Bernie Madoff Auction
It promises that you can pick up "original art by Peter Max, Dali, Rockwell ... jewelry, Rolex, and other 'flashy items' duly instruction by Millionaire's (sic) estate as well as other promiment traders. Seized assets and general order merchandise which constitutes the majority, will be liquidated to the highest bidder to recover losses from Ponzi Scheme."
Well, if you're interested, head over to the Concord Hilton. The preview will take place at 12:30 p.m.; the auction at 1 p.m.
The notorious financier, as you might remember, was sentenced in late June to 150 years in prison for perpetrating what many say was one of Wall Street’s most brazen investment scams. Billions of dollars were lost as a result of securities fraud and money laundering. No doubt, Madoff accumulated lots of property and really nice, luxe stuff with all that money he earned illegally. And no doubt, lots of that stuff has been auctioned off already.
But in fine print on the ad on the front of today's Contra Costa Times, you will find that you're not being invited to bid for items actually owned by Madoff or his estate. The sad reality is that, according to the ad, they apparently belonged to his victims, and are being sold to recoup their losses.
Actually, these Bernie Madoff auctions have apparently been taking place all over the country, but some have been greeted by skeptism, including by law enforcement. The Connecticut Attorney General's Office is investigating one Madoff auction that took place in early December. The Hartford Courant reported that the "auction offered few Madoff items, if there were any at all and the auctioneer would not provide details on where the items came from."
At an October auction in Naples, Florida, buyers snagged what were said to be an original Picasso lithograph, a 23.25-carat emerald necklace, and an original Norman Rockwell painting.