Pieces of Madoff Are on the Block

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Bernard Madoff's watches, his personalized Mets jacket and Post-it notes will go on the auction block this weekend in a government-run garage sale designed to raise at least $500,000 for the victims of his Ponzi scheme.

The trove of jewelry, furs and sports memorabilia seized by the U.S. Marshals from the imprisoned Ponzi-scheme operator's Manhattan penthouse and Montauk, N.Y., beach home offers a peek at the lifestyle of Mr. Madoff and his wife, Ruth. Proceeds from the sale of the roughly 200 items will go toward compensating victims.

The blue satin Mets baseball-team jacket with "Madoff" stitched on the back in orange is estimated by Gaston & Sheehan Auctioneers, which is handling the auction, to fetch between $500 and $720. Three Boogie boards with "Madoff" written on them in black marker are estimated to bring at least $80 in a lot that also includes fishing reels and a labeled tackle box.

White his-and-hers stationery with the names Bernard Madoff and Ruth Madoff printed on it, along with envelopes, is expected to go for at least $90 in a lot that also contains pens and personalized sticky notes. A 1960 Hofstra University ring that belonged to Mr. Madoff, engraved with his initials, is valued at about $300.

A collection of more than 40 watches, including some women's watches, 17 Rolexes and several Audemars Piguets, Franck Mullers and Jaeger-LeCoultres, will be auctioned off. Big-ticket items include an 18-karat yellow gold, black-faced vintage men's Rolex, the Monoblocco, valued between $75,000 and $87,500 and a pair of Victorian-era diamond earrings estimated to fetch between $14,000 and $21,400. "It's a pretty rare watch and it's pretty desirable," says Julien Schaerer of Antiquorum Auctioneers SA. If the piece is entirely original, he adds, he sees it selling for $75,000 to $100,000.

Also on the auction block: five fur coats by designers including J. Mendel and Bill Blass, Christofle flatware, Tiffany placecard holders and three polo-style shirts monogrammed with the name of one of Mr. Madoff's yachts, "Bull." More-understated souvenirs include three wooden duck decoys, visible in photos of the couple's Montauk home, valued between $53 and $80.

The items became government property in early July when the U.S. Marshals Service took custody of Mr. Madoff's homes. The government has been trying to sell Mr. Madoff's homes and now will auction some personal effects.

"There's huge interest" in the Madoff items, said U.S. Marshals spokesman Roland Ubaldo. "I've been getting calls from duck-decoy aficionados. People are interested in his fishing rods and his sports memorabilia."

On Saturday prospective buyers can bid live at the New York Sheraton Hotel & Towers, or bid online if they register at the auction house's Web site by Thursday afternoon.

The Marshals Service and auctioneer declined to estimate how much they expected the Madoff items to bring in. Adding up the auctioneer's low estimates for the Madoff items gives an estimate of $500,000.

Two of Mr. Madoff's three U.S. homes are on the market and his three boats are also set to be auctioned separately Tuesday in Fort Lauderdale, Fla.

Write to Juliet Chung at juliet.chung@wsj.com