Yahoo Finance Rolex, Cartier: How stolen jewellery can be yours
More than $1 million worth of jewellery will be auctioned off online this week, with punters able to score exclusive items at a ‘fraction’ of the price.
But while the auction, held by First State Auctions, will feature well-known brand names like Rolex, Cartier, Roger Dubuis and Franck Muller, they will be sold for just a ‘fraction’ of their retail prices.
The jewellery also has an unusual history: they were all seized by the Commonwealth, and forfeited under proceeds of crime.
The proceeds of the auction sales go back to the Commonwealth, where the funds will be reinvested back into the community through programs such as local crime prevention and drug treatment.
The online auction runs from the 13th to the 19th of July and features several diamonds as well as high quality rubies, sapphires, emeralds, pearls and aquamarine jewellery.
Household names such as Bvlgari, Tiffany & Co. and Cartier are also on the list, and all items have been authenticated by expert gemologists, diamond graders and Swiss watchmakers.
According to First State Auctions, auctioning the items on behalf of the Commonwealth, the most prized item is a Franck Muller watch retailing for nearly $347,000, but is estimated to auction at $60,000 to $70,000.
Other items include a Rolex Air-King men’s watch estimated to auction for $4,800 to $5,200 or a 2-carat diamond ring estimated to auction at $28,000 to $30,000. The current bid for this ring is $14,000.
A Dior VIII Ladies’ Watch is currently bidding at $3,050, but is expected to auction for upwards of $5,000.
The starting bid of a tennis bracelet with a diamond row of nearly 6 carats is $2,700, while a Girard Perragaux cat’s eye ladies watch is starting at $4,500 and expected to auction for up to $10,000.
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