A limited-edition Louis Vuitton bag shaped like a pumpkin has sold for S$87,000 in an online auction of luxury goods forfeited in Singapore’s S$3 billion money-laundering case.
The Louis Vuitton x Yayoi Kusama Pumpkin Bag drew intense interest before bidding closed on Sunday night, 20 September. Hotlotz had valued the yellow-and-black monogram leather piece at between S$12,000 and S$16,000.
That means its S$87,000 closing bid was more than seven times the lower end of the estimate and over five times the upper end.
And that S$87,000 figure is before Hotlotz’s buyer’s premium, which CNA reported is charged on top of the closing bid.
42 Last-Minute Bids for the Pumpkin Bag
The bag did not simply cruise to S$87,000.
According to CNA, a 30-minute bidding battle near the end produced 42 last-minute bids before the price finally settled.
Interest had already been strong earlier in the auction. On 7 September, the first day of bidding, the bag had reached S$26,000. By 10 September, its leading bid had climbed to S$39,000.
Another notable item was a 2021 Christian Dior Mini Lady Dior made from matte white Himalaya Niloticus crocodile.
8world reported that it sold for S$20,000. Hotlotz had estimated the bag at between S$10,000 and S$15,000.
Other pieces also went for substantially more than their estimates. CNA reported that a Chrome Hearts diamond double-cross pendant necklace fetched S$11,000 despite an estimated value of S$1,000 to S$1,500.
More Than S$1.1 Million Raised From First Bag Auction
When bidding opened on 7 September, 338 handbags and accessories were listed by Hotlotz.
CNA’s report after the auction closed described the completed sale as comprising 337 handbags and accessories, all of which were sold. Together, they brought in more than S$1.1 million.
The sale is only the beginning.
Hotlotz is conducting a series of 15 online auctions involving luxury items forfeited in connection with the S$3 billion money-laundering case, with auctions scheduled to continue until May 2027.
Another auction involving 286 pieces of fine jewellery remains open until 27 September. Items include a 15.02-carat fancy yellow diamond ring, jewellery from Cartier, Bulgari and Van Cleef & Arpels, and a rare Hermès Kelly diamond bracelet.
More than 1,000 luxury items and 80 properties forfeited in the case are being sold in phases. Deloitte was appointed by the Singapore Police Force to manage and realise the forfeited non-cash assets.
CNA reported that proceeds from the disposals will be paid into the Government’s Consolidated Fund.
