Singapore nets US$862,000 from first auction in money laundering case
A fierce 30-minute bidding war for a rare Louis Vuitton x Yayoi Kusama pumpkin bag – seized in Singapore’s S$3 billion (US$2.35 billion) money laundering case – sent its final price soaring on Sunday night. The limited-edition yellow monogram leather piece, which was a collaboration between the luxury fashion house and the Japanese artist who recently died at 97, eventually went under the hammer…
Singapore's auction of seized luxury items from a money laundering case has raised US$862,000 from its first auction, with a rare Louis Vuitton x Yayoi Kusama pumpkin bag selling for S$87,000. The auction, conducted by Hotlotz, included 337 handbags and accessories, with several other lots such as Chrome Hearts jewelry and diamond necklaces also seeing strong bidding interest.
The total proceeds from the auctions are estimated to be between S$2.9 million and S$3.9 million. The auction's success stands in contrast to the lack of interest in luxury real estate tied to the same illicit network. Luxury items such as Chanel bags and Chrome Hearts jewelry were among the most popular, with some items selling for significantly more than their estimated resale prices.
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