PCGG in talks with Christie's on auction of P15-billion Imelda jewels

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) is talking with prestigious auction house Christie’s of London in an effort to auction confiscated jewelry from former first lady Imelda Marcos before the administration changes on June 30.

Lawyer Ricardo Abcede, PCGG commissioner handling asset management, said he has already conducted initial talks with Christie’s top official, Harco Van Den Oever, on the appraisal and auction of the jewelry.

Van Den Oever heads the auction house’s marketing.

Abcede said that he was also set to initiate contact with two other international auction houses, Sotheby’s and Bonhams, to invite them to come to the country and bid for the right to auction the jewelry.

“This time, I’m serious about disposing of these (jewelry). We have limited time,” Abcede said in a press briefing at the PCGG head office.

He noted that his term, along with PCGG chairman Camilo Sabio and three other commissioners, will end at the expiration of President Arroyo’s term on June 30.

Abcede said that the auction houses were very interested in holding the auction of the Marcos jewelry, notwithstanding the possible legal obstacles that could be put up by the widow of the late deposed President Ferdinand Marcos.

“They’re aware of it. They’re used to it. They’re not going to be bothered by it,” Abcede said, adding that the PCGG is bent on holding the auction before June 30 so they can post it as an accomplishment of the outgoing Arroyo administration.

If they fail to do it by the deadline, Abcede said their successors can pick up where they left off.

Three auction houses to appraise collections

According to him, gemologists of the three auction houses will appraise the three collections – the Hawaii collection, the Malacañang collection and the Roumeliotes collection.

The Malacañang collection includes the jewels left by the Marcoses in the Palace when they fled the country at the height of the EDSA People Power revolt in February 1986. The Hawaii collection was seized from Mrs. Marcos by Customs authorities upon arrival in Hawaii.

The Roumeliotes collection were the jewels seized from a Greek courier of the Marcoses who attempted to smuggle a portion of the Marcos jewels out of the country in 1986.

The PCGG held a public display of all the jewels in September 2005, which was appraised by auctioneers at P15 billion.

“Gemologists of these auctioneers will hopefully be there at the turnover and make their appraisal. They will have to compete against each other. Whoever will have the highest appraisal will get to auction the jewelry,” Abcede said.

“These are the most prestigious auction houses in the world. That’s something. For them to come all the way to Manila, it means it’s important to them,” he said.

Abcede explained that the Roumeliotes collection was expected to be the “main attraction” and there were concerns that holding separate auctions for the two other collections might not get the same interest if not scheduled with that of the Roumeliotes collection.

He said the auction will have to be done in Manila and that the PCGG will insist on disposing of all three collections in one auction because of security risks in transporting the jewelry abroad.

Another concern was the exposure of the jewelry to legal cases abroad that could possibly be filed by the American lawyers of the Marcos human rights victims who were awarded compensation by a US judge.

Abcede said that the display of the jewels before the auction would generate interest from abroad and could even lure tourists to the country.

The collections include pieces from Bulgari, Cartier and Harry Winston.

He stressed that he is determined to sell those non-performing assets since there is no reason not to and the money earned would be turned over to the Bureau of Treasury to support the Comprehensive Agrarian Reform Program.