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'Trust' implies whereby one person holds the personal or proprietary rights on behalf of another.
'Bailment' is only the transfer of possession of a personal property to another for a limited purpose (http://www.legalgist.com/meant-bailment).
In Trust you transfer the rights of an owner (limited or extensive they may be) to the Trustee for the benefit of the Beneficiary. Whereas in Bailment you only transfer the 'possession' of the property for some purpose e.g. to keep it safe while you're abroad.
If a Bailee breaches his duty and sells your property to an innocent third party then you can recover the amount of the property from innocent third party under Tort of Conversion. However, if Trustee breaches his duty and sells the property to an innocent third party then you cannot recover it from the innocent third party, only the Trustee has to make good the loss you suffered.
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