Dow Jones Newswire‘s Shelly Banjo looks into the glut of Madoff inventory coming on the market. Everything from precious Judaica to Old Master paintings to English art is for sale. Everything but jewelry, the ladies are hanging on to their jewels because they may end up being the only objects left that are worth anything:
“Rare and one-of-a-kind artifacts and antiques are now surfacing that haven’t seen the light of day in generations as the effects of the sinking economy and the Madoff scandal congeal,” says Jonathan Greenstein, chairman of J. Greenstein & Co, an auction house specializing in antique Judaica including rare Jewish ritual objects, books and manuscripts. His company’s auctions typically average 130 items, but in June he will be offering more than 200, including many rare pieces sold “under duress” due to Madoff losses, he says. This is at a time when prices for Judaic art are drastically lower than they were a few years ago, he adds. [ . . . ]
Half of the items in an upcoming estate sale at Palm Beach’s Kofski Antiques are “Madoff inventory,” including oriental rugs, silver and a 50-year old collection of English art, says owner Chris Hill. [ . . . ] “I’m sorry that it’s under these circumstances, but we’re seeing some very attractive pieces for bargain prices – it’s definitely a buyer’s market,” Hill says.
Madoff-Scandal Fallout Props Up Art Market (Wall Street Journal)