The Madoff auction take shows Bernie-mania is hardly waning
Filed under: People
There was some doubt headed into Saturday's auction of Bernard Madoff's belongings. Strong interest was anticipated, though many thought the public was tired of the Madoff saga. The asking prices for his (former) Manhattan and Palm Beach homes had just been cut by 10% and 7%, respectively. Presale estimates were kept to reasonable levels. Simply, everything was priced to move.
When the gavel came down for the last time, though, expectations were shattered. The personal effects that once belonged to the architect of the world's largest Ponzi scheme fetched as much as 20 times the presale estimates. It looks like bidders will always shell out for even small pieces of sordid history.
The prices fetched at the Manhattan auction, hosted by the U.S. Marshals Service and conducted by Gaston & Sheehan, ensured that you had to have Madoff's money (or close to it) to own Madoff's belongings. A blue satin New York Mets jacket was offered for $720 -- after all, it bore the previous owner's name. It ultimately sold for $14,500.
Ruth Madoff's earrings performed well, too. Each pair went for $70,000, despite having an estimated value of $9,800 and $21,400. The item garnering the most hype, though, failed to deliver. Madoff's Rolex watch -- called the "Prisoner Watch" -- sold for a mere $65,000, short of the low-end presale estimate of $75,000.
Plenty of other lots went under the gavel, including pens, dishes, furs and decoy ducks. Close to 200 lots moved. If you needed anything, it was a good idea to go to Bernie, the guy who had everything. Some items even sold at attainable prices, such as seven Swatch watches, which went for $850 (versus the presale estimates of $100 to $150).
Absent from the auction were the trappings normally found in the lives of the wealthy. The Madoffs didn't have any impressive artwork, for example, which left the items sold to the public almost disappointingly mundane.
Proceeds from the sale are set to be divided among Madoff's victims, who must have been happy to see so many items surging past estimated values.
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Reader Comments (Page 1 of 1)
11-15-2009 @ 10:31PM
Mike A said...
Madoff is an embarassment to the system itself. Why is the SEC not being held responsable for its failure to uncover this huge and lengthy scheme. What ever money that was lost by investors and is not recovered from the sale of Madoff assets should be made up by the SEC. As much as Madoff is a lowlife for masterminding this ripoff, the SEC is responsable for looking the other way and allowing him to flourish. Thsy should pay along with him!
PS: no, I did not invest or lose any money is his scheme
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11-15-2009 @ 11:51PM
Paul Patriot said...
Bernie Madoff is a small fish. There is a much bigger conspiracy going on right now in our country. Bernie Madoff is a sacrificial lambs. Since when does our justice system arrest and convict in less than 4 months. He is hiding a much bigger theft. Bernie was thrown into the media in the middle of the biggest theft in the history of the world. The Madoffs' only stole Billions. The focus of our anger was diverted off of the federal reserves' and some huge banking institutions actions. They stole trillions! The United States of American has just been swindled and our social structure has been severely changed because of it. Namely there has been created a mass of poor people who are now almost entirely dependent on government handouts. In my humble opinion the government is the %uFFFD??Money Manipulators%uFFFD%uFFFD The divide of the rich and poor has been drawn. The class warfare predicted in %uFFFD??The Protocol of the Learned Elders of Zion%uFFFD%uFFFD has come very nearly to fruition. The manuscript has been outlawed by punishment of death in Bolshevik and communist Russia and most copies were burned early in the century.
Just for the record, I am a spiritual person not a religious one. I hold no affiliations with extremist groups or any religious groups. I have the best respects for all religions that treat humanity as a creation of god. Unfortunately there are always some bad apples in every basket. This report concerning the "The protocol of the learned elders of Zion" will at the very least incite curiosity as to who is manipulating the market and our lives. These three links are some interesting reads. The aztlan link has the Book%uFFFD%uFFFD The protocol of the learned elders of Zion%uFFFD%uFFFD Every American should read this short diatribe to world domination written in 1905. Unfortunately the anti-Semitism label has been placed upon this book. Myself, in order to maintain an impartial view as I read the book, I inserted the term %uFFFD??money manipulators%uFFFD%uFFFD where ever the term JEW or Jewish existed ( three times in the entire manuscript). I came to the conclusion that whether they are Jews or Catholics or Buddhists, or Mormons or Hindis, or a non-religious group, today%uFFFD??s world is following the Protocols of the learned elders of Zion very very closely. They are %uFFFD??The Money Manipulators%uFFFD%uFFFD I leave it up to the Patriotic Men and Women of this great nation to stop being sheep and to open up their minds to a much bigger picture than the media of the last 100 years has taught you. Awaken your patriotisms. Read the pros and cons of these articles and decide for yourself if a conspiracy exists. Our very existence as Americans as well as free stewards of the Earth is at stake.
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11-16-2009 @ 5:54AM
Tom said...
You sound a bit way out there yourself!
11-16-2009 @ 9:03AM
vic said...
Can't wait for OBMAS trial from the american tax payers. Will anybody buy his stuff like GM
11-16-2009 @ 6:50AM
john said...
Even though he did wrong to many people. I feel bad for his family. We are so caught up in material items and forget whats really important in our lives. Madoff had a problem, I do not think it was done for the money. It was done of the power. We need to forgive him and let the law and God punish him. Remember, we all sin.......
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11-16-2009 @ 5:54AM
Tom said...
Aunction of Madoff's mostly jonk shows cleary that many Americans are bloated with money.
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11-16-2009 @ 7:34AM
Leo said...
I really wanted to bid on the Madoff toilet seat...that's where he probably made all his executive decisions...taking a dump!
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11-16-2009 @ 7:48AM
Gvngman8 said...
WOW ..even half our congressmen were involved in illegal activities making millions off Bank of America alone.When will they be prosecuted?..Voting on bills that benefit you is unethical and cause for removal and prosecution.
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11-16-2009 @ 11:22AM
Clay Gunter said...
Does this mean that being greedy and self-serving is popular? Is someone here trying to run up the status of a crook now? What about all the people that were cheated out of THEIR HARD-EARNED MONEY? This is not even worthy of being a headline for anyone having any types of personal values in life! LOL! Is this what our GOP whiners are turning into now?
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11-16-2009 @ 11:30AM
Leo said...
I hereby withdraw any interest of bidding on the sacred Madoff toilet seat, where Bernie-baby made his executive decisions...for strictly medical reasons! (you never know where Bernie's pasty boney 'ol tush had been, you know!)
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11-16-2009 @ 11:43AM
jake said...
Can't decide .. WHO is BIGEST FRAUD .. MADOFF CRIME FAMILY or Alan Greenspam or NYS SEC/ATTORNEY GENERAL at MADOFF CRIME SPREE peak ( late 1990's) or the six private for profit banks that make up the FEDERAL RESERVE and REFUSE to be AUDITED by USA GOV ???
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11-16-2009 @ 11:36AM
phil said...
i feel sorry for him and not the people who lost money i would do the same as bernie did and not feel sorry at all
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