Almost every lot in the auction sold for well over their low estimate. There were a few exceptions, though. One lot which went unsold was a man's vintage Rolex watch which had an estimate of $54,000. Another unsold item is the so-called "Prisoner Watch," a vintage yellow gold Rolex Monoblocco, which sold for $65,000 but did not reach its $75,000 low estimate.
The money from the auction will go toward repaying the victims of Mr. Madoff's $65 billion Ponzi scheme, minus a fee by the auctioneer, Gaston & Sheehan Auctioneers of course. Even though the proceeds made more than $1,000,000, it will be a drop in the bucket of the total amount lost.
The items which were auctioned off in last weekend's auction became government property last July when US Marshalls took custody of the Madoff's homes. There still remain more than 2,000 items to be auctioned. There will be three more auctions to sell the remaining items which include a Steinway piano, furniture and more jewelry. Three boats and a Mercedes are next on the auction block in Fort Lauderdale.