Treasurer's first eBay auction a success

Jewelry, coins sell for $34,000

August 27, 2007

Illinois State Treasurer Alexi Giannoulias’ first online auction of the contents of abandoned safe deposit boxes generated $34,150, or 43 percent above the appraised value of the items, the Treasurer’s Office announced Monday.

The state’s 50 lots, appraised at $20,000, were viewed more than 34,500 times, and buyers resided as far away as New York and California. The last live state auction of unclaimed property conducted in 2006 was attended by 150 bidders.

“By holding a longer auction on a site with worldwide exposure to more than 241 million registered users, we were able to raise more money for the state and the rightful owners of the property,” said Giannoulias, who announced the results after the auction concluded at noon today.

Historically, the state has held a single live auction of unclaimed property during the State Fair. In the last four years, the overall sales prices had steadily dropped, resulting in the state generating a smaller percentage above the appraised value for its auction items.

During the online auction, an antique platinum round cut diamond ring fetched the highest price at $3,500, while three Eisenhower silver dollars issued in the 1970s sold for the auction’s low of $77.

Two bracelets were pulled from the auction after Treasurer’s staff tracked down the rightful owner. A Chicago man co-owned a safe deposit box with his mother, who lost track of it. The state has held the jewelry, including a gold bracelet with the man’s first name and bracelet engraved on a charm, since 2000. The safe deposit box was declared abandoned by a state financial institution in 1994.

The Treasurer’s Office will hold weekly auctions on eBay for a year to determine if the overall profits are higher than those of a single, live auction. Approximately 50 new items will be listed each week, and auctions will run from noon to noon Sundays.

Items featured in this week’s auction include a 1908 Indian Head gold coin, a 17-inch strand of cultured pearls and a gold nugget bracelet with diamond and emerald insets.

The auction items come from safe deposit boxes that were abandoned at financial institutions for at least five years. The state holds valuables in its vault at the Capitol for several years while it attempts to find the rightful owners or heirs.

Giannoulias followed the lead of more than a dozen states which have transferred auctions to eBay to great success. Texas, the first state to use eBay to auction unclaimed property, consistently sells items for 60 to 80 percent more than appraised value, said George Tamayo, manager of Texas’ unclaimed property division.

“Governments must take advantage of the same technologies that are transforming the American economy to make our services more efficient and effective,” Tamayo said.

The money generated from the sale of unclaimed property is held for rightful owners or heirs and also funds state pensions. A record $92 million was returned to owners last year while a record $333 million was transferred to the state pension fund.

To view the Illinois State Treasurer’s auction page, log onto www.treasurer.il.gov or www.cashdash.net and click on the eBay logo.