It's amazing how much people will pay for a litte piece of history. When the property of former chairman of NASDAQ, now jailbird Bernard Madoff, was auctioned on Saturday, his personal property was much in demand.
A personalised New York Mets jacket, worth $720, sold for more $14,500. A set of golf clubs went for thousands of dollars above their intrinsic worth.
The Madoff "brand" is imbued with infamy and scandal and the history of the GFC. People clearly want a piece of it, at a highly inflated price.
It's a demonstration of the value of brands: people buy a story, not just a product.
It also goes to show that there are people more shallow at large in the world than the perpetrator of what's been described as "the biggest fraud in Wall Street history".
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