More Madoff Auctions

Jenny Roth writes of 400 items from disgraced investor Bernard Madoff will be auctioned by the US Marshall Service in New York City on November 13th.  The sale will be held at the Sheraton New York Hotel & Towers in mid town and features a Steinway grand piano and a 10.5 carat diamond ring (see image).

Most of the Madoff property that has sold at auction over the past year or so has done very well. I dont expect this sale to be any different as luxury items are in demand, especially with a bit of provenance.

Roth reports

One year ago, the first government auction of items seized from the Madoffs' New York residences, expected to bring in $500,000, raised more than twice that amount. Roughly 200 items nearly sold out in four hours of brisk bidding.

The Nov. 13 session, to be held at the Sheraton New York Hotel & Towers in midtown Manhattan, will also include a desk and monogrammed black velvet slippers. More details will be issued about the auction in the coming weeks, said the Marshals Service.

The diamond engagement ring is 10.5 carats, according to the U.S. Marshals spokesman. He declined to comment on whether it belonged to Mrs. Madoff.

U.S. Marshall Joseph Guccione said in a statement that the items in the sale are the last of what were in the Madoffs' New York and Montauk, Long Island, homes. The real estate was sold last year for a combined $18 million.

To read the full WSJ article, click HERE.