Office of the Illinois State Treasurer
Judy Baar Topinka
Request for Proposals
Professional Auctioning Services for the Unclaimed Property Division
June 29, 2006
The Treasurer is issuing the Request for Proposals to provide professional auctioning services for the Unclaimed Property Division. These services are required to conduct a sale of unclaimed property formerly held in safe deposit boxes, as required by the Uniform Disposition of Unclaimed Property Act (765 ILCS 1025/1 et seq.).
The contractor to whom the contract is awarded (“Contractor”) will conduct a sale of property on August 19, 2006 at the Illinois State Fairgrounds, Springfield, Illinois.
The Treasurer plans to contract with a Contractor to provide these services for a period beginning July 15, 2006 and continuing through August 30, 2006.
Upon expiration of this term, the Treasurer, in her discretion, may elect to extend the relationship for a period of time with terms agreed upon by the parties, consistent with Procurement regulations.
2.0 Major Areas of Concentration
A. The auction will be held on August 19, 2006 at the Illinois State Fairgrounds, Springfield, Illinois at 12:00 noon with a preview commencing at 8:00 a.m. It is anticipated that the auction will have approximately 36,000 individual pieces for sale.
B. All lots shall be sold subject to a non-published reserve price, which shall equal seventy-five percent (75%) of the value, based on an appraisal of the items. If no bid meets the reserve price, the item shall not be sold and shall be returned to the Treasurer. If a lot is sold for less than the reserve price, Contractor is liable for any amount under the reserve price. Any coins or currency sold must be sold for, at a minimum, face value plus a percentage equal to the Contractor’s percentage of sale fee.