Madoff victims are selling through Kodner Galleries in Palm Beach because they’re advancing cash to the consignors:

Kodner was first approached by an investor desperate to raise some cash more than four months ago and word has since spread amongst the community of victims, with hard-up retirees flocking to the auction house to offload antiques, art work and other precious items. Loyd Breen, Kodner’s auction co-ordinator, said: “We have appointments this week to see five more people for our next auction. It’s snowballing.”

Here are some of the items Kodner auctioned this week:

• a print of the Marc Chagall painting The Magic Flute, which had been expected to sell for between $20,000 and $30,000 but went for $19,000.
• A Picasso etching sold for $5,400, at the lower end of its $5,000 to $7,000 pre-sale estimate.
• A spectacular 70-carat diamond, emerald and platinum necklace had a pre-sale estimate of $150,000 but was bought by Florida attorney Stacey Guilianti for $75,000.

Madoff Victims Forced to Auction Family Jewels (Times of London)