Office of the Illinois State Treasurer
Judy Baar Topinka
Professional Auctioning Services for the Unclaimed Property Division
June 1, 2004
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 vendor to whom the contract is awarded (“Contractor”) will conduct a sale of
property on August 21, 2004 at the Illinois State Fairgrounds, Springfield, Illinois.
Additional auctions may be scheduled during the term of this Agreement.
The Treasurer plans to contract with a vendor to provide these services for a
period beginning June 15, 2004 and continuing through June 14, 2005.
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 first scheduled auction will be held on August 21, 2004 at the Illinois
Springfield, Illinois. It is anticipated that the auction will have approximately
39,000 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 then the reserve price,
Contractor is liable for any amount under the reserve price. Any coins or