State Treasurer reports 99 percent success rate in recent unclaimed property auction
Online Staff Report
SPRINGFIELD, Ill. — Illinois State Treasurer Dan Rutherford announced the results of the Illinois Treasurer’s Online Unclaimed Property Auction April 13. The auction ran March 26-April 1.
“This auction listed 14,866 pieces of unclaimed property and sold 14,734 of the items for a more than 99 percent success rate,” Rutherford said. “I am also pleased to note that we had nearly 338,000 page views and more than 53,000 unique users explore our auction.”
The treasurer’s office hosts 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.
“We sold a wide variety of interesting items in this auction,” Rutherford said. “The items ranged from a diamond ring and loose jewels to coin lots.”
All items sold in the auction were appraised by an outside vendor. The sale price of each lot was required to reach at least 75 percent of the appraised value.
Rutherford chose to conduct this unclaimed property auction online because it was more cost effective than having a live, in-person auction.
“Using this process cuts 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 Rutherford’s online auction system, only $2,000 was used for the new iBid program to sell auction items.
In addition, Rutherford said using the online auction required less time and attention from salaried employees, plus no physical space, hardware or security expenses.
The next online auction hosted by the Illinois State Treasurer will be July 23-29. To learn more about the Unclaimed Property Division, visit www.treasurer.il.gov. For questions, contact the treasurer’s office at (217) 785-6998.
Posted April 13, 2012