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Among the roughly 200 items on the auction block are a personalized New York Mets jacket valued between $500 and $720, a pair of Victorian-era diamond earrings estimated to fetch as much as $21,400, and Madoff's watch collection.
The collection of more than 40 watches includes an 18-karat gold Rolex Monoblocco, nicknamed the "Prisoner Watch," which experts expect to sell for as much as $87,500.
The chronograph earned its nickname after Rolex offered similar timepieces to prisoners of war in Germany during World War II, according to Bloomberg News.
Also up for auction are five fur coats belonging to Madoff's wife, Ruth; purses by designers such as Chanel and Louis Vuitton; and a variety of sporting goods, including golf clubs, fishing rods, and a pair of boogie boards with "Madoff" written across in thick black ink.
Saturday's auction is the first of three planned by the Marshals. All together, officials are hoping to raise approximately $500,000 for victims of Madoff's $65 billion Ponzi scheme.
"It's really sort of a hodgepodge that gives you a sense of what their tastes were like and how they lived," said Juliet Chung of the Wall Street Journal.
 Authorities are also looking to sell Madoff's penthouse, and Palm Beach, Fla., condo. Both have been on the market for more than two months, and are listed at $8.9 million and $7.9 million, respectively.
Chung spoke with the Online NewsHour about what else federal authorities seized from Madoff's New York homes, and what the possessions say about his former lifestyle:
---- Jason M. Breslow, Online NewsHour
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