Sell Off by Madoff Victims in Palm Beach

I have posted in the past on the AW Blog about the increased business of consignment and pawn shops and estate sales. This past Saturday Kofski Antique Estate sales had one of its season estate sales. According to the Palm Beach Post, that is nothing unique for the area. What is unusual the Post reports is that nearly 60% of the merchandise in the sale came from victims of the alleged Bernie Madoff Ponzi scheme.

The Palm Beach Post reports More than 100 buyers were lined up outside the Kofski warehouse at Georgia Avenue and Bunker Road in West Palm Beach, eagerly rushing in when the doors opened at 9 a.m.

While one buyer called Saturday's sale "better than the Red Cross Ball," Kofski owner Chris Hill doesn't exactly take pride in selling off someone's creature comforts, even if Hill's business is excelling during the recession.

"You feel very sorry for these people, because they're good people," Hill said. "I know some of these people personally that were affected by Madoff, and they're good people who worked hard all these years to acquire great wealth.

The article continues Hill wasn't surprised when he received an increase in silver and art work, and a decrease in furniture.

"There's not as much furniture because most of these people aren't at the point yet where they need to get rid of all of their personal property," Hill said. "Instead, they're selling their high-end art, silver and porcelain."

In addition to Madoff victims, Hill has been purchasing from people who lost millions with AIG and Lehman Brothers.

To read the Palm Beach Post article, click HERE.