Melissa Caddick's artwork sells for $48k

Four artworks owned by missing fraudster Melissa Caddick attracted bids like bees to a honeypot at a Sydney auction, selling for nearly $50,000.

Caddick, 49, disappeared in November 2020 after ASIC raided her home as part of an investigation into a $23 million Ponzi scheme she had been running.

The conwoman's artworks sold for $48,000 on Tuesday night at Shapiro's art auction with the big-ticket item Giraffes & Wet Season by John Olsen, selling just below its starting price for $24,000.

An aluminium sculpture by Israeli artist David Gerstein sold for $11,000, more than double its starting price of $4500.

A ceramic totem pole nicknamed "the one-eyed monster" by one of Caddick's victims, Jenny Orchard's sculpture Totem for Martin, sold for $6000 - far above its estimated price of $1500.

Luke Sciberrars's Study For Up S**t Creek also sold above its estimated price range for $7000.

Caddick's extraordinary haul of jewellery, luxury goods, and designer clothing are all set to go under the hammer before Christmas in Shapiro's 'Fine Jewellery, Watches and Luxury Design' auctions on December 5 and 7.

The inquest into Caddick's death will resume in Sydney's Downing Centre Local Court on Monday.