Massachusetts Treasurer Steven Grossman announced that the recently completed eBay auction his office's Unclaimed Property Division conducted has generated a record-setting $544,552 in revenue for the commonwealth's general fund, a 92% increase over the appraised value of the sold items.
"Maximizing value and revenue for taxpayers is a top priority, and the eBay auction is a great way to reach as many potential bidders as possible," said Grossman.
This was the eighth time the commonwealth has used eBay to liquidate its unclaimed tangible property holdings. Before using eBay, the Treasury held a live auction for such items, which was far less profitable because of its limited reach to potential bidders.
Over a 42-day period starting on Oct. 29, this year's auction raised $544,552 through the sale of 1,830 separate lots of items such as gold, silver, jewelry, collectible currency, and high-end wristwatches. The items carried an appraised value of $283,500.