Indonesia fails to sell shipwreck treasure at auction

Wed May 5, 2010 10:36am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

JAKARTA (Reuters Life!) - Indonesia failed on Wednesday to auction a 10th century treasure trove which was salvaged from a Chinese shipwreck off Java island about five years ago because there were no bidders.

Organizers had hoped to raise $80 million from the 271,000 items that were supposed to go under the hammer at a government auction house in Jakarta.

But officials said bidders were probably deterred by government rules that require bidders to deposit 20 percent of the total estimated value to join the auction.

The shipwreck was found 90 miles off Cirebon, in West Java, following a tip-off from local fishermen in 2004 and it took 30 divers and some 22,000 dives to recover the treasure.

But the auctioneer was forced to close the auction because there was no response.

An Indonesian fisheries ministry official, Sudirman Saad, said before the auction about 20 companies and individuals had shown interest in the treasure, which includes Chinese porcelain and gold jewelry studded with rubies and sapphires.

"If you want to sell something like that there are certain ways to do it, and you need to have big marketing, big promotion. You have to go where the buyers are," said the owner of the salvage company, Luc Heymans.

"The buyers, they're in China, Hong Kong, Singapore, so you go there."

Fisheries minister Fadel Muhammad said the government will see whether the bidding rules need to be changed.   Continued...

<p>Guards stand near 10th century Chinese Yue Mise imperial wares from the Five Dynasties (907-960 AD) on display at a showroom in Pamulang district, Tangerang, Indonesia's Banten province May 4, 2010. REUTERS/Beawiharta</p>