Shop for holiday gifts on state's eBay site

Diamonds, gold, pearls all on sale

Monday, November 26, 2007

Just in time for the holidays, Illinois State Treasurer Alexi Giannoulias is loading the state’s eBay auction site with jewelry and collectibles that will make great gifts.

The first-ever all jewelry sale began Sunday, Nov. 25, in conjunction with the first official weekend of Christmas shopping. You can view the auction by logging onto the Treasurer’s website, www.treasurer.il.gov, and clicking on the eBay logo.

The sale includes something for everyone on your list: 14 karat white gold necklace with a diamond heart pendant for your significant other; diamond stud earrings for your mother; cufflinks for your father; a lucky horseshoe pin for your sister; and a snowflake brooch for grandmother.

Still looking for ideas? When the all jewelry sale closes on Dec.2, the first-ever all collectible auction will begin. The week will feature gold coins, stamps, silverware, baseball cards and a hand-carved, must-see tobacco pipe.

“Avoid the Black Friday crowds by shopping for gifts on the state’s eBay site,” Giannoulias said. “Budget-conscious shoppers are sure to find deals on classic jewelry and hard-to-find coins during our inaugural holiday sales.”

The auction items come from safe deposit boxes that were abandoned at financial institutions for at least five years. If the owners cannot be located, the institutions are required by law to turn over the contents to the State Treasurer’s Office.

The state holds valuables in its vault at the Capitol for several years while it attempts to find the rightful owners or heirs. If unsuccessful, the items are sold, and the proceeds are held indefinitely for the owners or heirs.

In the first 14 weeks of eBay auctions, the Treasurer’s Office has surpassed last year’s total profit, and sale prices have soared. To date, the average sale price is 78 percent over the appraised value, compared to just a 28 percent in 2006.

Historically, the state held a single unclaimed property auction each year at the state fair. In the last four years, the overall sales prices and interested bidders had steadily dropped.

“We have revived our unclaimed property auctions by selling to a worldwide audience,” Giannoulias said. “In the first week alone, we counted 34,500 online bidders, compared to just 150 at the last live auction.”