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Bernie Madoff’s Valuables to be Auctioned Off

Prison is a pretty terrible thing to wish on anybody, but when it comes to greedy scam artists like Bernie Madoff, you can’t help but feel a little satisfaction when you see him on the news being escorted off by a bunch of cops (I know I did). I felt that same satisfaction when I came across an article on CNN’s website this morning about his belongings from his properties in Palm Beach and New York being auctioned off. The proceeds from these auctions will be put towards a U.S. Department of Justice fund that will be used to compensate the victims of Madoff’s Ponzi scheme.

Custom-made and antique furniture, artwork, and clothing will all be auctioned off, as well as a big collection of cigar-related knickknacks. Among those knickknacks are several sterling silver cigar cases, several embossed alligator-skin cigar cases, some humidors, and an Alfred Dunhill cigar cutter, plus many others. Also going under the hammer are two high-value watches; a Rolex from the 1950s and an Audemars Piguet watch with a diamond dial; as well as 262 bottles of wine and liquor, several diamond rings, a whole bunch of vintage golf gear, and a ton of antique fishing equipment.

Watching your prized possessions sell for a fraction of their cost must be pretty disheartening, but you can’t help but wish it on a guy who obtained them by screwing unwitting investors out of a whopping $65 billion. I’ll definitely be keeping an eye on these auctions, because some of them will be ridiculous. In particular, I suspect that the Rolex, which is already up to $2,600, will fetch some major cash. I’d like to put in a bid on the cigar lot, but it’s gone up by about $100 since this morning, so I can only imagine how much it will be once the auction closes. Anyway, I’ll probably end up doing a follow-up post, but in the meantime, check out the Gaston & Sheehan website for information about the auctions.