Bay State selling c. 1800 teapot eBay

Property left unclaimed in safety-deposit boxes goes on sale online today, as Massachusetts turns to the Internet to auction off items ranging from a Revolution-era silver mug to a Mickey Mouse watch.
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.

The auctions begin today and will last about three weeks.

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.

State law requires banks to turn over safe-deposit boxes that have not been maintained for seven years. The Treasury tries to locate owners or heirs, and if not found the property is independently appraised and put up for auction. Rightful owners can claim the proceeds.

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.

A combination - live online auctions - is the best, she 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. Monday at the Statehouse. Bids must be made through eBay.

Colorado, Texas, Pennsylvania, Nevada and Kentucky similarly use the San Jose, Calif.-based eBay.

A traditional auction in 2002 netted between $100,000 and $150,000, Mitchell said.

(this article was taken from seacoastonline.com)