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what were some of the other items being auctioned off of Bernard Madoff bel
Anyone showing up Saturday to bid on the 200 lots of objects belonging to imprisoned scam artist Bernard Madoff and his wife Ruth could well wonder where the good stuff was.
There were weathered golf clubs,[link widoczny dla zalogowanych], fishing rods, wooden bird decoys, a battered tea kettle and a pile of heavy dishes, bowls and glasses so basic you'd find them at any Value Village. No delicate Bernardaud china or gleaming Lalique crystal.
The sale included several of Ruth's mink and sheared beaver coats - sold for $600 to $1,600 each - and a small pile of purses, including Chanel,[link widoczny dla zalogowanych], Vuitton and several crocodile items, all in sober brown or black.
There were three pristine white polo shirts with Madoff's special logo, the entwined burgee of his yacht club with his own emblem of a bull; Madoff's four powerboats: Little Bull, Sitting Bull and two more, both named Bull,[link widoczny dla zalogowanych], will be sold Nov. 17 at Fort Lauderdale.
The items were ordered forfeited as part of Madoff's sentencing after he pleaded guilty in a multibillion-dollar fraud that burned thousands of investors. Proceeds from the auction will be divided among his victims. The Manhattan sale was conducted not, as some might expect, by Christie's or Sotheby's, but by Gaston Sheehan, a Texas auction house that specializes in these sales.
It's only the first of several government auctions of Madoff's belongings,[link widoczny dla zalogowanych], the next one likely in January.
Buyers accustomed to the dulcet tones of decorative or fine art auctioneers were treated to a verbal Niagara in a loud Texas twang as two auctioneers, talking impossibly fast, took turns pushing the crowd. Their four helpers were dressed in dark suits with white shirts and red ties, their formal appearance somewhat incongruous with the bellowing and yelping that made it sound more like a cattle auction.
In all, Saturday's auction brought in more than $1 million. It attracted about 500 bidders to the ballroom of a midtown Manhattan hotel.
The crowd varied widely in age, race and apparent income level, from locals casually dressed in sneakers and baseball caps to professional dealers.
Buyers lined up at the hotel to check out the loot on Friday afternoon. During the auction, none of it was physically visible; there were colour images projected above the stage on two screens.
First in line was San Diego businessman Chuck Spielman and his wife, Amy. President of his own firm selling and restoring classic and antique cars,[link widoczny dla zalogowanych], Spielman collects watches,[link widoczny dla zalogowanych], and said he was interested in seeing the many in this auction, from Rolexes and Cartier models to a rare prisoner's watch from World War II.
If he ended up buying a watch, would he wear it? "I wouldn't say whose it was,[link widoczny dla zalogowanych]," he admitted. "I certainly wouldn't advertise it."
The Spielmans had another connection to this auction, having been solicited to invest with Madoff 12 years ago. "I didn't understand what it was, so I said no," said Spielman. Marshals Service,[link widoczny dla zalogowanych], the usual buyers' premium added by auction houses was waived, saving buyers an extra 15 per cent.
Lark Mason,[link widoczny dla zalogowanych], a New York City-based antique dealer who often appears on The Antiques Roadshow, took a careful look Friday afternoon at the Madoffs' jewellery.
He was clearly unimpressed. "It's just stuff," he sniffed. The jewellery was all simple and conservative, much of it in onyx, diamonds and gold, made by such prestigious firms as Bulgari, Hermes, Cartier, Chaumet and David Webb.
A spectacular pair of early 19th century diamond pendant earrings sold for $72,500,[link widoczny dla zalogowanych], one of the highest prices of the auction.
The "Prisoner Watch", a collector's item from World War II, sold for $65,000, with bids starting at $40,000. The one item that generated curiosity - especially in view of the Yankees' recent win of the 2009 World Series - was the blue satin Mets jacket, with Madoff on the back, and the number 25 on the sleeve. It sold for $14,500 to an online buyer.
Although most buyers were American, the auction attracted 1,[link widoczny dla zalogowanych],936 online bidders from 20 countries, including Australia, New Zealand, Syria, India, Singapore, Denmark and France.
Sixty-five Canadians - most from Ontario and many from Toronto - were among them, according to Proxibid, the company handling the online bids.
The convicted $65bn fraudster liked people to know what belonged to him: he embossed everything that could be embossed with his initials - BM or BLM, depending on the size of the item.
From a blue satin New York Mets baseball jacket, with his surname emblazoned across the back, to a boogie board with his name scrawled in felt-tip pen across it, the one-time New York financier was not shy about marking his territory. And it was this macabre allure - given that the wares were part of Madoff's ill-gotten gains - that drew around 2,[link widoczny dla zalogowanych],000 Madoffites online and in person to the ballroom of New York's Sheraton Hotel on Saturday to pay top-dollar for the first of 170 of his and wife Ruth's personal collection to go under the hammer.
The bidders were not afraid of overpaying. The Mets jacket went for $14,500, a pair of Ruth's 14-carat diamond earrings for $70,000. In total, the US Marshals Service collected more than $900,000, more than the $470,000-586,[link widoczny dla zalogowanych],000 range auctioneers Gaston Sheehan had been estimating - money that will be put towards the growing pot which will be used to repay defrauded investors of Madoff's three-decade long Ponzi scheme.
In the case of some of the couple's finer jewellery,[link widoczny dla zalogowanych], such as an 18-carat gold "prisoner watch" from the 1940s that sold for $65,000, this made sense. But even the items that were of little tangible value sold at bizarrely high prices. Check out Lot 290 here which sold for $500. $500 for a table made from a tree stump? The man who bought it said he would prize it open to see if Madoff stashed any money in there.
Anyone showing up Saturday to bid on the 200 lots of objects belonging to imprisoned scam artist Bernard Madoff and his wife Ruth could well wonder where the good stuff was.
There were weathered golf clubs, fishing rods, wooden bird decoys, a battered tea kettle and a pile of heavy dishes, bowls and glasses so basic you'd find them at any Value Village. No delicate Bernardaud china or gleaming Lalique crystal.
The sale included several of Ruth's mink and sheared beaver coats - sold for $600 to $1,600 each - and a small pile of purses, including Chanel, Vuitton and several crocodile items, all in sober brown or black.
There were three pristine white polo shirts with Madoff's special logo, the entwined burgee of his yacht club with his own emblem of a bull; Madoff's four powerboats: Little Bull,[link widoczny dla zalogowanych], Sitting Bull and two more, both named Bull, will be sold Nov. 17 at Fort Lauderdale.
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