It's retribution for financial crimes, USA style.

Interested observers and serious bidders alike were yesterday drawn to an auction of the many possessions of disgraced financier Bernie Madoff, who is serving a 150-year jail sentence for his involvement in a $65bn (€47bn)
'Ponzi' fraud.

Organised by the US Marshals service, the range of goods on offer yesterday showed how his assets had been stripped bare and sold to help meet some of the debts he ran up.

The live simulcast auction at the New York Sheraton hotel involved almost 500 separate lots.

But it was the detail of what was on sale that provided the most telling insight into the life once led by Madoff and his wife Ruth.

Among the items on sale were rugs, furniture, dinnerware, jewellery, clothes, bed linen, electronic goods, bathwear, a Steinway piano – and even a used pair of Madoff's socks.

Intriguingly, these were expected to raise between $960 and $1,370 when sold as part of a wider lot of hundreds of new and used socks owned by the financier.

This lot also included 11 pairs of men's designer boxer shorts which, mercifully perhaps, had never been worn. Another sale lot included a pair of his slippers.

Elsewhere, one of the most expensive items put forward was a custom ring, set with one 10.5-carat emerald-cut diamond, which had an estimated price of between $300,000 and $350,000.

The former high-flying financier's belts, and even belt buckles were also put up for sale, along with his extensive collection of watches, ranging from Patek Philippe to Rolexes worth tens of thousands of dollars.

Madoff's wife Ruth also had her personal belongings sold, with designer suits and other clothing for sale along with her extensive jewellery collection.

Also spotted were a pair of baseball caps emblazoned with her name.

According to the auction catalogue, organisers expected to sell around 75 lots an hour yesterday. However, potential buyers were forewarned: it stated that everything sells "as is-where is" with no warranties or guarantees expressed or implied."

Madoff for sale

Estimated price range ($)*

Men's socks (new and used) boxer shorts $960-$1,370

Brown leather swamp slippers plus assorted shoes $210-$240

Platinum custom ring, set with one 10.5-carat emerald cut diamond $300,000-$350,000

Vintage men's Rolex watch $60,000-$70,000

Humidor cigar box $50-$100

Love seat (2) $2,100-$2,400

Cufflinks $490-$730

Tiffany wedding bands, key ring etc $1,300-$1,900

Woman's Judith Leiber silver handbag $320-$480

Assorted Chanel women's clothes $1,000-$1,430

Bath robes, assorted women's clothing $180-$200

* Price quoted usually relates to entire sale lot rather than the individual item outlined