Christie's Hong Kong jewelry auction hits record

Christie's Hong Kong auction reeled in a record $60.1 million and was the largest jewelry sale ever organized by Christie's worldwide, the auction house said.

The top lot of the day was a 101.27-carat, F, VVS1 diamond which was the largest diamond ever sold at auction in Asia. A private collector snapped it up for $6.2 million.

Other records included the following:

— A 16.04-carat, D, VVS2 circular-cut diamond that sold to an Asian private collector for $3,341,809 and set a world record price-per-carat record for a colorless diamond.

— A square-shaped fancy green diamond of 10.36 carats that fetched $3,485,281 and set a world record price for a green diamond sold at auction.

— Finally, a pair of Romanov emeralds which sold to an Asian private collector for $2,409,241 set a price-per-carat record for emeralds sold at auction.

Also of note is that nine of the top 10 lots sold for more than $2 million a pop, an unprecedented event in the jewelry auction world, according to Christie's.
Source: nationaljewelernetwork

World's Most Dazzling Royal Jewels

Why wait in line to see the royal jewels at the Tower of London when you can have a princely piece of your own?

That's what buyers at Sotheby's auction of important pieces once owned by royalty found Thursday at the Beau-Rivage Hotel in Geneva. The event, called "Magnificent Jewels, Noble Jewels and Jewels from the Collection of Lily Marinho," fetched a total of 60 million Swiss francs ($57.1 million), including buyer’s premium. This was the highest total for any sale held in Geneva this week and the second-highest total for any sale of magnificent jewels worldwide in U.S. dollars.

The auction featured an enamel and diamond cocktail watch by Cartier, a diamond devant de corsage and a pink topaz and diamond bracelet that once belonged to Henriette de L'Espine, S.A.S. la Princesse Louis de Croÿ.

The auction featured an enamel and diamond , a and a that once belonged to Henriette de L'Espine, S.A.S. la Princesse Louis de Croÿ.

But perhaps the most important piece of the Sotheby's auction was a sapphire pendant set with diamonds. that was formerly in the collection of the Duchess of Windsor, for whom the King of England had abdicated his throne. Throughout their lives together, the Duke and Duchess of Windsor shared a passion for jewelry and commissioned many pieces, including the 206.82-carat sapphire pendant that was created by Cartier in 1951--from some of the greatest jewelers of their time. It was expected to sell for between 1.1 million to 1.5 million Swiss francs, however, the lot was withdrawn from the sale as the owner decided he couldn't part with it.

Sotheby's has a long tradition of offering aristocratic jewels at auction. In 1987, the auction house sold the collection that belonged to the Duchess of Windsor, and fetched a total of $50.3 million, which to this day is a record for a single-owner jewelry collection at auction.

Jewels from the princely house of Thurn und Taxis were sold by Sotheby's in 1992 for a total of $23.2 million. Five years later, the company also sold several pieces belonging to Queen Marie Amelie of France, wife of Louis-Philippe, King of France (1773 to 1850).

In November 2005, Sotheby's sold a Russian Imperial diamond necklace that belonged to Empress Catherine the Great for $1.5 million, and in April, Christie's sold a $6 million brooch once owned by Empress Eugenie, wife of Napoleon III.

The 1987 Sotheby's auction of the Duchess of Windsor's jewelry collection was broken down into over 305 lots, including 87 pieces signed by Cartier, the Duke and Duchess's favorite jeweler, and 23 items by Van Cleef & Arpels. Many of these pieces bore personal inscriptions, such as "My Wallis from her David 19/3/36," engraved on a ruby and diamond necklace signed Van Cleef & Arpels. Buyers included Elizabeth Taylor, the Cartier Museum, and jeweler Laurence Graff. In accordance with Wallis' final wishes, the entire proceeds of the sale were donated to the Pasteur Institute in Paris.

Pricey Purchases
Certainly a royal provenance can alter the value of a jewel, although much of the excess value will depend on which royal owned it, says Raymond Sancroft-Baker, Christie's senior European jewelry director.

"We sold Princess Margaret's jewelry," he says, "and often the sold price was 10 to 15 times the estimate that was based on it being an ordinary jewel."

In the past, Christie's has sold jewelry from minor royals for only a little over their usual value. "Naturally," says Sancroft-Baker, "jewelry that had belonged to Princess Diana would be very keenly sort after and fetch maybe 10 to 20 times its usual value."

What's the most you've spent on a single item? Weigh in. Add your thoughts in the Readers' Comments section below.

Thursday's sale featured a piece once owned by the Queen Mother, otherwise known as Elizabeth Bowes-Lyon, daughter of the Earl of Strathmore and Kinghorne and wife of Prince Albert. The enamel and diamond cocktail watch was made in 1924 by Cartier and is inscribed with "Elizabeth 1924."

Her brother-in-law, the future King Edward VIII of England had given Elizabeth Bowes-Lyon the watch. Following his abdication in 1936, Prince Albert was crowned George VI of England, and Elizabeth Bowes-Lyon became his queen. In the 1930s, Elizabeth Bowes-Lyon (then the Duchess of York), gave this watch to her personal companion, Katta Maclean.

Collectors were offered several pieces from the Collection of Henriette de l'Espine, S.A.S. La Princesse Louis de Croÿ, member of a royal family that once had branches in Belgium, France, Prussia and Hungary. The pieces included a topaz and diamond bracelet, dating from circa 1830.

The central oval pink topaz, set off by vine leaf motifs set in diamonds, can be detached to be worn as a brooch. A mid-19th-century diamond that belonged to the princess was also sold.

Sotheby's also auctioned off a pearl and diamond tiara from an "anonymous" aristocratic collection, which is set with diamonds, as well as another tiara, decorated with diamonds and dating from circa 1900.

The central diamond rivière is believed to have been commissioned by Carl, Count Scheel-Plessen, either circa 1882 (for the occasion of his marriage to his wife, Louise) or in 1896, when his Danish title of greve (count) was recognized by Prussia.

In April, Christie's scheduled a sale featuring a diamond bow brooch once owned by Empress Eugénie (1826-1920), wife of Napoleon III. The last time the brooch was sold was in 1887 when the French government decided that the once exclusive property of French queens and kings would be made available to the highest bidder in a public auction. The brooch was then purchased by the jeweler Emile Schlesinger for 42,200 French francs (or 85,000 pounds) at the time, on behalf of Mrs. Caroline Astor (1830-1908) and remained in the Astor family for more than 100 years.

The auction, which was planned for April 15 at Christie's New York, was canceled at the last minute for judicial reasons. But soon after, François Curiel, president of Christie's Europe, with the agreement of the owner, negotiated a private sale to the Louvre. The brooch was estimated to be worth approximately $6 million.
Source: forbes

World Record for a Color Diamond

A blue diamond of 13.39cts became the most important colored diamond sold at auction anywhere in the world during the past 10 years, according to Christie's. Offered at auction house's in Geneva location on Wednesday, it achieved a world record price of $8.9 million.

"This impressive result is due to the scarcity of colored diamonds on the market, and to the great demand from collectors around the world for exceptional artworks and jewels that is currently dominating the auction world," said François Curiel, chairman of Christie's Europe and auctioneer of the sale.

The auction took in nearly $48.3 million, with 11 lots fetching more than a million dollars. Other big sellers included the following:

* An emerald colored diamond and pearl necklace for $5.6 million.

* An emerald colored diamond and pearl pendent, $4.4 million.

* A colored diamond necklace, $3.1 million.
Source: jckonline

Court Halts Sale of Jewelry at Christie’s

JB Reed/Bloomberg News

A 14.23-carat rectangular-cut pink diamond ring on display at Christie’s. The ring was expected to sell for $15 million.

An appellate court agreed on Monday to stop a Christie’s auction at which $34 million worth of jewelry was to have been sold on Tuesday evening.

The sale, which was being held to pay back part of a $187 million loan made by Merrill Lynch to the jeweler Ralph O. Esmerian, was to have included a $15 million pink diamond ring and a $6 million diamond-encrusted brooch once owned by the wife of Napoleon III. Christie’s had billed it as “the most important antique jewelry in history.”

But Mr. Esmerian, 68, contended that the auction was a fire sale and that the jewels would bring more money if they were sold privately.

“These were jewels that Ralph, his father and his grandfather had collected,” said Helen Davis Chaitman, Mr. Esmerian’s lawyer. “Christie’s has priced them at one-quarter to one-third of their actual value.”

They were to be the cornerstone of Fred Leighton, a jewelry business Mr. Esmerian bought in 2006 with loans from Merrill Lynch. “This was to have been the focal point of the Beverly Hills store that is opening on Rodeo Drive in September,” Ms. Chaitman added.

Last week, Justice Helen E. Freedman of State Supreme Court in Manhattan ordered the sale to proceed. But the Appellate Division of State Supreme Court stayed that decision.

A lawyer for Merrill Lynch said the fight was far from over. “A preliminary injunction against the auction would be wrong,” said Howard R. Hawkins Jr., who is representing Merrill Lynch. “Christie’s auction is the best way to sell this jewelry, and we are going back to Judge Freedman to seek a further ruling so the auction may proceed.”
Source: nytimes

Opera diva's jewels up for bid on iGavel

Online fine art and antiques auction house iGavel.com is hosting a month of jewelry auctions on its site from March 28 through April 16.

Included in the jewelry auctions are more than 200 pieces of fine, designer and vintage jewelry from iGavel associate Litchfield County Auctions, with a selection from the estate of opera diva Anna Moffo Sarnoff.

One of the auction's premier pieces is a mid 20th-century platinum and diamond bracelet set with 287 diamonds, estimated at $8,000-$12,000. Also up for bid are several gold and diamond bracelets, including a 20th-century yellow gold bracelet with 55 princess-cut diamonds, estimated at $5,000-$7,000, and a 20th-century white gold bracelet, with 65 square-cut sapphires and three princess-cut diamonds.

The auction also includes a selection of fun items from Sarnoff's estate, including a transistor AM/FM radio, circa 1970, encased in 14-karat gold and inscribed with "RWS RCA" on the front and "RWS-DT and AR" on the back.

The "RWS" stands for media mogul Robert Sarnoff, late husband of Anna Moffo and former head of RCA.

Also available for bid on iGavel is a Verdura sterling silver box inlaid with 14-karat gold, a gift by the late American composer and songwriter Cole Porter to his wife, Linda, around 1928.

The early 20th-century box, retailed by "Jewelers to the Stars" Flato Jewelers, has a 14-karat gold monogram on its lid labeled "CP."

The story associated with the box is that each time a new Cole Porter production opened, Porter gave a presentation box to his wife.

IGavel auctions are modeled on a traditional live auction format, where each lot includes detailed photographic images, a professional description and an accurate condition report. Lark E. Mason, president of iGavel, is a frequent guest appraiser on the Antiques Roadshow, was formerly a senior vice president with Sotheby's Chinese Works of Art Department, and director of online auctions for Sothebys.com.

IGavel is holding its own jewelry sale from March 31 to April 16.
Source: nationaljewelernetwork

'Flame Queen' Opal to be Sold at Auction

International fine arts auctioneers Bonhams & Butterfields will offer in its June 22 sale of Natural History perhaps the most famous and recognizable opal in the world.

Dubbed the "Flame Queen," the legendary stone highlights the core of an opal collection on offer this summer in the auctioneer's first simulcast Natural History sale in seven years. The auction house said bidding from the San Francisco and Los Angeles salesrooms is expected to be competitive. 

Extraordinary not only for its large size (263.18-cts.), but also for its unusual shape and color pattern, the "Flame Queen" is one of only a handful of large museum-quality opals known to man, even fewer have ever been offered at public auction. The "Flame Queen" is oval in shape with a flat central dome surrounded by a blue-green band - lending it the appearance of a fried egg. 

Known to aficionados around the globe, The "Flame Queen" could bring as much as $250,000, the auction house said. It is one of the most prominent examples of the eye-of-opal effect, which is created when an opal in-fills a cavity. It possesses the ability to change color when viewed from different angles. 

The "Flame Queen" opal was discovered in 1914 at the Bald Hill Workings in Lightning Ridge, Australia by three partners: Jack Phillips, Walter Bradley, and Joe Hegarty.
Source: jckonline

Romance novelist's jewels up for grabs at Christie's

A number of large diamond rings and jewelry from the collection of romance novelist Danielle Steele are among the pieces slated for the next Christie's auction.

The New York Sale at Christie's is scheduled for April 16 and will include a selection of rare colored gemstones and diamonds.

Leading the lots is a 39.34-carat cushion-cut diamond that is D color with internally flawless clarity, estimated at $6 million-$8 million, which is earning praise from the auction house.

"The old-world charm of this beautiful gem, along with a softness to its cut and its superb brilliance, ranks it amongst some of the most sensational diamonds to have appeared for sale at Christie's, such as the historical Polar Star [diamond] to which it bears a striking resemblance," Christie's Head of Jewelry, Americas Rahul Kadakia said in a statement.

Another featured piece is a rectangular-cut, D-color, potentially flawless 27.91-carat diamond ring by Harry Winston. The ring is valued at $2 million-$3 million.

Also slated for the auction block is a pear-shaped, D-color, 21.90-carat potentially flawless diamond ring mounted by Harry Winston and valued at $2 million-$3 million.

Jewelry from Steele's collection will be offered, including a diamond and black coral "Owl" brooch by Van Cleef and Arpels valued at $15,000-$25,000, and a pair of sapphire and diamond "Trumpet Flower" ear clips by Jean Schlumberger for Tiffany and Co. valued at $18,000-$22,000.

Other items scheduled to be up for auction include:

* A 40.39-carat rectangular-cut fancy-intense-yellow diamond mounted by Bulgari and estimated at $500,000-$700,000.
* A yellow diamond leopard brooch by Verdura with emerald eyes and black onyx spots and wearing a ruby and diamond crown and an emerald and ruby necklace valued at $15,000-$20,000.
* A ruby and cultured pearl necklace commissioned by heiress Doris Duke and crafted of 14 cultured pearls and 1,136 rubies by American jeweler David Webb. The necklace is valued at $80,000-$120,000.
Source: nationaljewelernetwork

Asia to get its first major diamond for auction

A 101-carat, near-flawless diamond may fetch more than $8 million at a Christie's International sale in Hong Kong, the first time a gem of this quality and weight is auctioned in Asia, according to the London-based company.

The squash-ball sized stone, the highlight of Christie's jewelry sale on May 28, has the third-highest clarity rating of VVS1 and the third-best ranking on a scale used to measure colorlessness. Colored diamonds are graded on a different scale.

Christie's only identifies the seller as a Europe-based diamond trading company run by three brothers. Hong Kong is Christie's third-biggest auction market after New York and London. Growth in Asia outside Japan is accelerating, fueled by China's 10 percent-a-year expansion, as the U.S. economy stalls.

"The seller called us up in Asia and specifically said they want the gem sold in this region," said Vicki Sek, a Hong Kong-based director of jewelry at Christie's. The buyer gets the right to name the stone, Christie's said.

The colorless diamond is the fourth of more than 100 carats offered at auction, according to Francois Curiel, the company's global head of jewelry. The last three were in Geneva, he said.

Cut from a 460-carat South African rough stone, the gem is now on exhibition in London and is also the biggest white diamond at auction in nearly two decades, Christie's said. In 2005, the auction house sold a 120-carat brown diamond of lower clarity in Hong Kong. A carat is one-fifth of a gram.

In October, Christie's largest rival Sotheby's sold a flawless, 6.04-carat blue diamond in Hong Kong for 61.9 million Hong Kong dollars, or $7.9 million, a per-carat record for a gem.
Source: iht

First online rough-diamond auction sells out

All 16 lots sold during the diamond industry's first online auction of rough, held yesterday.

Diamdel, a De Beers Group supplier of rough diamonds with offices in Antwerp, Hong Kong and Tel Aviv, Israel, ran the auction.

Prior to the event, Diamdel made all lots available for viewing to potential buyers.

In the end, a total of 14 buyers snatched up the 16 lots, with bidders from Antwerp, India, Tel Aviv and the Far East participating.

"We are delighted that the first auction has worked so well and, in particular, how we have been able to meet the needs of clients from around the world at market-determined prices," Diamdel Managing Director Neil Ventura said in a statement. "We are still reviewing the learning from the auction and will be talking to the participants in order to ensure the future auctions are equally successful."

Details of future Diamdel online auctions soon will be announced to registered customers at Diamdel's Web site, Diamdel.com.

Though Monday's auction was the first for rough diamonds, Rapaport Chairman Martin Rapaport began a series of online auctions for polished stones in September in an effort to create a futures market for diamonds.
Source: nationaljewelernetwork

Redding jewelry auction for Lakotas is a success

Maxine Pelligra, an 11th grader, made this amber necklace, which was auctioned. —Scott Mullin photo Maxine Pelligra, an 11th grader, made this amber necklace, which was auctioned. —Scott Mullin photo

A charity jewelry auction run by Joel Barlow High School students last weekend to benefit Lakotas on the Pine Ridge Reservation was a huge success, according to their teacher.

Lee Skalkos, an Easton artist who teaches a jewelry-making class at Barlow, was ecstatic over the outcome of the auction.

“The event went extremely fantastic,” she said. “We had standing room only. The kids served the food, welcomed everyone at the door, took in the money, kept track of what sold, mingled and cashed everyone out. I was very proud.”

The students sold all 32 pieces they had hand-crafted themselves and raised $3,600 to help students at Red Cloud High School in South Dakota buy art supplies. The Barlow students have been in contact with Lakota high school students since the beginning of the school year. Ms. Skalkos explained to her students that Pine Ridge is one of the “poorest reservations” in the United States. By making the connection with the Lakota students, Ms. Skalkos said she wanted Barlow students to learn about traditions other than their own.

Students in her class began exchanging letters and videos with their teenage counterparts on the reservation. The young people from the two schools shared “their likes and dislikes, traditions, values, ethnic backgrounds, favorite foods and thoughts about schoolwork,” she said. The cultural exchange culminated in the benefit auction.

Milo Cramer, a Joel Barlow student, stole the show as the auctioneer.

“He had everyone in stitches,” said Ms. Skalkos. “He was fabulous.”

The event featured a slide show about the process of making the jewelry. Ms. Skalkos described the bidding as “fast and furious and fun.”

“It was an awesome experience for all involved,” she said. “I had one parent tell me that she had not been to an event that fun since she didn’t know when.”

—by MAGGIE CALDWELL
Hersam Acorn Newspapers

Sotheby's holds record-setting sale

Sotheby's raked in a record $49.8 million at its December Magnificent Jewels sale held Monday in New York City, the highest total ever for a jewelry sale at the auction house.

A collection of natural pearls from Kelly and Calvin Klein sold for $4.8 million, a sale that soared above the estimated $3.1 million.

A single-strand natural pearl and diamond necklace from the collection alone fetched $3.6 million.

Other notable sales included a pair of Harry Winston diamond pendant earrings for about $4 million, nearly double the estimated sale price of $2 million, and a historic Cartier FDR Victory Clock, which sold for $1.6 million, setting a record for a Cartier clock at auction.

A 32.16-carat pear-shaped diamond ring, which was the property of a "distinguished lady," sold for $3.3 million, while a 50.4-carat fancy-intense yellow-diamond pendant sold for $2 million.

Nearly 80 percent of the lots sold above their high estimate at Monday's auction. Sotheby's recorded eight lots selling for more than $1 million and three lots selling for more than $3 million.

The previous record for a Sotheby's auction was $33.5 million set in October 1994.
Source: nationaljewelernetwork

Selling Jewelry Is Mostly Pitfalls, Not Much Glitter

IT may be a cameo handed down from your grandmother or your father’s 1940s Hamilton watch or a ring you bought years ago that you no longer wear and now want to sell. While buying jewelry, whether at department or specialty stores, craft fairs or on eBay, is quick and easy, selling it is often slow, difficult and confusing.

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Sotheby’s

Gary Shuler is director of the jewelry department at Sotheby’s in New York City.

“In general, people’s expectations of what their jewelry is worth are higher than they are aware of” in relation to its true value, warned Cheryl Woodland, a certified gemologist and appraiser in Golden, Colo., who has 15 years experience. The market price for a piece of jewelry, she said, is “what a willing buyer is going to pay; there is no Blue Book for selling a piece of jewelry.”

Many factors affect an object’s current market value, from fashion trends to provenance — a piece’s previous owners, the experts say. A piece owned by someone famous, or with a historical association, may have much greater value than an equal piece with no such back story.

“It is difficult to sell your jewelry,” said Christopher Del Gatto, a founder and chief executive of Circa, a six-year-old concern with stores in Manhattan, Palm Beach, Chicago, San Francisco, Washington, and Hong Kong, that sells only preowned, or estate, jewelry.

“You don’t think about selling your jewelry until you have to do it, and it’s tough to find a liquid market for a high-end item,” he said. His firm will write a check on the spot, whether the item is a 75-point diamond or a seven-carat, and it completes a deal with more than 80 percent of clients who approach it, he said. Circa also offers a price in writing, allowing sellers to compare offers from other outlets for a few weeks before making a decision. Sellers from around the world mail their jewelry to the firm or e-mail images.

Both Mr. Del Gatto and Ms. Woodland caution would-be sellers against irrational exuberance when hearing an appraised value of a piece, reminding them that its sales value will be much less. “This business is fraught with misnomers,” Mr. Del Gatto said. The appraised value, he adds, is “the retail value for insurance purposes.”

Gary Shuler, director of the jewelry department at Sotheby’s in New York, agreed that most people don’t understand the difference between the real price and the appraised value. “We might get half to one-third to even one-quarter of what you’ve had the item appraised for,” he said. “Everyone has an inflated idea of the value of their possessions.”

Sotheby’s sells jewelry that has a minimum value of $5,000, and adds a negotiated seller’s premium, which is a percentage of the sale price. A buyer’s premium also applies, adding an additional amount up to 25 percent of the price. But just because a piece is valuable monetarily may not mean there is an eager buyer for it, Mr. Shuler said.

“I send people elsewhere all the time,” he said. “The key is, Are we doing you a service? Are we the best people to sell it for you? We don’t make a market. We reflect markets. And we don’t want the piece back. We want it sold.”

Rahul Kadakia, senior vice president and head of jewelry in New York for Christie’s, said: “There is no rule as to the minimum value for the inclusion of a lot in an auction. We also include exquisite examples of vintage jewels and also items with special provenance which may not necessarily hold the highest estimates in the catalogue.”

“Every now and then, we also see jewels and stones that could well be worth a lot of money but if the style is not suited for a certain market or geographic region, it may be difficult to sell,” Mr. Kadakia said.

Occasionally, he said, “we see items that are really not suited for the sales that we put together and we refer clients to local auction houses or even dealers who might handle these jewels. If something is very suited for the European, Asian or Middle Eastern markets, we would suggest the inclusion of these jewels at our sale centers in Geneva, London, Paris, Amsterdam, Milan, Hong Kong or Dubai.”

Gloria Lieberman, director of the jewelry department at Skinner Inc., an auction firm based in Boston with a second sales room in Bolton, Mass., said her firm is one of the few relatively inclusive auction houses.

With two quite different sales rooms and two different audiences, “we make the decision where it should sell,” she said. “I have things for $300 or $500 that are still sophisticated, maybe out of silver or ivory with a certain design quality. Our consignments come from everywhere.”

Just as styles and tastes change, so do the underlying value of stones and metals. “Gold right now is twice the value of 10 years ago,” Ms. Woodland said. Sometimes, a piece can be sold simply for its scrap value.

Impatience will literally cost the seller dearly because the faster the seller needs the money, the lower the price that will be offered, as low as 50 percent of wholesale, she added.

The experts all agreed that before someone even considers selling a piece of jewelry, whether for scrap, at auction or to a local retailer, that person should do research and try to determine its current value. A trained professional certified by the American Society of Appraisers can help.

Kristine Seen, an administrative assistant in Fort Collins, Colo., has learned how tough it can be to sell even 18-karat jewelry studded with diamonds. Her collection, an appraiser told her, could fetch $4,500, a sum she needed to pay the legal fees after her recent divorce. When a local jeweler offered her $800 for all of it, “I laughed at him,” she said. Listing her objects on Craigslist brought a raft of clearly fraudulent buyers.

“This was very much a discouraging experience,” she said.

One other option is consigning the piece with Portero, a three-year-old New York-based online auction firm devoted to luxury objects, including jewelry. The company has completed more than 60,000 auctions. While it sells major names like Harry Winston and Van Cleef & Arpels, it also sells merchandise for as little as $200 or $300.
Source: nytimes

Illinois Auctioning Off Unclaimed Jewelry On eBay

Online retailers were offering deep discounts Monday to kick-start their holiday shopping season.

But if you are looking to buy your loved one jewelry for the holidays, the state of Illinois has a deal for you.

For years, many pieces of jewelry have been sitting inside safety deposit boxes, never reclaimed by their owners. But thanks to the Illinois Treasurer's Office, someone else will be able to enjoy them.

"One of these items shown has been in state possession for 40 years," said State Treasurer Alexi Giannoulias.

Watches, necklaces, rings and more are among the 53 items now up for auction on eBay.

In the past, these items went on the auction block once a year. But this year, instead of traveling to Springfield, potential buyers just have to visit the Web.

Giannoulias said that in a conventional auction in 2006, the state had 150 bidders. But with the first online auction in 2007, they received 34,500 bids on eBay.

The money earned from the sale will be put toward state pensions, but if the owner or heir ever comes forward, they will collect the money.

The jewelry auction ends Dec. 2. Next week's auction will feature rare collectibles.
Source: nbc5