Originally published December 12 2005
eBay to sell unclaimed safety deposit box items
by Mike Adams, the Health Ranger, NaturalNews Editor
The state Treasurer's Office in Boston will sell the goods of unclaimed safety deposit boxes through eBay. Among the unclaimed items are a colonial mug and a silver teapot from the 1800s. Officials expect to make several hundred thousand dollars.
The state Treasurer's Office, after years of using traditional auctions to dispose of the items, will peddle the goods -- essentially tax free -- through online auctioneer eBay.
"eBay allows us to reach more potential bidders and ultimately bring in more money for the state," said Alison Mitchell, spokeswoman for Treasurer Timothy Cahill.
Proceeds go into the state's general fund.
Officials hope to net "several hundred-thousand" dollars, Mitchell said.
Two big ticket items, whose appraised value was undetermined as of Sunday, are the tankard -- or mug -- made by colonial silversmith Andrew Tyler and salvaged from a burning home near Bunker Hill, and a silver teapot, circa 1800.
The Treasury tries to locate owners or heirs, and if not found the property is independently appraised and put up for auction.
Traditional auctions required buyers to pay the state's 5 percent sales tax to complete the transaction, but that's not required online.
Right now, buyers are expected to pay sales taxes on Internet purchases themselves directly to the state when they pay their income taxes, although states rarely enforce it.
Mitchell predicts the online auctions will bring in far more than a traditional auction, thus making up for any sales tax loss.
Traditional East Coast auction houses also charge buyers fees between 15 and 19 percent.
Sue A. Giffen, owner of Falmouth-based Cape Cod Auction, said traditional live auctions are "more competitive" than Internet auctions.
"But the fact is an online auction has a wider audience," Giffen said.
"It's a broader market and it's still competitive," she said.
Cahill's office is hosting a viewing of the items from noon to 5 p.m.
Colorado, Texas, Pennsylvania, Nevada and Kentucky similarly use the San Jose, Calif.-based eBay.
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