Seized luxury goods fetch over $1.1m, days after no bids for money laundering-linked properties

SINGAPORE – They may have been owned by individuals linked to the $3 billion money laundering case, but shoppers were quick to grab luxury handbags and jewellery at the auction of assets seized by authorities.

There were no bargains. A Chrome Hearts diamond double cross pendant necklace, which was estimated at between $1,000 and $1,500, sold for $11,000 with 37 bids.

In total, bidders paid more than $1.1 million for all 337 lots, including a rare Christian Dior mini handbag with crocodile skin featuring a matte gradient white and grey Himalayan finish.

The bag drew the second-highest bid, with the buyer dishing out $20,000, busting the estimated value of between $10,000 and $15,000.

A limited edition Louis Vuitton pumpkin bag - a collaboration with Japanese artist Yayoi Kusama - attracted 81 bids, the most of any item.

The yellow monogram leather bag, which had been estimated at $12,000 to $16,000, saw bidders push the final price to $87,000.

The sale was part of the first tranche of auctions for handbags, jewellery and watches. Online bidding started on Sept 7 at 10am, and closed at 4pm on Sept 20.

Local auction house Hotlotz published digital catalogues for the items listed in the online-only auctions for jewellery and handbags on its website at 10am on Sept 7. Bidders were also allowed to view the items up close at Le Freeport, a private maximum-security vault in Changi.

The bidding system meant that some lots continued to attract bids beyond their scheduled closing time.

Under Hotlotz’s rules, any bid placed within the final five minutes extends the bidding period for that lot by another five minutes. The extension continues until five minutes pass without a new bid.

Hotlotz said on its website: “All bids are binding and a buyer’s premium of 20 per cent is added onto the closing bid price to form the total amount paid by the buyer.”

The first two auctions, one of them which is ongoing, saw more than 300 luxury handbags and accessories by brands including Chanel, Louis Vuitton and Christian Dior, and more than 250 pieces of fine jewellery from brands including Graff, Bulgari and Van Cleef & Arpels.

The auctions are part of the first phase of a process to liquidate the assets seized in the case. All proceeds from the sale of the assets will be paid into the Consolidated Fund.

Professional services firm Deloitte was appointed by the Singapore Police Force to manage, oversee, and liquidate non-cash assets seized in the case.

A separate auction of 286 pieces of jewellery is due to close at 4pm on Sept 27.

The item expected to fetch the highest bid in the auction is a 15.02 carat “fancy yellow” diamond ring, which attracted an offer of $190,000 on Sept 7 when bidding opened.

Other auctions for the seized items will start on Nov 9, including watches, Hermes handbags and alcohol.

The strong interest in the luxury goods came just days after an auction of properties seized in the same money laundering case drew no successful bids.

A total of 30 registered bidders had turned up on Sept 17 for the auction of the properties, which comprise six luxury apartments in Gramercy Park and Sloane Residences and a Suntec Tower One office, but none of the properties met the reserved prices.

The $3 billion money laundering case involved a network of individuals and shell companies linked to proceeds from scams and illegal online gambling.

The scale of the network came to light after 10 foreigners were arrested in islandwide raids in August 2023.