Bernard Madoff collectibles

wikicollecting

2015-06-26 11:20:03

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Bernard Madoff collectibles

Bernard Madoff’s collections comprise a variety of collectibles formerly owned by the convicted grand-scale fraudster Bernard Madoff. Ranging from fine wines and jewellery to unusual items of memorabilia. The sales followed the jailing of Madoff for 150 year after he masterminded a multibillion-dollar Ponzi scheme.

 

Bernard Madoff

Madoff was born in New York, New York in 1928. According to Madoff, his career in investments began in 1960. At the age of 22 he took $5,000 earned from a summer lob as a lifeguard in Long Island and established his own firm.

Over 50 subsequent years in investments, Madoff became a Wall Street legend. His firm was especially noted for its reliable annual returns. He also served as president of the board of directors of the NASDAQ stock exchange.

Arrest, guilty plea and sentencing

Madoff was arrested by FBI agents at his home in Manhattan on December 11th 2008 charged, according to the Securities and Exchange Commission, with "massive fraud" and running a "multi-billion dollar Ponzi scheme."

After his arrest, Madoff reportedly admitted that he had lost $50 billion of worldwide investors' cash. After pleading guilty to 11 felony counts on 12th March 2009, Maddoff was sentenced to 150 years in prison (the maximum term) on 29th June 2009.

Notable sales

Wine

In May 2011, it was reported that Maddoff's wine collection would be auctioned to benefit the many victims of his Ponzi scheme, in a sale organised by US Marshals in the Southern District of New York.

Scheduled for Wednesday May 18, the online auction included a 1975 Chateau Petrus (estimated $700 to $1,000).

In the end, the online sale netted a total of $41,500.

Memorabilia

Madoff’s personalised New York Metz jacket was sold for $14,500.

Newspapers reported in May 2011 that a live auction of the contents of Madoff's former mansion in Palm Beach, Florida, would be held on June 4th.

As with a subsequent auction of his wine collection, the sale was organised by US Marshals in the Southern District to benefit the victims of Madoff’s multibillion dollar fraud scheme.

Watches and jewellery

His 18K gold Rolex Monoblocco 'Prisoner' watch - nicknamed as it was of a similar design to ones sold to British PoWs in WWII - which sold for $65,000.

Ruth Madoff’s jewellery

Earrings worn by Madoff’s wife Ruth were auctioned for $70,000. According to one report, the winning bidder was an “anonymous Russian buyer dressed in black.” The earrings trebled their $21,000 estimate.

Her diamond engagement ring sold for $550,000.

Unique items

Among the more unusual sales of Madoff’s memorabilia was a pair of his black velveteen slippers sold for $6,000.

An auction of his personal belongings on June 3, 2011 saw a collection of 14 pairs of Madoff's boxer shorts sold for $200.

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