Madoff Auction

[Buck-I]

I was at the US Marshal's auction today in NYC with the intention of bidding on a few watches. I was fairly suprised at what most went for (on the high side.) However, I had thought this might be coming, as even the non-Madoff stuff went for non-sensical prices in my opinion. Are people bidding on this stuff to launder money or is someone bidding for the original owner were my only thoughts, a few examples of the non-Madoff watches:

1. Breitling Bentley for $9k (I've seen these for $3k and $4.5k new);
2. Perregaux Ferrari Worldtime for $19k!!! Shops still stuck with these can't get half that new with warranty, papers etc.
3. Gold Daytona $30k+???

Madoff Watches:

A few of the vintage chronographs might have been ok buys, for example:
1. the "prisoner" barely cleared $60k and was half a hammer stroke from being sold at $50k,
2. but his AirKing went for almost $5k if I remember correctly,
3. the Explorer I for $5k+,
4. the Explorer II for $9k. and
5. Finally, the beat-down 60s sub went for $8k and it was in horrible shape (I looked at it on Friday) my comment to my wife was it looked like it had been dragged behind an NYC taxi.

All in all, I was very surprised how high it all went for, particularly in a still tough economy.

Just one person's thoughts.

[NYC6]

Thanks for the post. The wife and I came real close to attending today also but came to our senses last night. Was curious about the prices. Glad they're high so we're not kicking ourselves now and more cash to victims even though its a drop in the bucket. Rot in prison and then Hell. Burn baby Bern.

[MortgageGuy]

For the life of me, I cannot imagine anyone wanting anything he had

[shandy]

Originally Posted by MortgageGuy

For the life of me, I cannot imagine anyone wanting anything he had

I agree!

[newmedia]

hyped driven auction...

[C. Davidson]

I liked the hockey stick for $40...more in my price range.

[OfficineStraps]

All came from dirty money...

My sympathy goes out to all the victims who were involved !!

[moviefreak]

I wonder if Leo got what he wanted...??

[deserted]

Hopefully it eill help the victims....

[BASSETHOUNDS]

Originally Posted by moviefreak

I wonder if Leo got what he wanted...??

The prisoners watch ???

[BASSETHOUNDS]

Originally Posted by newmedia

hyped driven auction...

More like charity to me .

[Alsey]

Originally Posted by deserted

Hopefully it eill help the victims....

x2

[AWATCH]

Originally Posted by deserted

Hopefully it eill help the victims....

[RolexPete32]

On CNN yestersday they showed the Rolex vintage chronograph and said it was going for 87 thousand. I guess that is the news for ya. It sounds like it sold for 60

[Idle Swede]

Originally Posted by moviefreak

I wonder if Leo got what he wanted...??

No I didn't.

When a jacket estimated at $500 goes for $14,500 and 3 wooden duck decoys valued at $50 - $80 goes for $11,500 it's hard to be in the competition.

[safwan]

Not worth it. its just another "show" :)

[Buck-I]

Glad to hear everyone's thoughts. I can see why people with estate shops and the like might be willing to pay a premium to get people in the their stores, but the non-Madoff stuff pricing really made no sense to me at all. It was also interesting that the stuff was described at the begininning of the auction as the articles "associated with the Bernie Madoff case." Someone said they thought some of the cheaper watches belonged to his kids, who also went down with him. So it's possible that you might not even "have Bernie Madoff's watch." The Prisoner went for somewhere between $60-65k (I actually forget.) In any event, hard to feel bad about missing any of these "deals." Finally, I would note that only 1 of the 15 or so Rolexs came with any boxes and non with papers. I'm thinking since allot of these were appartently in the envelops that were intercepted, he probably disposed any other documentation - just a theory.

[TempoKing]

Originally Posted by BASSETHOUNDS

The prisoners watch ???

Indeed the prisoners watch
Actually I know of one in Greece, I missed my chance to buy it
15 years ago because I was 10 minutes late into a watch trading
meeting, price then 800 dollars.
The price of 60k to me sounds like a bargain as these are extremely
rare, never before (or ever again) a watch company offered/sold watches with just
an I.O.U to British Officers-prisoners of war at the time in German
military prisoners camps with just a promise to pay for the watch after
their release at the end of the war...clever man old man Hans.
http://en.wikipedia.org/wiki/Hans_Wilsdorf

[Wolfgang427]

Originally Posted by newmedia

hyped driven auction...

Of coarse, did anyone actually expect to get a steal? only Bernie got it at a steal.