If my net worth came anywhere near Bernie Madoff’s old Rolex and jewelry budget, I’d be on a yacht in the Caribbean rather than reporting the daily stream of Jewish absurdity. In an attempt to pay back his victims, all items repossessed by the government hit the auction block this past weekend at the lavish Sheraton Times Square. The U.S. Marshals Service brought in the big guns from Texas, auctioneers from Gaston & Sheehan auctioneers to turn this paddle-raising event into a windfall. With over 200 items on view, the auction lasted over four hours, this was a rare opportunity to find out just how the Ponzi schemer spent his petty cash. More importantly, how much were people willing to pay for "memorabilia"?
Answer: a lot. The sale brought in $942,650, almost double the $500,000 initial estimate. Ruth‘s diamond earrings, jewel-encrusted bracelets and gold chokers (of which she seemed to have an endless supply) were hot tickets, primarilly sold to discreet ladies who lifted their black paddles with white numbers ever so slightly. (Yes, they wanted the jewels but didn’t want to call over too much attention.) A platinum, diamond and emerald bangle brought in $50,000. Her furs fetched less. (Maybe because the clothes left an eerie feeling, as if they had literally been ripped off her back.)
All monographed and personalized pieces sent prices soaring. The Mets jacket, embroidered with Madoff on the back, had a starting bid of $100, and the floor went crazy. Hundreds turned to thousands and in seconds the bidding ended at a whopping $14,500. Yet surprisingly, the rare Rolex "prisoner watch" named after similar timepieces given to prisoners of war during WWII, not its former owner’s current status–sold for just $65,000, about ten grand less than its reported value. But the most shocking sale to me, was a trio of wooden ducks–decorations from the Montauk beach house. Valued at around $40 to $60, one sold for $4,200.
Who would buy such things? I kept thinking, even though I shelled out the $250 cash deposit just to enter the auction room and gawk. Some were there for investment purposes, a few really wanted to help the victims, but most were just into the novelty of it all. The man to my right dropped out of one sale when a small wooden table hit the thousand dollar range. "I just want to get something, I don’t care what it is," he said. (He eventually took home three of Ruth’s leather clutches.) About two hours in, when all the excitement subsided, and Rolex after Rolex had passed over the chopping block, it all felt soulless. People with disposable incomes snapping up items bought by an evil couple responsible for ruining so many people’s lives. Schadenfreude meets greed meets curiosity. Shiny objects, status symbols, and the people that want more and more of them. . .no matter what the cost. A microsom of the Madoff affair.
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If you think that is crazy you should check this out
http://www.youtube.com/user/SuzieCocktail#p/u/0/KL1mOzsHTEw
I’m a jackass and I like to spam Jewish sites.
Awesome post. I love that you spent $250 just to gawk. I’d have been there with you.
Well, the feds caught one crook out of dozens more out there doing the same thing. When will they get caught? Bernie isn’t the only investment con cheating people.
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