Ponzi schemer Bernie Madoff cheated thousands in South Florida out of their life's savings, and now some of his victims are auctioning off their opulent wares in the hopes of recovering their riches.
Kodner Galleries will auction 75 lots from victims of the Wall Street swindler at their in Dania Beach showroom tomorrow night, featuring everything from fancy French decorative art to luxurious jewelry.
The pieces include three Chagall paintings, several Ivory collections and a 70-carat diamond necklace worth $250,000. The bidding begins at 5 p.m.
"There are some very expensive items in this auction...these people were taken to the cleaners, so to speak," Kodner manager Loyd Breen said.
In March the gallery sold items from two Madoff victims, who passed the word along to others who'd been swindled.
"They're very embarassed over this whole thing and they don't want to be famous for losing money in a scandal," Breen said.
And it's not just Florida victims of the Wall Street cheat who have had clear out their mansions for an auction. Just recently, Nine West tycoon Jerome Fisher, who lost $150 million to Madoff, auctioned a Picasso at Christie's in New York for over $14 million.
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Though the gallery is a for-profit business, Breen said they gave some of the Madoff victims a break on auction costs, offering breaks like reduced commissions.
"It should take the hurt off for a little while, but it won't make them whole again," Breen said.
