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Big Bargains at Bernie Madoff's Wine Auction

By Farnoosh Torabi

Updated on: May 19, 2011 / 9:59 AM EDT / MoneyWatch

Bernie Madoff's wine and liquor collection, auctioned off yesterday, reveals he had a considerably wide palate. The bottled beverages on the block ranged from fine, rich and robust to the hard-core variety often found adjacent to your local liquor store cash register.

On Wednesday, May 18, Morrell & Company Fine Wine Auctions auctioned off the multibillion-dollar fraudster's wine cellar collection, seized by U.S. Marshall Service. The proceeds - just over $41,500 - went directly to the United States Department of Justice Asset Forfeiture Fund to help pay back the victims of Madoff's epic Ponzi scheme.

Included in the 58-lot collection were several French vintage labels, fancy champagnes and hard liquors (many of the brown variety).

Most items sold for more than their appraised values, but several buyers made out pretty well. Here are some of the big discounts reaped at auction:

A bottle of Vintage 1982 ChÃ¢teau Lafite-Rothschild, valued at up to $5,000, sold for $3,200, 36% off.
12 bottles of Vintage 1982 ChÃ¢teau Pichon-Longueville, Comtesse de Lalande, valued at up to $7,000, sold for $5,000, 29% off.
A bottle of Vintage 1998 Montrachet, Domaine Ramonet, valued at up $700, sold for $420, 40% off.
A bottle of Vintage 2004 Corton-Charlemagne, Coche-Dury valued at up to $1,800, sold for $1,100, 39% off.
A bottle of Vintage 1968 Louis Roederer, Cristal, valued at up to $1,100 sold for $550, 50% off.
Two bottles of Vintage 1970 ChÃ¢teau Palmer, valued at up to $480, sold for $280, 42% off.

Oddly enough, among Madoff's collection were three 2-ounce liquor bottles: minibar vessels of Smirnoff, Bombay and Grand Marnier. They were valued at between $10 and $20, but ultimately sold for a whopping $300. Morell & Co. noted on its Web site that "some of the wine bottles are better viewed as conversation pieces rather than valued for their contents, but conversation pieces they are."

Now if only these wines could talk!

Farnoosh Torabi is a personal finance journalist and commentator. She is the author of the new book Psych Yourself Rich, Get the Mindset and Discipline You Need to Build Your Financial Life. Follow her at www.farnoosh.tv, and on Twitter.
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Photo Courtesy: Morrell & Co. Fine Wine Auctions