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Thread: MADOFF Auction - Mets Jacket
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11-14-2009, 06:10 PM #1
MADOFF Auction - Mets Jacket
How do they figure a retail Mets dugout style jacket is worth $500-750? Just because it has his name in block letters on the back? Obviously someone will pay that just to have a part of the "scandal".
http://money.cnn.com/galleries/2009/...ion/index.html
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11-14-2009, 06:13 PM #2
Re: MADOFF Auction - Mets Jacket
the jacket already sold for $14,500.
http://www.proxibid.com/asp/LotDetai...06467#topoflot
rudy.
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11-14-2009, 06:58 PM #3
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11-16-2009, 10:03 AM #4
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Re: MADOFF Auction - Mets Jacket
This even made Bloomberg TV today which referenced that the jacket was only expected to go for $700; but as they pointed out, this isn't even a drop in the bucket compared to the $65 bn in funds out of which he bilked investors.
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11-16-2009, 10:37 AM #5
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Re: MADOFF Auction - Mets Jacket
Why someone would want an item owned by a crook, much less pay about a thousand times what it is worth is beyond me. I can understand having something owned by a criminal in a museum, but why would someone want it in their home or office? And there is no way something like that would ever increase in value. If that jacket is worth $14,000 a Babe Ruth home run bat ought to be worth $50 million.
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11-16-2009, 02:53 PM #6
Re: MADOFF Auction - Mets Jacket
My guess as to who will put it in their office... Any number of NYC brokers or investors who either got ripped off by Madoff or NYC elite who just want a nice conversation piece in their offices. It's probably going to be gag Christmas gift for someone's boss (I've known financial types who would do this and 14K is a drop in the bucket for a good joke)...
I doubt it was about it increasing in value, it was about the message it sends.
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11-16-2009, 07:34 PM #7
Re: MADOFF Auction - Mets Jacket
Ironically this jacket will be worth more in the end than have you taken 14.5k and invested it in a Madoff securities account.
metsbats86@aol.com
Always looking for 1973,1986,1988,1999,2000,2006 game used Mets post season and Bobby M. Jones and Ed Hearn NY Mets game used bats.
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11-18-2009, 09:25 AM #8
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Re: MADOFF Auction - Mets Jacket
Since the Feds have seized most of Madoff's assets that they can find, I wonder if they will seize the money from this auction? Whether or not the money is seized, that is a crazy price for the jacket.
Jim
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11-18-2009, 10:10 AM #9
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Re: MADOFF Auction - Mets Jacket
I think the point of this auction was to raise money for the victims, at least that's what this news story says. So there wouldn't be anything to seize...
NEW YORK: Items once belonging to Wall Street swindler Bernard and his wife have fetched as much as 20 times their estimated value at a New York City auction.
Madoff is serving 150 years in prison after pleading guilty in a multibillion-dollar fraud that burned thousands of investors.
Proceeds from the auction will be divided among his victims.