What a shame. A crowd of 50 gathered around to get a look at 14-carat diamond earrings (sold for $70,000), a platinum, diamond and emerald bracelet, as well as nearly 200 other items, as U.S. Marshals prepared for an auction from the estate of convicted Ponzi scammer Bernard Madoff.
These pre-Victorian era diamond dangle earrings include oval and pear-cut diamonds of between 0.90 and 1.58 carats.
Proceeds from the auction, which took place last Saturday at the Sheraton New York Hotel, will benefit victims of Madoff's $65 billion scheme.
"Don't you dare bid on that," said Laura Deauchesne before the auction, looking at item no. 314, a black crocodile leather purse from Zagliani. Deauchesne had come all the way from California for the auction. "It's a historical and charitable event because it benefits the victims, so I would feel good about spending here."
Ruth Madoff. These days she takes the subway
"We already have 1,000 online bidders registered and we expect a few hundred live bidders tomorrow," said U.S. Marshal Roland Ubaldo. One jewelry dealer was dismayed by the crush of people. "This is ridiculous," he said. "There should be more attendants. It shouldn't take this long."
The auction includes property withheld by the government in connection with other criminal cases, however 191 of the items held are from the Madoff estate. The Madoff items include silver earrings, men’s’ watches (18-carat gold one sold for $65,000), a gold class ring, pens, leather watchbands and a silver and diamond ring, as well as pearls and almost 20 purses, among them Louis Vuitton and Chanel purses, that had belonged to Ruth Madoff.
More than a dozen Rolex watches once owned by Madoff will hit the auction block on Saturday, including this "Monoblocco" chronograph wristwatch.
Item no. 218, a pair of pre-Victorian diamond dangle earrings which had a high estimate of $21,400, were bought by a man with a Russian accent sitting in the back of the ballroom. Wearing a black pullover and baseball cap, he identified himself as a dealer and otherwise declined to comment. Item no. 202, an Edwardian-era diamond bracelet encrusted with emeralds, may yield $23,000. If the items are purchased by dealers, which may be likely, they may retail for up to two or three times their auction price when resold.
This Hofstra College school ring features an oval-faceted synthetic blue spinel top stone. Bernard Madoff graduated Hofstra College in 1960.
U.S. Marshals are under court order to liquidate all assets, so the list also includes less costly and more unusual personal possessions. Among the items for sale from the Madoffs' Montauk estate are a strange wooden bird sculpture, native masks, boogie boards, kitchenware, fishing equipment, baseball gloves and even Igloo ice chests.
On Tuesday in Ft. Lauderdale, Marshals will auction off Madoff's yacht, "The Bull", as well as his Mercedes. Madoff insider Frank DiPascali's 61-foot yacht will also be for sale. The total just exceeded $900,000, above the presale high estimate of $470,000 to $586,000, according to Bloomberg calculations.
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