Bidz.com Announces Gianni Versace Tiara Valued at an Estimated $3 Million for Public Auction on Bidz.com Site

  • Public auction commences on Monday, March 23rd, 2009 at 9:00 a.m. PDT

CULVER CITY, Calif.--(BUSINESS WIRE)--Bidz.com, a leading online jewelry auction site, is proud to announce that they have recently acquired the famous Gianni Versace Tiara (“The Tiara”) and will be presenting it for public auction. Born from Gianni Versace’s famous atelier collection, The Tiara is worth more than an estimated $3 million. Bidz.com will commence the public auction on Monday, March 23rd at 9:00 a.m. PDT with an opening bid of $699,000 US Dollars.

“Many investors move towards trusted and time tested commodities, such as gold and diamonds in uncertain times. The Tiara, with its unique brand cache, and intrinsic value has widespread appeal to the most discriminating jewelry buyers around the world.”

The world renowned Versace Tiara contains over 1,200 diamonds, all of which are GIA or EGL certified. The Tiara has previously been held only by private collectors – until now. This is the first time in the history of the piece that it is being made available to the public for purchase.

The Versace Tiara won the famous De Beers Diamonds International Award, a major recognition in jewelry circles, in 1995 due to the meticulous detail and craftsmanship Gianni Versace put into creating the piece. The Tiara’s prestige, awareness and reputation as the ultimate luxury acquisition have continued to grow over the years. Worn and coveted by many celebrities and high profile personalities such as Madonna, Amber Valetta and Donatella Versace, The Tiara is widely recognized in both art and celebrity circles as an astounding work of craftsmanship and beauty.

Leon Kuperman, President of Bidz.com Inc., commented, “Many investors move towards trusted and time tested commodities, such as gold and diamonds in uncertain times. The Tiara, with its unique brand cache, and intrinsic value has widespread appeal to the most discriminating jewelry buyers around the world.”

Mr. Kuperman continued, “Bidz has always been known for great value and quality jewelry, which is offered at prices significantly below other jewelry retailers. It offers users a fun and easy way to make an auction purchase from a vast selection of merchandise, combined with constant newness: and excellent customer service. The Tiara is a marquis piece and another example of how we can still deliver great value, even at the very high end of the jewelry market.”

“In conjunction with the Tiara auction, Bidz.com is partnering with Aid for AIDS, a non-profit premier service provider for Los Angeles County whose mission is to provide direct financial assistance and critical support for the necessities of life to those impoverished and disabled by HIV/AIDS. Bidz will be donating a substantial amount of the funds raised from the online auction to Aid for AIDS. Also contributing to this partnership is the internationally acclaimed and iconic Carol Channing (who made famous the song “Diamonds Are a Girl’s Best Friend” in her role as Lorelei in the Broadway hit “Gentlemen Prefer Blondes”). Having graciously agreed to contribute her support and celebrity to the fundraising efforts, Ms. Channing will be making media appearances nationally on behalf of Aid for AIDS to help promote the Bidz.com Versace Tiara Auction. Ms. Channing’s illustrious and varied career spans movies, Broadway, TV, countless albums, authoring a book and her career continues to expand to date. With no signs of slowing down, she is currently touring with her one woman show "The First 80 Years Are the Hardest" and proudly anticipating the upcoming release of her new gospel CD entitled "For Heaven's Sake" this September. Bidz.com is proud to have a powerhouse talent like Carol Channing speaking out in support of this important charity and auction.”

Auction pre-qualification information, investor details and Tiara diamond certificates can be found at www.versacetiara.com or visit the Bidz website at www.bidz.com for more information.

About Bidz.com

Bidz.com, founded in 1998, is an online retailer of jewelry. Bidz offers its products through at live auction format as well as a fixed price online retail store, Buyz.com. Bidz.com’s auctions are also available in Spanish and Arabic. To learn more about Bidz.com visit its website at www.bidz.com.

Safe Harbor Statement

This press release includes statements made by Bidz that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including forward-looking statements about the Company’s estimated revenue, gross margins, earnings and tax rates. All statements other than statements of historical facts contained in this press release, including statements regarding the Company’s future financial position, business strategy and plans and objectives of management for future operations, are forward looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions, as they relate to the Company, are intended to identify forward looking statements. Bidz based these forward-looking statements largely on current expectations and projections about future events and financial trends that Bidz believes may affect its financial condition, results of operations, business strategy and financial needs. Risks and uncertainties relating to these statements include the ability of the Company to attract customers to its website and offer attractive products; to maintain its website, electronic data processing systems, and systems hardware; to forecast accurately net revenue and plan for expenses; to protect intellectual property rights; and potential litigation and government enforcement actions that may result from our prior securities offerings. All forward-looking statements are qualified in their entirety by reference to the factors described in Part I, Item 1A, “Risk Factors” in Bidz’ 2006 Annual Report on Form 10-K, and in Part II, Item 1A, “Risk Factors” in Bidz’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, that could cause the actual results of Bidz to differ materially from those projected in such forward-looking statements.

All subsequent forward-looking statements, whether written or oral and whether made by or on behalf of Bidz, also are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and Bidz undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for Bidz to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

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