Four companies have formed a joint venture to make online auctions safer. BondedSale.com will hold a special 5-day auction of antiques and collectibles and promises to qualify each participating seller. Sellers have also agreed to list only antiques and collectibles that they have not listed for sale online before. The event is expected to feature some interesting, fresh merchandise and present some truly unique bidding opportunities for collectors.
BondedSale.com is a joint venture of The Hartford Financial Services Group, buySAFE, auction site ePier and online antiques-mall TIAS.com. This is the first time Web sites have joined together to offer guaranteed auction transactions in a controlled setting.
buySAFE will screen each seller at no charge. If qualified, The Hartford Financial Services Group will bond the seller, making each BondedSale auction listing guaranteed for up to $10,000. The bond provides that The Hartford will refund the item sale price or replace the item in the event the seller does not fulfill the terms of the auction sale.
"The online auction market for antiques and collectibles is changing. People want better quality merchandise and more security against fraud," said Phillip Davies, president of TIAS.com. "BondedSale is the first online auction that will guarantee the purchases of participating U.S. bidders. This is going to be an exciting five days for both bidders and sellers."
Sellers will pay a 7% commission on all completed auctions. All bidders will be verified via credit card address verification. The auction will take place on the BondedSale.com Web site starting April 27 and running through May 2. Both bidders and sellers must pre-register.
http://www.BondedSale.com
