“Because our pilot program was a complete success, the Treasurer’s Office will make eBay auctions of safe deposit box contents a permanent part of our operations,” Giannoulias said.
Under previous administrations, the unclaimed property was sold under a tent during a sparsely attended live auction every year at the Illinois State Fair. Upon taking office, Giannoulias put the unclaimed property on the popular online auction site to attract more bidders and subsequently higher prices for the auction items.
In addition to generating more revenue for property owners and the state, online auctions defray the costs associated with live auctions. Using the web saved more than 400 hours in staff time, which will amount to more than $10,000 savings in payroll alone.
The last live auction, held at the state fair in 2006, attracted about 150 potential bidders, and the unclaimed items sold for just 28 percent above appraised value. Most of the people who bought items at the live auction lived within driving distance from the capital city.
In comparison, the first year of eBay auctions attracted more than 150,000 visitors from around the world. The winning bidders paid an average 80 percent over appraised value.
The one lot that sold for the most money on eBay was 5 Krugerrands (South African gold coins) for $4,053. The purchaser was an individual from
On the eBay website, customers can leave comments about their satisfaction with the items purchased and their overall experience. The comments are usually attributed to their username on the site.
Overall, the approval rating for the Treasurer’s site on eBay has been overwhelmingly positive.
Under the customer feedback section, these were some of the responses:
- “Bravo! As a lifelong resident of the State of
- “Fast smooth accurate transaction, IL State treasurer is running a quality store”
- “Fast efficient service as usual, item as described, A++++”
- “Great as always”
In the eBay auctions, the Treasurer’s Office divides thousands of pieces of unclaimed property into roughly 50 lots with the appraised value of each lot, which ranged between $.05 and $3,300 in the last year.
The items included jewelry, gem stones, baseball cards, stamps, Christmas ornaments, silverware, commemorative medals and coin sets.
This week, there is a platinum diamond wedding set, twenty $2 bills from 1976, and a $5 gold coin from 1900. You can view them and the other items for auction this week by visiting the Treasurer’s website at www.treasurer.il.gov and clicking on the eBay logo.
The property up for auction comes from safe deposit boxes turned over to the Treasurer’s Office by banks and other financial institutions throughout the state. Under state law, if safe deposit boxes have been abandoned or inactive for more than five years and the financial institutions have been unable to locate the owners, the property is transferred to the state and eventually sold at auction.
Also this month, the Treasurer’s Office will publish the names of recently abandoned safe deposit box owners in local newspapers in an effort to re-unite the contents with its rightful owners or heirs. If they do not come forward, the property will be auctioned off and the proceeds will be held for the owners.