Bernard Madoff’s wine and liquor sells for twice its worth. Why?

on 19/05/11 at 12:16 pm

Booze News

So Bernard Madoff’s wine and spirits collection has been sold raising more than $40,000 US according to a story in the Guardian. That’s good news for the victims, although that amount of money is chump change compared to the total damage done.

What surprises me though is that the price fetched for some of the stash was a lot more than expected with 54 of the 59 lots bringing in more than the pre-auction estimates. Is there cachet in drinking Madoff’s liquor?

For example, a case of Veuve Clicquot, yellow label brut, sold for $1,500 US, roughly three times what it might cost at retail. What was the buyer thinking? Why not just go to the store?

Another odd sale: a lot of 2oz bottles of Bombay gin, Grand Marnier and Smirnoff vodka – yes those little bottles you get on airplanes (did Madoff actually go out and buy those?) – sold for $300.They were expected to bring in about $10 to $20 according to the Guardian.

Call me crazy, or frugal, or just cheap – there’s no way I’d pay way more than something is worth just because it was once owned by someone infamous.

SOURCE: Vancouver Sun

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