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Singapore has raised more than S$1.1 million, equivalent to approximately US$862,000, following the first auction of luxury goods seized during a S$3 billion money laundering investigation. The sale, conducted by auctioneer Hotlotz, featured a collection of 337 handbags and accessories.
The auction concluded on Sunday night with all items sold. A highlight of the event was a limited-edition Louis Vuitton x Yayoi Kusama pumpkin bag, which sparked a 30-minute bidding war. The yellow monogram leather piece ultimately sold for S$87,000, more than five times the auction house’s initial estimate of S$12,000 to S$16,000.
The auction represents the first tranche of assets liquidated from the high-profile case. While the handbag auction saw significant interest, reports indicate that luxury real estate linked to the same illicit network has experienced a more lackluster reception from potential buyers.
Article source: www.scmp.com | Image credit: www.scmp.com
