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Today, Gaston & Sheehan Auctioneers are helping the U.S. Marshals sell of items belonging to Ponzi schemer Bernard Madoff and his wife Ruth. You can see the various lots here—there's couple's jewelry, clothing knickknacks, and whatever else the Marshals found in their three homes. In other words, it's slightly more high-end than the average yard sale.
The NY Times described the scene at yesterday's preview:
A crowded corner held Rolex and other high-end watches and diamond-encrusted pieces that might dazzle the eye, but there’s nothing like a room full of United States marshals with dark blue jackets and badges to kill the mystique of precious jewels. The rest of the display looked like samplings from your typical high-end Westchester estate sale: the inevitable framed Henri Cartier Bresson poster, the crocodile purse, the bland dishware from the beach house, some primitive art that the purchasers probably described to their friends as “funky” when they bought it years ago.
It's hoped the auction will raise at least $500,000 for Madoff's victims.
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I think I'm going to start a ponzi scheme so I can afford to buy some of this stuff.
I don't get it. Why should the victims get their money back? It's like putting your money into the stock market and then wanting the money back you lost.
These people knew in back on their heads something was wrong or strange, but they didn't care because of the greed.
You're right, but they were robbed. They gave the money to a crook who said he would invest it and the money would grow. He didn't invest it and took the $ from new clients and paid off the earlier investors. They have recourse but their claims can only be for the money they invested and not for any supposed profits. If they live long enough they might recoup pennies on the dollar.
PT Barnum said it best, "You cannot cheat an honest man".
Many investors knew there was something wrong, but the phony monthly statements showing immense profits kept them in line.
Come and get your old man crap!!!
Think of all the bids they could have gotten for Ruth's panty drawer...from Saudi Arabia alone!
WOW! Did that guy like watches or what? I mean really how many wrists does a person have? His thumb and forefinger must have really been calloused winding all those watches every day. When did he have time to do anything else?
I liked the dog bowls mixed in the same lot with the china place setting. Other than the watches most of the stuff is Fortunoff quality. Who really wants a rabbit skin jacket with a fox collar today? They would be lucky to get a receipt from Goodwill if they donated it.
Oops I forgot his great collection of hockey cards. Talk about investing in high quality goods. They will be lucky to get ten bucks for the whole lot.