More than $200,000 in recent auction proceeds will be available in perpetuity for rightful owners
Harrisburg, PA - Treasurer Stacy Garrity announced today that the auction of nearly 4,000 pieces of unclaimed property in March brought in more than $200,000. The online auction took place over two days.
“Treasury’s first goal is always to return items in our vault to the rightful owners,” Garrity said. “But even though we have the largest working vault in the nation, we eventually have to make room for incoming items. This was another successful auction, and the proceeds will always be available to claim.”
Pennsylvania State Treasurer, Stacy Garrity
Treasury partnered with Pook & Pook Inc. of Downingtown for appraisal and auctioneer services. Items sold included an 18K gold and platinum diamond solitaire ring with a 1.51ct diamond, an 18K gold necklace, a Fine Credit Suisse gold bar, and an 1882 $50 gold certificate.
“Pook & Pook is excited to be working again with the Pennsylvania Treasury Department,” said Deirdre Pook Magarelli, President of Pook & Pook Inc. “The results of the auction this past spring exceeded expectations, and we’re looking forward to holding a second sale this year on October 26.”
Deirdre Pook Magarelli, President of Pook & Pook Inc.
The 3,933 items were auctioned for a total of $231,810. Pook & Pook receives a 12 percent commission for their services, meaning Treasury will net $203,992.80 after all payments are received. Items not sold, or for which the winning bidder did not pay, will be returned to Treasury’s vault and may be auctioned in the future.
State law requires businesses to report unclaimed property to Treasury after three years of dormancy if it belongs to a known owner. If the owner is unknown, businesses are required to report it to Treasury after one year of dormancy. Treasury keeps tangible unclaimed property for at least three years before it is auctioned. Military decorations are never auctioned.
Treasury is working to return more than $4 billion in unclaimed property to its rightful owners. One in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,500.
To learn more about unclaimed property or to search Treasury’s database, visit patreasury.gov/unclaimed-property.