Imelda jewels auctioned soon

Experts from Christie’s and Sotheby’s international auction houses are set to arrive on Sept. 14 to inspect and assess the value of jewelry seized by the government from former first lady Imelda Marcos and Demetrio Roumeliotes, a Greek citizen.

Speaking to reporters during a luncheon at the UCC Café in Ortigas Center in Pasig City yesterday, Nick Suarez, Presidential Commission on Good Government (PCGG) information chief, said the Sotheby’s representative will meet with Ricardo Abcede, PCGG commissioner in charge of the Asset Management Department, preparatory to the inspection of the jewelry at the Bangko Sentral ng Pilipinas.

"Hopefully, the government will be able to select the auction house that would dispose of the jewelry," he said, quoting Abcede, who relayed the message via cell phone.

"The government is looking at two dates, one in November and one in May, both to be held in Geneva. These are the periods when big buyers of jewelry congregate. The government is targeting the November deadline," Suarez said.

No schedule of presentation has been made by Sotheby’s, he added. Suarez said Abcede is "spokesman" of the government’s four-member committee handling the auction.

"The Roumeliotes jewelry is not Marcos jewelry," he said.

"This (is) jewelry that was confiscated by the BOC in 1996 from Demetrio Roumeliotes, a Greek national, who tried to smuggle it out of the Philippines, jewelry that was suspected to be Marcos jewelry. But the Supreme Court decision declared that these are not Marcos jewelry (pieces)."

Suarez also said the decision to auction the jewelry would be made hopefully this month.

November and May, he said, "are the periods when buyers congregate in the area. Hopefully, we can (begin) disposing of the properties before the end of the year."

There will also be a bidding held before any auction house is chosen, he added.

Suarez said this is the third time the two auction houses will view the sequestered jewelry.

("The last time) was in 1994 for an appraisal," he said. "They will look at the jewelry probably to see if the jewelry (is) genuine." He added the official inspection began in 1991.

After the jewelry is inspected, the government will select one of the auction houses, possibly within this month.

During a meeting at the Department of Finance on Aug. 25, Harco van den Oever, Christie’s managing director for Europe, said it would be up to the government to prevent the jewelry from ending up back in the hands of Marcos.

"It’s really up to the government" what strategies it would take to prevent this, he said. "I have read in the papers about it. We have a strong market with lots of expertise. And we are confident that we will be able to work hand-in-hand with your government."

The Christie’s official refused to say who their prospective buyers might be, how much the jewelry might fetch at auction, how much commission they might receive from the government, nor the exact date of the two auctions.

Van den Oever, who is based in Amsterdam, the Netherlands, had proposed to the government a two-part auction of the sequestered jewelry.

No estimate was made by the PCGG on the value of the two sets of jewelry to be auctioned, and it did not identify the Marcos jewelry and the Roumeliotes jewelry being kept in the BSP vaults.

Reports estimate the Marcos jewelry to be worth at least US$10 million. No estimate was made on the Roumeliotes collection.

During the meeting at the DOF, Suarez said the government had formed a committee comprised of Undersecretary Gabriel Singson Jr., who is also the Privatization Council chairman; Finance Undersecretary Noel Bonoan; Customs Commissioner Alex Arevalo; and Abcede.

They also formed a technical working committee to handle the auction of the seized jewelry.

Among those who attended the meeting were Singson, Bonoan, Arevalo and Abcede.