Illinois Unclaimed Property Online Auction

Illinois State Treasurer’s Office Auctions Unclaimed Property, Featuring Ryne Sandberg Rookie Card

The Illinois State treasurer’s Office is currently holding an online auction of unclaimed property, presenting a unique opportunity for collectors and the public alike.Running from June 13 through June 22, the auction features a diverse collection of items, including sports memorabilia, rare coins, and other intriguing collectibles.

Featured Items up for Bid

Among the highlights of this year’s auction are a rookie baseball card featuring Chicago Cubs legend Ryne Sandberg, vintage “Star Wars” comic books, and an Elvis Presley coin collection. Also featured are sports collectible Cards of Ernie Banks,Bob Gibson,Johnny Bench,Larry Bird,Magic Johnson,Wayne Gretzky,and Gordie Howe.

Adding to the eclectic mix are vintage pocket watches, Jewellery, currency notes from various countries, uncut sheets of U.S. $10 bills, and ten one-ounce .999 fine silver bars and rounds. Something for everyone!

did You Know? The Illinois State Treasurer’s Office also holds an in-person auction during the Illinois State Fair. Mark your calendars for August 16th!

Treasurer Frerichs Encourages Public Participation

“Everyone is welcome – and encouraged – to explore our online auction,” said Illinois State Treasurer Michael Frerichs. “The online auction is a convenient way for people to add to a personal collection or find a distinctive gift, like a Pez dispenser with Yoda’s head.”

How to Participate in the Unclaimed Property auction

To take part in the auction, prospective bidders must create an account on the HiBid website. Visit hibid.com and click “Create Account,” or go to the catalog, scroll down, and click “register to Bid.” For any questions, call 217.557.8567.

A total of 200 lots are being auctioned, with some featuring multiple items. Detailed catalogs are available on the HiBid website,along with photos on the state Treasurer’s Office website.

The Role of the Treasurer’s Office

the Treasurer’s Office acts as the custodian of unclaimed property which includes contents from safe deposit boxes, insurance policy proceeds, lost bank accounts, and unpaid rebate cards. Thes items are surrendered after private entities have spent years attempting to locate the rightful owners.

items considered for auction are typically those unclaimed for at least a decade. Nonetheless of how long it takes, all auction proceeds are held for the rightful owners.

Unclaimed Property Auctions: A Necessary Practice

Due to limited storage space, the Treasurer’s Office conducts these online auctions periodically throughout the year. An annual in-person auction is also held during the Illinois State Fair.

Unclaimed Property: Key Facts

Here’s A Quick Look At How Unclaimed Property Works In Illinois:

Property Type	Examples	Disposition
Financial Assets	Bank Accounts, Stocks, Uncashed Checks	Held indefinitely until claimed by owner or heirs.
Physical Items	Safe Deposit Box Contents, Collectibles	Auctioned after 10 years; proceeds held for owner.
Insurance Benefits	Life Insurance, Annuities	Actively searched for beneficiaries; unclaimed funds held.

What unusual item would you hope to find in an unclaimed property auction? And have you ever checked to see if you have unclaimed property waiting for you?

Tips for Bidding on Unclaimed Property

Before participating in an unclaimed property auction,consider these helpful tips:

• Research the Items: Understand the value and condition of items before bidding.
• Set a Budget: Determine how much you are willing to spend and stick to it.
• Read the Fine Print: Be aware of all terms and conditions, including any additional fees.

Frequently Asked questions About Illinois Unclaimed Property

Don’t miss out on this chance to own a piece of history! Share this article and let others know about the Illinois State Treasurer’s unclaimed property auction. What treasures might you discover?

What is the typical timeframe for unclaimed property to be held by the state before being auctioned off?

Illinois Unclaimed Property Online Auction: Your Guide to Recovering Lost Funds

are you looking for lost assets? The Illinois State Treasurer holds a vast amount of unclaimed property, and the Illinois Unclaimed Property online auction presents an excellent opportunity to perhaps recoup your lost funds. This comprehensive guide will walk you through everything you need to know, maximizing your chances of success. we’ll cover how to search for unclaimed funds Illinois, navigate the Illinois unclaimed property auction, and understand the process.

What is Illinois Unclaimed Property?

Unclaimed property consists of financial assets that go unclaimed by their rightful owners. This includes things like:

• Uncashed checks
• Bank accounts
• Stocks and bonds
• Insurance benefits
• Safe deposit box contents

Businesses and organizations are required to turn over these assets to the state after a period of inactivity, typically three to five years. The Illinois State treasurer then acts as a custodian, holding the property until the rightful owner, or their heir, comes forward to claim it.

The Illinois Unclaimed Property Online Auction: A Detailed Overview

The Illinois State Treasurer’s office periodically holds online auctions to sell unclaimed property, including items from abandoned safe deposit boxes. This auction provides an avenue for the state to manage the assets effectively while giving individuals an opportunity to acquire unique items at potentially favorable prices. The Illinois unclaimed property auction is a carefully managed process.

How the Auction Works

Here’s a simplified overview of the auction process:

1. Auction Announcements: The Illinois State Treasurer announces upcoming auction dates and details on their official website.
2. registration: Interested bidders must register on the auction platform. This process might involve providing personal data and agreeing to the terms of the auction.
3. Preview: Before the auction begins, a preview period is available where potential bidders can view the items available for auction.Sometimes this is via a live preview before the auction date.
4. Bidding: During the auction, bidders place their bids on items they are interested in.
5. Winning Bids: The highest bidder on each item wins, subject to the auction rules.
6. Payment and Collection: Winning bidders are required to pay for their items and arrange for their collection.

Types of Items Typically Found in Auctions

The items available in the Illinois unclaimed property auctions vary, but frequently include:

• Jewelry
• Collectibles (coins, stamps)
• Watches
• Memorabilia
• Other items of value

This information is based on past auction events, as specific items vary by auction and are subject to the contents of the unclaimed property.

Finding and Searching for Unclaimed Property in Illinois

Before considering the auction, it’s always best to check directly if you have unclaimed property Illinois attributed to you. The State of Illinois provides an accessible online search tool to help you locate any potential unclaimed assets.

Step-by-Step Guide to Searching

Here’s how to find your unclaimed funds Illinois:

1. Visit the Official Website: Go to the Illinois State Treasurer’s website.
2. Use the Search Tool: Locate the search tool for unclaimed property.
3. Enter Your Information: Enter your name (and other relevant information like an old address, but entering only your last name might be easiest to start).
4. Review Results: If any matching claims are found, they will be displayed. Details will vary.
5. File a Claim (if applicable): If you find a match, follow the instructions to file a claim.This usually involves providing proof of ownership (e.g., identification, documentation).

tips for Prosperous Bidding and Participation in the Illinois Unclaimed Property Auction

Participating in the Illinois unclaimed property online auction can be rewarding with the right strategies.Here are some practical tips:

• Research the items: Before bidding, research the value of similar items. This will help you stay competitive.
• Set a budget: Determine the maximum price you’re willing to pay for each item.
• Read the terms and conditions: Understand the auction rules including payment deadlines, and shipping costs.
• Inspect items during preview if applicable: If a physical inspection is possible, take advantage of it to assess the condition of the items.
• Bid strategically: Don’t bid early and drive up the price. Time your bids carefully.

Benefits of Participating

Participating in the Illinois Unclaimed Property online auction offers several advantages:

• Opportunity to find Hidden Treasures: You may find valuable items at attractive prices.
• Support the State: Buying unclaimed property helps the State of Illinois return funds to their proper owners.
• Unique Finds: Often, the items are unusual and interesting.

Real-World Example

Let’s say you find a rare coin collection during the auction preview, and after careful research, you establish that its market value is considerably higher than your maximum bid. In this real-world scenario, this presents a unique investment opportunity that can lead to a high return upon sale.