Sunday, November 15, 2009

Bernie Madoff's Jewelry and Other Assets Fetched $1,000,000+ at Auction

Bernie Madoff will long be known for his Ponzi scheme - the largest Wall Street investment fraud in history. His personal assets, including a large amount of jewelry were auctioned off this weekend by Gaston & Sheehan auctioneers on behalf of US Marshalls.

The auction catalogue showed 25 pages of jewelry, which attests to the value of the pieces. Scanning the listings showed diamond jewelry, Taxco silver, sapphire pendants, Rolex watches (among many others - the man seems to have had a thing for watches!) and a myriad of other interesting items. Crime obviously did pay for Maydoff until his house of cards fell in, it appears.

One lot that caught my attention is this triple strand necklace of cultured 7 to 9 mm pearls with an 18K white gold clasp set with 16 blue sapphires and 14 round single cut diamonds. The necklace has a total of 159 pearls and is stunning. It fetched a price of $3,750 at the auction.

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.

1 comment:

  1. seems like one of biggest auction. I am very curious about it. Let me make a plan. Hopefully, I will go for it.



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