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 authorities netted US$862,000 from the first auction of seized luxury items in a money laundering case, according to auction records. The rare Louis Vuitton x Yayoi Kusama pumpkin bag, which was the highlight of the first tranche of 337 handbags and accessories, was sold for S$87,000 after a fierce 30-minute bidding war.
Other popular items included Chrome Hearts necklaces, bracelets, and a ring, which fetched several times their estimated prices. Despite the auction's success, luxury real estate linked to the same illicit network failed to find buyers during a separate sale on September 17. The auction, conducted by Hotlotz, concluded on Sunday night and marked the end of a series of 15 online auctions planned until May 2027.
The auction house's "buyer's premium" of 20% and Singapore's goods and services tax contributed to the total proceeds of more than S$1.1 million.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
