First auction of seized luxury bags from S$3b money laundering case closes, bringing in more than S$1.1m
A limited edition Louis Vuitton Yayoi Kusama pumpkin bag remained the most sought-after piece of the auction.
A fierce bidding war for a rare Louis Vuitton x Yayoi Kusama pumpkin bag, seized in Singapore's S$3 billion money laundering case, drove its final price to S$87,000 on September 20. The auction of the first tranche of 337 handbags and accessories from the case concluded with sales totaling more than S$1.1 million. Notable items included several Chrome Hearts necklaces, bracelets, and a ring that saw 30 or more bids, with final sale prices several times higher than estimates.
The auction of 286 pieces of fine jewellery seized in the case continues until September 27. Luxury real estate tied to the same illicit network saw no buyers when auctioned on September 17. Iconic brands like Chanel and Chrome Hearts attracted fierce bidding, with a rhinestone-studded Chanel mini flap bag selling for S$15,000.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
