Jewelry, coins, collectibles on block at annual Arizona unclaimed property public auction

PHOENIX – Hundreds of jewelry pieces, coins and collectibles are up for grabs during the Arizona Department of Revenue’s annual public auction of unclaimed property.

Bidding in the online auction opened Monday, and lots begin closing at 3 p.m. Sunday. Buyers must register with Sierra Auction, host of the sale, before they can put in offers.

For anyone who wants to check out the merchandise in person, an onsite preview is set for 9 a.m.-3 p.m. Friday at the Sierra Auction house at 4298 N. 35th Drive in Phoenix, near Grand Avenue and Indian School Road.

This year’s unclaimed property auction features about 600 lots, with bidding starting at $5. The items, which came from abandoned safe deposit boxes, have all been professionally appraised.

What happens to proceeds of Arizona unclaimed property auction?

The Arizona Department of Revenue puts the proceeds of each sale into a custodial account that the property’s rightful owners can claim in the future.

In the last fiscal year, the department returned a record $89 million in unclaimed assets, part of which came from the annual auction, to its rightful owners. Old bank accounts, uncashed payroll checks and returned deposits also contributed to the total.

Assets often wind up as unclaimed because companies have outdated addresses or incorrect forwarding addresses.

Members of the public can find out if they have unclaimed property in their names and how to claim it at state of Arizona’s unclaimed property website.

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