First auction of seized luxury bags from S$3b money laundering case closes, bringing in more than S$1.1m

The first auction of seized luxury bags from a S$3 billion money laundering case concluded on September 20, raising over S$1.1 million. The rare Louis Vuitton x Yayoi Kusama pumpkin bag, made for the Japanese artist who passed away at 97, drew fierce competition in a 30-minute bidding war, ultimately selling for S$87,000. This was five times the auction house's initial estimate of S$12,000 to S$16,000.

Hotlotz, the auctioneer, conducted the sale of 337 handbags and accessories from the high-profile case, all of which were sold for a total of more than S$1.1 million. Other popular items included necklaces, bracelets, and a ring from Chrome Hearts, with final sale prices significantly exceeding estimates. The auction marked the first of 15 online auctions scheduled for September 2023 to May 2027, with proceeds expected to be paid into Singapore's consolidated fund.