Madoff Victims Selling Assets

Shelly Banjo of the Wall Street Journal is reporting the victims of the Madoff Ponzi scheme are starting to sell collections of fine and decorative arts to raise cash. As many of the victims were from the Jewish community, some of the property is Judaic art, the extent now available not seen in the marketplace in decades. Most of the property is showing up in estates sales, consignment shops and auction houses and antique dealers in the Palm Beach area.

Banjo reports A number of rare works of art, antiques and collectibles are on sale for the first time in decades - and at good prices. This so-called Madoff inventory has surfaced primarily in Palm Beach, Fla., auction houses and antique dealers, as well as at shops specializing in Judaic art.

"Rare and one-of-a-kind artifacts and antiques are now surfacing that haven't seen the light of day in generations as the effects of the sinking economy and the Madoff scandal congeal," says Jonathan Greenstein, chairman of J. Greenstein & Co, an auction house specializing in antique Judaica including rare Jewish ritual objects, books and manuscripts.

His company's auctions typically average 130 items, but in June he will be offering more than 200, including many rare pieces sold "under duress" due to Madoff losses, he says. This is at a time when prices for Judaic art are drastically lower than they were a few years ago, he adds.

Many of Madoff's clients were wealthy investors, many of whom owned valuable collections of art, antiques and jewelry. A number of victims were Jewish investors as well as those living in Palm Beach and surrounding communities.

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