PROVIDENCE, R.I. – General Treasurer Gina Raimondo today announced that Treasury will hold a live Unclaimed Property Auction on Saturday, August 23, 2014 at 10 a.m. at the Department of Administration, One Capitol Hill, Providence, R.I.
The items up for auction include rare coins, fine jewelry and other valuable collectables that are presumed abandoned under the state's Unclaimed Property Law, R.I.G.L 33-21.1. The last live state auction was held in 2008.
By definition, unclaimed property consists of assets that are considered lost or abandoned after an owner cannot be located. The state then holds the property in its custody until it is claimed by its owner or heir. Last fiscal year 2014, the unclaimed property team processed nearly 12,000 claims worth more than $26 million, an increase of approximately 50 percent in the number of processed claims from fiscal year 2013. This is in large part due to Treasury's increased outreach efforts.
"We have a vast collection of items up for bid at this year's auction," said Raimondo. "I am proud of the efficient work of my unclaimed property team throughout my term and in preparation for this event."
Treasury currently holds more than $275 million in unclaimed property. Rhode Islanders can easily search to see if the state is holding any property in their name using the search engine located on Treasury's website at treasury.ri.gov/up.
This year's Unclaimed Property Auction will be preceded by two public previews taking place at the Department of Administration, One Capitol Hill, Providence, RI on Friday, August 22nd from 5 p.m. – 9 p.m., and on Saturday, August 23rd from 8 a.m. – 10 a.m. The live auction will take place at the Department of Administration on Saturday, August 23rd from 10 a.m. until all items are sold.
For additional information about the auction, or to search for your unclaimed property, visit treasury.ri.gov/up. Any additional information or questions can be directed to Treasury's unclaimed property division at 401-462-7676.