Running Out Of Sympathy

This is a picture of some stuff some formerly rich people auctioned off at a "charity" auction last night in Florida. All of the items belonged to former Madoff investors. Some still rich people showed up and bought the stuff at firesale prices. Among the items, a 70 carat necklace that went for $75,000. I don't know jack about jewelry, but I know enough to say with some confidence that was a steal.

Within the accompanying article were the details that the pre-sale estimate was $150,000, and that "on the open market it would likely fetch as much as $400,000".

So maybe some of these Madoff investors really are just that stupid after all. Why get market price when you can sell it at a steap discount in a "charity auction"?