The Morrell and Company auction of Bernie Madoff's wine cellar raised $41,530, nearly double the high pre-sale estimate of $21,000. All 59 lots were sold, and 54 sold above the high estimate. The items - which ranged from vintage Bordeaux to bottles of liquor collected from hotel minibars - were seized by the U.S. Marshals service, and proceeds from the auction will be deposited in the U.S. Department of Justice Asset Forfeiture Fund to compensate the victims of Madoff's multi-billion dollar Ponzi scheme.
100% of the 59 Lots for sale found buyers, and 54 of them sold above the high estimate. The biggest ticket item was a case of 1996 Château Mouton Rothschild, which sold for $6800 - well over the high estimate of $3,800. Other four-figure items included a half case of 1990 Château Lynch-Bages, a half case of 1997 Antinori Tignanello, and a case of Veuve Clicquot, Yellow Label. A mysterious crystal decanter of unknown contents sold for $950, over then times its high estimate of $90.
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 for Morrell and Company.