CIRCA Participates in Madoff Auction

On November 14th, CIRCA participated in an auction that benefited the victims of Bernie Madoff. We felt obliged to participate in this event to help Madoff's many victims reclaim a small part of what they lost in the largest Ponzi scheme in history. Some of these victims have come to CIRCA because they unfortunately have been forced to sell their jewelry. As someone who has witnessed the devastation that many of these people feel, I think it's fitting that Madoff's estate be sold for their benefit.

The U.S. Marshals auctioned everything from boat buoys to a personalized Mets jacket, which fetched a hefty price. In an effort to participate in some small way, CIRCA purchased this Art Deco diamond and emerald bracelet for an amount that is in excess of the piece's value. The piece is from 1925, and in my opinion, was the standout in a somewhat unimpressive collection. It has six emeralds surrounded by approximately 25 carats of diamonds. It's been mislabeled in the press as an Edwardian bracelet, but this piece has the geometric look that makes it a classic Art Deco piece. Art Deco pieces are very collectible, and often garner a lot of attention at auctions regardless of their previous owners.

In line with the original purpose of purchasing this piece, we would like to maximize the benefit by donating a portion of the resale proceeds to two deserving charities. The first is the Gift of Life Bone Marrow Foundation in Florida, which lost almost $2 million by investing with Bernie Madoff. The second is the Breast Cancer Research Foundation, a charity that CIRCA has supported since 2002. We encourage you to visit their websites and consider donating to these two worthy charities this holiday season.

Chris Del Gatto
Chairman & CEO

FOR THE PRESS: Click here for an image of the bracelet Print this post