The Ministry of Finance and Public Credit introduced 148 lots complete with 2,000 items that include diamond-encrusted earrings, watches, bracelets, chains and other luxurious accessories that were seized during raids in years past.
The auction, which opened July 15 and runs until July 25, is being held at Los Pinos, the former presidential palace in Mexico City that has been turned into a museum and cultural venue ever since leftist president Andrés Manuel López Obrador entered office in 2018.
The Mexican government introduced 148 lots with 2,000 luxurious items that diamond-encrusted earrings, watches, bracelets, chains and rings. A men’s Piaget watch (pictured) is valued at $155,000
Luxurious goods seized from cartel members in Mexico are being auctioned in Mexico City with the proceeds to be donated to poor communities in the state of Michoacán. This men’s Jacob & Co. watch (pictured) is worth $62,000
The third most expensive item being auctioned by the Institute to Return Stolen Goods to the People is a women’s set that includes platinum earrings, a choker and bracelet starting at $49,000
The luxury goods are being auctioned to raise money for poor communities in the state of Michoacán. The government is looking to raise as much as $2 million.
The most expensive piece listed is a men’s Piaget watch, valued at $155,000.
The 18 karat, white gold timepiece features 49 baguette cut diamonds on the dial and bezel and another 18 on the side of the bezel. It also has an additional 160 baguette cut diamonds on the pulse.
The second-most expensive watch in the lot is a $62,000 Jacob & Co. men’s watch.
Among the 2,000 jewelry pieces being auctioned is a women’s Cartier watch (pictured) valued at $47,000
The seized bling is sold through the Institute to Return Stolen Goods to the People, which Andrés Manuel López Obrador created. A Patek Philippe timepiece (pictured), one of the many seized from dangerous cartel members, has a starting auction price of $44,000
Other valuables confiscated from the criminal organizations included a platinum matching-set containing a women’s earrings, a choker and bracelet going for $49,000. There’s also diamond-encrusted Cartier women’s watch listed at $47,000 and a men’s Patek Phillipe watch with a starting auction price of $44,000.
The least expensive item being auctioned is a women’s Gucci watch listed at $535.
The seized bling is sold through the Institute to Return Stolen Goods to the People, which López Obrador created. The agency auctions real estate and jewelry, mostly confiscated from criminals or in tax cases.
In May, $1.5 million was made from the sale of 82 vehicles. A Ford Shelby, that once belonged to a close ally of Joaquín ‘El Chapo’ Guzmán, was purchased for $99,745. A Lamborghini Murcielago fetched $93,000 in the auction.
In June, the Mexican government held an auction on to sell off properties seized from notorious cartel leaders and drug traffickers, and raised $2.6 million.
A luxury home located in Metepec, Mexico State, was the highest selling at $1.098 million after it originally posted for $1.152 million.
Another mansion in the Pacific coast state of Colima was listed at $90,000 and sold for $137,000.
Mexico is also in the midst of seeing how it can recoup all of Joaquín ‘El Chapo’ Guzmán’s fortune that has been valued at $14 billion by the United States government.
Last Thursday, López Obrador argued that the funds should be returned to El Chapo’s home country of Mexico.
He also demanded that the US return the assets they had already seized from the gang leader.
A mansion in Metepec, Mexico State, was the highest selling at $1.098 million after it originally posted for $1.152 million in June
Looking for a new owner: People look inside a 2007 Lamborghini Murcielago which was auctioned off in May for $93,000
The least expensive item being auctioned is a women’s Gucci watch listed at $535