On Monday, we took you for a look at ten of ponzi schemer Scott Rothstein’s watches. That is, ten out of 262 incredible pieces – perhaps the largest collection to ever be seized by federal authorities. Yesterday, July 13, the entire collection went up for auction at the Broward County Convention Center in Fort Lauderdale, FL and hundreds of purchasers and spectators alike flocked to catch a glimpse of the ill-begotten goods.
Amidst the crowds was a group of very interested bidders. The showstopper, however, was an incredible 12-carat fancy-yellow woman’s diamond ring set in platinum, despite Rothstein’s magnificent collection of fine timepieces. The ring went across the auction block later into the event and bidding built rapidly in a fury before finally selling for $340,000 – the single most expensive item out of the net $3.7 million collection.
A few of the schemer’s chronographs – rare and jeweled pieces by Franck Muller, Patek Philippe, and Piaget – sold for over $50,000 a piece; a Muller for $65,000, a Patek for $61,000, and a Piaget for $77,500. The watch that fetched the highest price, however, was the limited edition white gold Concord with exposed internal workings for an astounding $100,000.
Arthur Faramarzi, a buyer for Caspian Jewelry in LA, flew to Fort Lauderdale just for the auction. After picking up the Patek Philippe for $61,000, he told the Palm Beach Post, “I think people are getting great deals. I’m trying for a few more higher-end pieces, whatever is a good deal.”
The auction will benefit the victims of Rothstein’s $1.4 billion investment fraud, along with last year’s auction of his yachts and exotic supercars that brought in $5.8 million. Rothstein is currently serving a 50-year sentence and, so far, five other people have pled guilty in the case. He’s undoubtedly a lowlife, but we can’t say he didn’t have good taste in watches.