SINGAPORE: A rare Louis Vuitton x Yayoi Kusama pumpkin bag from Singapore’s S$3 billion money laundering case fetched a final price of S$87,000 after 30 minutes of bidding on Sunday night (Sep 20).
Initial estimate from auctioneer Hotlotz was between S$12,000 and S$16,000, but after 42 last-minute bids, the limited-edition yellow monogram leather piece was sold for more than five times that price.
The sale of the first tranche of 337 handbags and accessories from the money laundering case concluded on Sunday night, with all the items sold for more than S$1.1 million in total.
Channel News Asia reported that Chrome Hearts necklaces, bracelets, and rings drew at least 30 bids, while also fetching higher prices than estimates. For instance, a diamond double cross pendant was sold for about ten times its estimated price of S$1,000 to S$1,500.
Chrome Hearts accessories and Chanel bags, which made up the largest portion of luxury bags up for sale, were among the most popular items.
Luxury resale boutique and personal shopping service firm Loveholic’s founder Elaine Fung expected iconic designs such as Chanel’s classic flap bags and Lady Dior bags to be popular, as these designs are widely known even among those who do not usually follow luxury fashion.
According to Ms Fung, “The strong interest did not surprise us. The bid amounts did.”
For example, a Chanel Classic Flap in caviar leather, which generally sells for below S$10,000, was sold for S$13,000.
Hotlotz’s Sunday auction is part of a series of 15 online auctions running from September this year through May 2027, featuring items linked to Singapore’s S$3 billion money laundering case. Hotlotz is also holding a separate auction of 286 pieces of fine jewellery seized in the case, which will remain open until this coming Sunday (Sep 27). /TISG
Read also: 10 luxury apartments from Singapore’s S$3 billion money laundering case to be auctioned on Sep 23
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