This 3-million-peso Piaget watch remained unsold. This 3-million-peso Piaget watch remained unsold.

At 10 million pesos, jewelry auction nets half what was expected

The proceeds will be used to pave roads in Michoacán and Colima

A government auction of confiscated jewelry on Sunday failed to meet its fundraising goal when some of the most expensive lots didn’t sell.

The auction was the third held by the System of Administrative Allocation of Assets (SAE) and raised 10.3 million pesos (US $540,000), far short of the 21 million-peso minimum goal set by SAE head Ricardo Rodríguez. Of the 148 lots that were up for auction, 38 stayed on the block as bidders opted not to offer the minimum price set by the SAE.

The government expected between 250 and 350 people to take part but only 70 signed up to participate.

The most expensive piece, a white gold Piaget watch encrusted with diamonds with a starting bid of almost 3 million pesos, was one of the pieces that failed to sell. The most expensive piece that did sell was an 18-karat white gold Patek Philippe watch, which went for a little over a million pesos.

The cheapest lot sold was a collection of various 14-karat gold necklaces and earrings, selling for 12,500 pesos. SAE sourcOKes told the newspaper El Universal that such pieces, which don’t have much value, are often purchased to be melted down.

The auction’s proceeds will be used roadwork near the border between Michoacán and Colima, according to Rodríguez.

He added that later this week he will announce the details of the next auction, which will sell off properties allegedly confiscated from human trafficking activist Rosi Orozco and accused drug trafficker Xen Li Yegon.

The former, head of the United Against Human Trafficking Commission, was accused of benefiting personally from a government contract that gave the organization the use of confiscated real estate. The commission denied the accusation.

Source: El Universal (sp)

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