A 3-million-peso Piaget watch and a jewel-encrusted Montblanc fountain pen are among 153 lots of jewelry that will be auctioned July 28 in Mexico City.

The 1,978 pieces, which President López Obrador described as a demonstration of social decomposition, have been valued at 22.6 million pesos (US $1.2 million).

They had been confiscated by the courts, the Federal Tax Administration and the federal Attorney General’s Office.

Brands include Cartier, Corum, Rolex and Gucci and Montblanc.

The cheapest piece is a woman’s Gucci watch, which has a starting price of 10,200 pesos.

The most expensive is a men’s Piaget watch, with the face and band made of 18-carat white gold and encrusted with 49 diamonds.

It has a starting price of almost 3 million pesos.

A Montblanc fountain pen, adorned with a Mexican flag made of emeralds, rubies and diamonds, has a starting price of 374,400 pesos.

The president told his morning press conference today that the extravagance of the jewels demonstrates the level of social decomposition that existed in Mexico before he became president.

“We should do an exposition of how this cheap luxury became so important,” he said. “How did these material goods become more important than cultural, moral and spiritual values?”

He encouraged people to participate in the auction because the money raised will support poor communities around the country, although he did not specify which.

Anyone interested in participating can buy a pass at regional offices of the System of Administrative Allocation of Assets (SAE), or at convenience stores. After buying a pass, participants will need to register at an SAE office.

Earlier auctions have sold automobiles and real estate seized from drug lords and other criminals.

Source: Milenio (sp), El Financiero (sp), El Universal (sp)