Own a Grim Reminder: Madoff Personal Items Head to Auction
By now everyone has to be familiar with disgraced financier Bernie Madoff and his infamous ponzi scheme. The victims of this man’s disgraceful actions were left pretty much holding the bag with nothing to show for it. Some of the more wealthy people that weren’t hit so hard are able to just chalk it up as a horrible loss. Others were hit much harder. Trust funds were completely wiped out and even entire charitable organizations were left penniless, leaving them and the people they help out in the cold. The path of destruction that Mr. Madoff left runs both deep and wide.
In order to attempt to provide a little bit of reparation to the damage done by the ponzi scheming madman, the government has started auctioning off some of the ill gotten effects. The money from these auctions is supposed to make its way back to the victims of the scheme. I don’t question that the money will make its way back to them, but I don’t think its going to put much of a dent in the $65 billion that the scheme ran through.
The auction is set to take place this Saturday November 14th at the Sheraton New York Hotel & Towers. The auction is being conducted by Gaston & Sheehan Auctioneers Inc. If your going to be in the area I would suggest maybe taking a look. Who knows you might walk away with something useful or at the very least an interesting conversation piece.
The Miami Herald has an interesting article detailing the auction entitled “Madoff’s Personal Effects Go On the Block”. They list a whole slew of items that are set to make their ways into the hands of grim collectors. The government was given the right to seize all assets and property of Mr. Madoff when he was sentenced to 150 years in prison. This includes his homes, cars, and all personal effects. The homes have already been put on the marketplace by the government and are there for the taking. This auction is concentrating on the smaller personal items and knick knacks that Madoff collected over the years with his victim’s money.
The smaller-ticket collectibles on the list of sale items include stationery with Bernard and Ruth’s names printed on it; flatware engraved with the initials “RMB”; and a wallet embossed with “BLM.” There’s art, golf clubs and fishing rods. Also a cache of designer purses – Hermes, Louis Vuitton, Prada – valued at hundreds of dollars a piece and antiques that range into the thousands.
It’s clear Madoff had a taste for wildly expensive wristwatches, especially Rolex. A half dozen Rolexes are available, including one listed as a “vintage Rolex O.P. ‘Monoblocco’ chronograph,” also known as – yes – a “Prisoner Watch.” Estimated value is $75,000 to $87,500.
The most interesting item in my opinion is not one of the most expensive. Its a personalized New York Mets jacket inscribed with “Madoff” across the back in big scripted sewn letters. I wouldn’t recommend wearing the jacket out in public as you very well could be shot, but the jacket would make a very interesting collectible to adore your home. The jacket also carries a sense of irony as New York Mets owners Fred Wilson and Saul Katz were both friends of Madoff as well as victims of his ponzi scheme. Madoff also had New York Mets season tickets right behind home plate at the Mets new Citi Field stadium. Those seats were auctioned off on E-Bay earlier this year for $38,100.
Of course it remains to be seen just how much money these items and the auction as a whole will take in. It is though more than safe to assume that when compared to the amount lost by investors in Madoff’s scheme, it will merely be a drop in the ocean. However, it is nice to see the government doing what it can to try and get these people a little bit of their money back. Either way I think it will be a nice feeling to people who lost money to get a check, no matter how small in comparison, and know that it came from the sale of some of Madoff’s items. It might provide little comfort, but still a small sense of revenge.
