Jewelry News

Madoff Jewelry Brings in the Bucks

November 16, 2009

Nearly 1,000 people bid on Bernie Madoff's prized possessions over the weekend at an auction that included diamond rings, earrings and other jewels worn by his wife, Ruth. See how much was raised to benefit his victims.

Diamond jewelry once owned by Bernie Madoff brought in more than double the expected price at an auction of some 200 items over the weekend. Nearly 1,000 bidders came to troll the tables, which were full of lavish jewels, watches, paintings, golf clubs - even a Mets jacket (which sold for $14,500!).

This pair of pre-Victoria-era diamond dangle earrings were expected to sell for between $14,300 and $21, 400, but went for a whopping $70,000. A pair of Platinum Art Deco Cartier black onyx and diamond earrings were offered for $6500 and also sold for $70,000. And this stunning platinum Edwardian-era diamond and emerald-link bracelet sold for $50,000 (offered at $15,600).

The sale brought in close to $1 million overall (more than twice the initial estimate), with proceeds going towards Bernie's many victims. With nearly $65 billion lost in the Ponzi scheme, this is just a bejeweled drop in a very big bucket, but bidders apparently felt good about helping the cause - and themselves to a little piece of this sordid chapter in history.

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