First auction of seized luxury bags from S$3b money laundering case closes, bringing in more than S$1.1m

Necklaces, bracelets and a ring from Chrome Hearts mostly scored 30 bids or more, with the final sale prices coming in at several times higher than the estimates. A diamond double cross pendant necklace sold for S$11,000, about 10 times the estimated S$1,000 to S$1,500.

Another Hotlotz auction for 286 pieces of fine jewellery seized in the case will stay open until Sep 27. Together, the two auctions were estimated to bring in between S$2.9 million and S$3.9 million in total.

The frenzied bidding stood in sharp contrast to the lacklustre reception for luxury real estate tied to the same illicit network, where not a single seized property found a buyer when put up for auction on Sep 17.

ICONIC LABELS DRAW FIERCE BIDDING

Chanel bags, which made up the largest portion of luxury bags up for sale, and the Chrome Hearts jewellery were among the most popular items. A rhinestone-studded beige goatskin Chanel mini flap bag sold for S$15,000 – about a third of the 28 bids were made on Sunday.

Loveholic founder Elaine Fung, whose firm sources for luxury items, said she expected iconic styles like the Chanel classic flap bags and Lady Dior bags to attract strong interest.

These styles are widely recognisable even among those who do not usually follow luxury fashion, she added.

“We also expected prices to be slightly above normal resale levels because of the publicity surrounding the auction. However, some bids have gone much higher than anticipated,” said Ms Fung.

For example, a Chanel classic flap in caviar leather that was on auction sold for S$13,000. Comparable pre-owned pieces generally sell for below S$10,000, she noted.

“The strong interest did not surprise us. The bid amounts did. The publicity and competitive atmosphere may be encouraging people to bid more aggressively,” said Ms Fung, adding that some bidders may also be unfamiliar with the current retail and resale prices.