Boston.com Announces Local Auction Service

Business Wire, June 14, 1999

BOSTON--(BUSINESS WIRE)--June 14, 1999--

Boston.com, the country's largest regional web site, announced the launch of an online local auction service, which goes live today at http://auctions.boston.com. By creating one of the first local auction services in the United States, Boston.com reinforces its commitment to the New England marketplace.

The Boston.com auction service is unique in that it joins buyers and sellers on a regional level, enabling users to conduct commerce in their own backyards. As the local gateway to New England, Boston.com has earned the trust of the online community, thereby placing the site in an ideal position to make online auctions successful. To encourage user trial, Boston.com is allowing all sellers to post items free of charge for the first month.

The auction site will also feature a special section devoted to area charities. Users will be able to log on and bid on exclusive autographed sports and music memorabilia, Ryder Cup tickets, a Red Sox game with Globe columnist Dan Shaughnessy, front row concert tickets and hordes of other specialty items. Proceeds from the auctions will go to charities such as Kids at Risk and the American Cancer Society.

Visitors may bid on items ranging from luxury vacations to the rarest antiques. Participating local merchants include TNT Vacations and Creative Playthings. Boston.com offers a fully-customized service that enables Web communities and merchants to offer merchandise, excess inventory or returned items.

Boston.com has teamed up with Fairmarket, Inc. to create the auction site. Fairmarket, Inc. is a leading provider of web auction technology and services. "We believe that online auctions are a powerful activity, especially at the community level," said Lincoln Millstein, CEO of Boston.com. "The transaction of goods and services from neighbor to neighbor, facilitated by a trusted intermediary such as The Boston Globe's web site, will be a killer app for us."

"Recognizing the impact local merchants have in our community, Boston.com now provides better quality transactions and an easy venue for selling goods," said Scott Randall, founder and CEO of FairMarket. "As a local area company, FairMarket understands these benefits and we are committed to working with companies like Boston.com to deliver scalable, proven auction technology that takes them to the next level with their services."

About Boston.com:

Boston.com is a property of Times Company Digital, a new business unit that includes The New York Times on the Web (www.nytimes.com), New York Today (www.nytoday.com) and almost 50 other sites operated by Times Co.'s regional newspapers, magazines and broadcast group. Boston.com currently averages more than 29 million page views and 2.8 million visitors per month. The New York Times Company is traded on the New York Stock Exchange under the symbol NYT.

About FairMarket:

FairMarket, Inc., founded in 1997, and based in Woburn, Mass., is a pioneer in auction and e-commerce solutions for the Web. The company's flagship services, Community Auction Place and Merchant AuctionPlace, provide a customized, fully outsourced online auction designed to allow customers to generate revenue from monetizing traffic, acquiring and retaining more registered members and increasing page views.