What does the State do with the auction proceeds?

The dollar value from the sale of each item is applied to the owner's account, where it remains, indefinitely, for the owner or the owner's heirs to claim.

Is there a minimum reserve price for auctioned items?

Yes. Each lot has a minimum, opening-bid price.

How are the reserve prices determined?

The Department uses the services of an independent professional who identifies and describes each item, and determines a reserve or minimum bid price. The minimum bid price is not intended to reflect the fair market value or replacement cost of an item. In most cases, lots sell for much more than the opening bid price.

Who conducts the auctions?

The auctions are conducted by a professional auctioneer, who sells each lot in numerical order, in a fast-paced manner.

Are auctions conducted online?

No. Each auction is held at a live location within the state. Live auctions allow attendees to physically see and examine items, rather than relying solely on online images. Live, on-site auctions also allow residents to attend, participate and interact with each other, as well as with Florida´s Chief Financial Officer and other Department representatives.

Where are the auctions held?

The auctions are rotated among Florida´s larger media markets in order to help promote the events and allow more Floridians to participate, as well as to make more people generally aware of unclaimed property and how to find it at www.FLTreasureHunt.gov.

Will media be present?

Yes. The auctions are public events, sponsored by the State of Florida. Media representatives, including camera crews, will almost certainly be present.

How long does each auction last?

Each auction is a two-day event. The first day, lasting all day on a Friday, is "Preview Day." This day, registered bidders can physically see and inspect items for sale. Preview Day is the only day to physically view and inspect. The second day, on a Saturday, is "Auction Day," lasting from the morning until all lots are sold, ending in the afternoon. While descriptions are available in the catalogs and photos are shown as each lot is sold, there is no physical inspection on Auction Day.

What is a "registered bidder"?

Any person who desires to physically preview the items or to place a bid must register. Registration requires a photographic identification and payment of a 100%, instantly-refundable $100 deposit.

Can anyone participate?

Yes. All auctions are open to the public and anyone can participate.

What types of payments are accepted?

All payments must be made in cash, traveler´s checks, bank debit cards or cashier´s check. Credit cards are not accepted. If you plan to use a debit card, please check with your bank regarding the daily limit, as most banks have such limits on debit card purchases.

Will sales tax be charged?

Sales taxes are not charged on any purchases. However, a 10% "buyer´s premium" is added to the final sale price of any lot. The buyer´s premium is the fee earned by the professional auction company.

Are there any restrictions on what can be brought into the preview?

The following restrictions apply to "Preview Day" only: The following items, including, but not limited to, purses; handbags; loose, bulky, multi-pocketed cargo-type jackets or pants; drink containers; strollers; carts; stools; chairs; brief cases; zippered cases/folders; or other bags of any type, are not allowed in the preview area. There are no exceptions to these restrictions.

How do I find out ahead of time what will be sold?

A free downloadable catalog, as well as photographs of each lot, will be available online approximately one month prior to each auction. Hard copies of the catalog will also be available for purchase at the auction.

What can I do if an item from my own former safe deposit box is among the items to be auctioned?

You can claim it by filing a claim and providing documented proof that you are the same individual whose name is on the safe deposit box account. This can be done until the time an item is sold.