Treasurer Dan Rutherford Launches Unclaimed Property Auction

State Treasurer Dan Rutherford announced the start of the Illinois Treasurer’s Online Unclaimed Property Auction.  

The auction starts at 10 a.m. Monday, March 26 and will begin closing at 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 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 over $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 says using this online auction requires less time and attention from salaried employees, plus no physical space, hardware or security expenses.

If you would like to participate in the 2012 Illinois Treasurer’s Online Unclaimed Property Auction, please visit www.treasurer.il.gov and follow the link to the auction. You must register to become an active bidder. For questions, please contact the treasurer’s office at 217-785-6998.