to purchase property for sale by a first seller in response to initiation of a sale transaction, said property corresponding to at least one of said reserved electronic images.

22. The method of claim 21, wherein an indicator of the reserve status of said reserved electronic images is displayed when said reserved electronic images are displayed at any of the plurality of networked terminals.

23. The method of claim 21, further comprising:

selecting a plurality of said displayed electronic images to create a portfolio for said first buyer; and

storing said portfolio for subsequent access by said first buyer.

24. The method of claim 21, wherein said transmitting search criteria step comprises:

transmitting a random search request, wherein said at least one server randomly selects a plurality of said stored electronic images.

25. The method of claim 21, further comprising:

selecting one of said displayed electronic images; and

transmitting a request to said at least one server for price information corresponding to said selected electronic image.

26. The method of claim 21, further comprising:

transmitting payment information to said at least one server within a predetermined period of time, according to said instructions to complete said sale transaction.

27. The method of claim 21, further comprising:

transmitting an indication of the receipt of said property for sale by said first seller to said at least one server within a predetermined period of time, according to said instructions to complete said sale transaction.

28. A system for electronically executing sale transactions across a plurality of networked terminals, comprising:

means for storing a plurality of electronic images and corresponding data of property for sale by at least one seller, the corresponding data being representative of a hierarchy of unique characteristics of the property;

means for searching said stored electronic images and said corresponding data according to search criteria received from a first terminal of the plurality of networked terminals to select at least one of said stored electronic images;

means for transmitting said selected electronic images and said corresponding data to said first terminal, wherein at least a portion of said selected electronic images is displayed at said first terminal;

means for reserving at least one of said displayed electronic images according to a request of a first buyer received from said first terminal;

means for receiving from said first terminal an order of said first buyer to purchase property for sale by a first seller, said property corresponding to at least one of said reserved electronic images, wherein a sale transaction of said property is initiated; and

means for generating instructions to complete said sale transaction and for transmitting said instructions to said first terminal of said first buyer and to a terminal of said first seller.

29. The system of claim 28, wherein said means for reserving comprises:

means for indicating the reserve status of said reserved electronic images, when said reserved electronic images are displayed at any of the plurality of networked terminals.

30. The system of claim 29, wherein said means for reserving further comprises:

queue means for maintaining a queue of buyers interested in reserving one of said reserved electronic images.

31. The system of claim 28, further comprising:

means for determining the status of said sale transaction; and

means for canceling said sale transaction when a response to a status inquiry initiated by said tracking means is inadequate.

32. The system of claim 28, further comprising:

means for compiling and transmitting price information for a selected one of said displayed electronic images.

33. The system of claim 28, wherein said means for reserving comprises:

means for preventing buyers other than said first buyer from completing a sale transaction of property corresponding to said reserved electronic images.

34. The system of claim 28, wherein the plurality of networked terminals include a plurality of locally, regionally, or nationally networked terminals.