Marcos jewelry to fetch high prices if auctioned

MANILA, Philippines – An official from international auction house Sotheby’s said the Marcos jewelry collections would fetch high prices if auctioned because the jewelry are of “high quality” and “good manufacture.”

Brett O’Connor, Sotheby’s senior director and jewelry specialist, yesterday said the Roumeliotes Collection and the Hawaii Collection of former first lady Imelda Marcos were “wonderful items” and “there is no reason to believe that it would not do well in the auction.”

One of the prized pieces from the Hawaii Collection is a 25-carat pink diamond, which is a bit smaller than the P1 coin.

The Presidential Commission on Good Government (PCGG) said the value of the pink diamond alone is estimated at $5 million.

O’Connor has not yet seen the Malacañang Collection. Sotheby’s and auction house Christie’s are expected to finish their physical appraisal and to submit their reports in two weeks.

PCGG Commissioner Andrew de Castro said the PCGG wants to exhibit the three collections by February 2016 in time for the 30th anniversary of the agency. The PCGG wants to display the 760 pieces from the three jewelry collections at the Metropolitan Museum.

He said he believes that the exhibit would give the Filipinos a chance to see a piece of the country’s history. But considering the expenses and tight procedural process, the exhibit might be difficult to do. 

“Realistically speaking, we are not sure if we could do the exhibit by February because the exhibit is going to cost a lot of money,” De Castro said, adding that the PCGG might rely on the winning auction house to shoulder the expenses.

The PCGG would still have to consult and seek the approval of the privatization council on whether the agency could push through with the auction plans. 

The agency hopes to finish the processes before President Aquino ends his term on June 30, 2016.

When asked if the auction of the Marcos jewelry was connected with the vice presidential candidacy of Sen. Ferdinand Marcos Jr., the son and namesake of the late president, De Castro said the PCGG is just carrying out its mandate. 

“The plan for this (auction) was made even before Sen. Marcos announced his intention to run,” he added.