Madoff Victims Continue Sell Off

The Christine Seib of the London Times Online is reporting many Madoff victims are selling items at sales by Kodner Galleries an auction house in Palm Beach area of Florida. It appears many of the prices being realized at these sales are well below the auction house estimates. Kodner recently sold 75 items from 5 individuals victimized by the Madoff investment fraud. Kodner Galleries is currently negotiating with additional Madoff victims for future sales.

Seib reports Kodner was first approached by an investor desperate to raise some cash more than four months ago and word has since spread amongst the community of victims, with hard-up retirees flocking to the auction house to offload antiques, art work and other precious items.

Seib continues Loyd Breen, Kodner’s auction co-ordinator, said: "We have appointments this week to see five more people for our next auction. It’s snowballing."

"We cut them a good deal and get the cash to them quickly because some of these people are really in dire straits," he added.

Last night’s auction bounty included a print of the Marc Chagall painting The Magic Flute, which had been expected to sell for between $20,000 and $30,000 but went for $19,000.

A Picasso etching sold for $5,400, at the lower end of its $5,000 to $7,000 pre-sale estimate.

A spectacular 70-carat diamond, emerald and platinum necklace had a pre-sale estimate of $150,000 but was bought by Florida attorney Stacey Guilianti for $75,000.

To read the Times Online article, click HERE.