Online Staff Report
SPRINGFIELD, Ill. — The Illinois Treasurer’s Online Unclaimed Property Auction begins at 10 a.m., Monday, March 26, and runs through 6 p.m., Sunday, April 1.
“We are auctioning off 14,866 pieces of unclaimed property in the Illinois Treasurer’s Online Unclaimed Property Auction because the rightful owners have not come forward to claim the items in more than five years,” said State Treasurer Dan Rutherford. “We have a wide variety of interesting items to sell in this auction. You’ll find anything from a diamond ring and loose jewels to coin lots — there’s something that appeals to everyone.”
All items for sale in this auction have been appraised by an outside vendor. The sale price of each lot must reach at least 75 percent of the appraised value.
Buyers are responsible for purchasing their auction winnings with either Visa or MasterCard (other arrangements will be available for purchases more than $10,000). In addition, a 2 percent administrative fee will be assessed. Buyers are also required to pay for shipping through the preferred list of shippers.
Rutherford has chosen to conduct this unclaimed property auction online because it’s more cost effective than having a live, in-person auction.
“Using this process will cut auction costs significantly,” said Rutherford.
Under the previously used eBay auction system, it cost the treasurer’s office approximately $29,000 to sell a similarly appraised amount of unclaimed property. Under Treasurer Rutherford’s online auction system, only $2,000 will be used for the new iBid program to sell approximately $125,000 worth of items.
“We expect the total savings of this auction to be around $27,000,” said Rutherford.
In addition, Rutherford said using this online auction requires less time and attention from salaried employees, plus no physical space, hardware or security expenses.
To participate in the 2012 Illinois Treasurer’s Online Unclaimed Property Auction, visit www.treasurer.il.gov and follow the link to the auction. One must register to become an active bidder. For questions, contact the treasurer’s office at (217) 785-6998.
Posted March 26, 2012