The auction could bring more than $500,000 to the state's treasury.
10.27.2011 | SPRINGFIELD — A few of the hundreds of abandoned items Massachusetts officials planned to sell in an online auction were display at the Western Massachusetts State Office Building on Dwight Street. Another auction is coming up, and items again will be on view in the Springfield state building.
SPRINGFIELD — State Treasury officials will offer the public a peek Thursday at a sampling of some $435,000 in unclaimed property that will offered at auction on eBay beginning Saturday.
In all, 2,000 items, ranging from old and rare currency to diamond rings and watches, will be auctioned at eBay.com with proceeds going to the state’s general fund. The auction could generate $500,000 for the state’s general fund, the treasurer estimated.
Nearly 200 selected items, including a two-karat diamond ring valued at $17,000 and a 100-ounce silver bar, will be on public display Thursday from noon to 5 p.m. at the State Office Building at 436 Dwight St.
A 305-year-old brandy warmer and an 18th-century pie server were among the selected items previewed Monday by state Treasurer Steven Grossman at his Statehouse office in Boston.
Grossman will not travel to Springfield Thursday but will send representatives that “will be there to assist the public in viewing items and to get the information necessary to bid on them when the auction begins,” he said.
Grossman said auction items represent property that has been unclaimed or abandoned by owners for at least the past nine years. Most items are from expired safety deposit boxes from several banks.
“There is something for everyone from the collector to someone looking for a holiday gift for their spouse,” Grossman said of the auction. “Some items, like the brandy warmer, are tarnished because we are not allowed to touch them, polish them or change their appearance. People will find gold and silver coins, pocket watches and many jewelry items,” he said.
Aside from the auction, Grossman said there is no “statute of limitation on unclaimed property and if someone recognizes an item and proves it is or was theirs we are obligated to return the item. If it has been auctioned, we must give them the sale price.
“Reuniting people with their rightfully-owned property is our first priority, but in cases where these individuals cannot be located, we want to ensure that we maximize the revenue that is generated from this auction,” Grossman said. “Selling these items through eBay offers a competitive bidding environment, reaches a high number of potential buyers and maximizes revenue for taxpayers.”
Last year’s eBay auction of 1,000 items generated more than $434,000 for the state’s general fund. Items sold on average at 55 percent above the appraised value, officials said.
Beginning Saturday, Grossman will place 100 items for auction on eBay that will be followed with additional items, up to about 2,000 in total that will eventually be placed on the auction site. The auction will run until about Christmas, said Grossman.
This auction represents the eighth time the state has used eBay to dispose of unclaimed property. The Treasury previously held live auctions but that process was not as profitable because of limited or restricted bidding audiences.
Grossman said regular auctions of such property is necessary because of storage constraints and logistical needs.
The treasurer said individuals or their heirs can still claim ownership of auction items and if they can prove ownership they will be compensated the sale price of the item.
The Treasury’s Unclaimed Property Division, since 2011, has increased its outreach efforts to identify owners of unclaimed property by setting up booths at fairs, sporting events and other events. Those efforts have returned $93 million in unclaimed property to owners during the last year.
The Treasury also maintains a comprehensive list of about $2 billion in unclaimed stocks, insurance payments and bank accounts. The public can search that list at www.findmassmoney.com or by calling 888-344-6277.