SPRINGFIELD — Bidders from across the country spent more than $173,684 at this past weekend’s live auction at the Illinois State Fair, Illinois State Treasurer Michael Frerichs said today.
This was the fourth consecutive year for the live auction at the Illinois State Fair. Noteworthy items at this year’s auction included a Credit Suisse 5 oz .999 fine gold bar ($7,500), an 1854 Indian Princess three- dollar gold coin ($1,150); a 1984 Chicago Cubs baseball signed by Ryne Sandberg ($700); an 1893 World’s Columbian Exposition Ticket ($250); a Joe DiMaggio signed baseball ($240); and a baseball signed by Negro League pitching great Buck Leonard ($105).
“This year’s live auction was another great success,” Frerichs said. “Collectors from across the country bid on thousands of rare items including jewelry, baseball memorabilia, and coins. We look forward to another great event at next year’s Illinois State Fair.” Frerichs and Illinois Agriculture Director John Sullivan both served as guest auctioneers for several auction items. Luke Lee Gaule served as the official auctioneer for the event.
The treasurer’s office works hard to return valuables to their rightful owners. After 10 years of private and public attempts to locate the owners of unclaimed property, the unclaimed items are put up for auction. All auction proceeds are held for the rightful owners in perpetuity.
The Illinois Treasurer’s Office is the custodian of unclaimed property including lost bank accounts, insurance policy proceeds, and forgotten safe deposit boxes. Items are surrendered after private entities typically tried for five years to locate the owners. Because thousands of items are surrendered each year, 217.785.6998.
About the Illinois Treasurer As Illinois State Treasurer, Frerichs is the state’s Chief Investment and Banking Officer and actively manages approximately $30 billion. The portfolio includes $13 billion in state funds, $11 billion in college savings plans and $6 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $42 to the state for every $1 spent in operations. Frerichs’ office protects consumers by safeguarding more than $3 billion in unclaimed property, encouraging savings plans for college or trade school, increasing financial education among all ages, assisting people with disabilities save without losing government benefits, and removing barriers to a secure retirement. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.