SAN JOSE, Calif., April 26, 2021 /PRNewswire/ -- eBay, one of the largest luxury watch marketplaces in the world, today announces the addition of escrow to marketplace payment offerings for luxury watches. This additional payment option allows buyers and sellers an added convenience via trusted third party Escrow.com, holding funds securely until the transaction is complete providing an additional level of protection. Benefiting both parties in the transaction process, escrow is now available to those buying and selling luxury watches over $10,000, expanding the payment options available to luxury watch enthusiasts to foster an even more seamless experience.
"We are changing the way people buy and sell luxury items on eBay," said Tirath Kamdar, General Manager of Luxury at eBay. "When it comes to high value watches and other significant purchases, consumers expect additional assurances. eBay is committed to providing the best experience, from start to finish, and our new offerings will continue to deliver on that promise."
There's been a tremendous surge in enthusiasm for high value collectibles as consumers expand their investment opportunities. eBay is constantly introducing platform and product enhancements to improve the buying and selling experience, creating a seamless process for transactions on premiere brands like Patek Phillippe, Richard Mille, Audemars Piguet, and Hublot, which were some of the most coveted luxury watches in 2020. After launching its Authenticity Guarantee service in September 2020, more than 7,000 luxury watches priced at $10K+ were sold on eBay. Now, with the introduction of escrow, eBay continues to make shopping and selling high value items like collectible timepieces convenient and simplified.
"As a long-time leader in the luxury watch space with more than 1.2M daily live listings, eBay offers an unmatched selection of timepieces -- from rare, vintage watches to new styles from top brands like Rolex, Omega, Tag Heuer and more," said Charis Márquez, Vice President of Fashion, eBay. "We've seen a tremendous uptick in interest for luxury watches this past year, with more than 22 million site searches for Cartier, and more than 15 million for Tag Heuer. Escrow joins Authenticity Guarantee as eBay's response to that growing appetite."
How It Works
Enhancing the secure payment suite by partnering with Escrow.com, the most licensed online escrow company, this multi-step enhancement offers the eBay community of buyers and sellers another way to securely transact on watches $10,000 or more, with no processing fees. The streamlined service requires minimal steps to ensure a swift transaction process:
Nearly eighty thousand new, pre-owned and vintage watches are marked with the Authenticity Guarantee badge on eBay.com, comprising an inventory of fine watches from brands like Rolex, Patek Philippe, Omega, Audemars Piguet and more. Each watch sold for $2,000 or more, marked with the Authenticity Guarantee badge on the listing, undergoes a rigorous third party inspection by Stoll & Co., the leading provider of watch repair services, ensuring the timepieces are authentic and as described. Escrow joins Authenticity Guarantee as another way eBay is evolving the buying and selling experience for eBay's community of luxury watch enthusiasts.
eBay Luxury Watches By the Numbers
Source: Sales data on eBay.com.
eBay Inc (NASDAQ: EBAY) is a global commerce leader including the Marketplace and Classifieds platforms. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity for all. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Winner of the BBB Torch Award for Ethics for Silicon Valley, San Francisco and the Bay Area, Escrow.com is the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet, having safely processed over US$4.5 billion in transactions. Founded by Fidelity in 1999, Escrow.com reduces the risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to buyer and seller instructions. Escrow.com is a subsidiary of twelve-time Webby Award-winning Freelancer.com, the world's largest freelancing and crowdsourcing marketplace by number of users and jobs posted. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX: FLN.
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SOURCE eBay Inc.