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Jailed Ponzi schemer Bernie Madoff’s collection of wine and liquor went under the hammer in New York today, bringing in a total of $41,530 — just about double the $15,000 to $21,000 estimate.
Every single one of the 59 lots found buyers, and all but 5 sold above auctioneer Morrell and Company’s high estimates. The most expensive lot from Madoff’s cellar: half a case (12 bottles) of 1996 Château Mouton-Rothschild, which went for $6800, well above the $3800 guide price.
The most curious of the items sold were a handful of minibar-sized bottles of Smirnoff, Bombay and Grand Marnier. The 2-ounce bottles were estimated to go for between $10 and $20 (one label is described as “wet stained”). They sold for $300.
The entire list of the wines and liquors sold today, along with the prices each lot generated, can be seen here. The descriptions prove particularly interesting, indicating that Madoff didn’t take very good care of his wine collection. Many labels are described as soiled or wrinkled, with some corks depressed and capsules corroded.
Madoff’s wines were seized by U.S. Marshals along with the contents of his homes and his yachts. “The proceeds from this auction are going towards compensating Madoff’s victims, so we couldn’t be happier with the results,” said Kimberly Janis, auction director at Morrell and Company.
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Article source: http://blogs.forbes.com/clareoconnor/2011/05/18/bernie-madoffs-wine-collection-brings-in-double-the-estimate-at-auction/
