According to prosecutors alleged ponzi schemer Bernard Madoff mailed jewelry and other expensive items to family members as Chanukah gifts, violating the terms of his bail agreement. As New York Times writer Alex Berenson describes it:

Sixteen watches, including diamond-encrusted timepieces from Tiffany and Cartier. Four diamond brooches. Two sets of cuff links. An emerald ring. These are a few of Bernard L. Madoff's favorite things.

It sounds like a bold move. But Madoff's lawyer argued that a lot of the items were no more than $25 cuff links and $200 mittens.

$200 mittens? Really?

Even Gawker which revels in a kind of Sex and The City/ "Fin de siecle/ Weimar Germany / Gossip Girl fabulousness wonders "Who has $200 mittens?"

An online search came up empty -- Ebay has only one pair of mittens approaching that in value. And there are a few heavy duty mountaineering mittens worth almost that much.

So I had to work the phones in search of $200 mittens. My first call was to the glove counter at Bergdorf Goodman, seller of expensive soft accessories. Nothing. They have no mittens. Next call was to Hermes on Madison, right around the corner from Madoff's pad? Nope. Ok how about Barney's? Close but not $200. A search for "Prada Mittens" was frustrating when Google kept directing me to some girl's blog about her imaginary kittens Prada and Mittens. And a call to the Prada store reveled that they only sell gloves, no mittens.

Then my wife and luxury goods consultant, Robin, had a brainstorm. Why not try Bon Point, "the most expensive store ever."
It's sure not cheap to dress your 2-year-old like a French Canadian Fur Trapper circa 1730.

A call to Bon Point revealed --yes-- they do have $200 mittens, sort of. The sales consultant said they sell children's mittens for $125, which reflects a 50% off discount. So I think those can be considered $250 mittens. Maybe its not fair to affix the retail price on these mittens, because anyone can walk in off the street and buy them for less. Then again, the reason luxury goods shops have to offer such steep discounts is because the economy has tanked, and one small reason the economy has tanked is Bernard Madoff. So if there was ever someone who shouldn't get the benefit of the discounted mitten doubt, it's Bernie.

-- Mike Pesca

categories: Fun With Economics

4:09 - January 8, 2009

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