The collection is estimated to be worth $21 million
The Philippine government has approved the auction of the jewelry collection of Imelda Marcos, the widow of dictator Ferdinand Marcos.
The jewelry has been in the government’s possession since 1986, when the Marcoses fled the Philippines after a revolt. Some pieces were recovered from the presidential palace, some were seized by customs officials at the Manila airport, and some were seized by the U.S. Bureau of Customs when the Marcoses arrived in Hawaii.
Christie’s and Sotheby’s have appraised the collection, which is estimated to be worth $21 million. It was last appraised in 1988 and 1991 and estimated to be worth $5 million–$7 million.
The collection includes pieces by Bulgari, Van Cleef & Arpels, and Buccellati; watches by Patek Philippe, Rolex, and Cartier; and a 25-carat, barrel-shape diamond estimated to be worth least $5 million (pictured above).
“We hope that the Filipino people will finally benefit from the proceeds of the collection,” said Presidential Commission on Good Government (PCGG) chairman Richard Amurao in a statement. “The jewelry confiscated from the Marcoses remain a singular manifestation of the misguided priorities of the Marcos presidency during his reign.”
A portion of the collection will be exhibited prior to the international auction. Details of the exhibition and the auction were not disclosed, though the statement from the PCGG said that details on both would be forthcoming.
“It has been long desired by the PCGG to put the jewelry collection on public display to inform the Filipino people of the excesses of the Marcos dictatorship,” said Amurao.
(Screenshot courtesy of GMA News)