SINGAPORE, Sept 21 — A rare Louis Vuitton x Yayoi Kusama pumpkin bag seized in Singapore’s S$3 billion (RM9.6 billionaire) money laundering probe has emerged as the star of the first luxury‑goods auction, closing at an astonishing S$87,000 after a frenzied 30‑minute bidding war.
The limited‑edition yellow monogram leather piece — part of a collaboration with the celebrated Japanese artist, who died earlier this year at 97 — drew 42 last‑minute bids, sending its final price soaring far beyond Hotlotz’s initial estimate of S$12,000 to S$16,000.
It was the most sought‑after item in the first tranche of 337 seized handbags and accessories, all of which were sold on Sunday night, bringing in more than S$1.1 million.
Other items also smashed expectations. Chrome Hearts necklaces, bracelets and rings attracted 30 bids or more, with a diamond double‑cross pendant closing at S$11,000 — roughly 10 times its estimate.
Chanel bags, which formed the largest portion of the catalogue, drew intense interest. A rhinestone‑studded goatskin mini flap bag sold for S$15,000, while a classic caviar leather flap fetched S$13,000, well above typical resale prices.
Luxury reseller Elaine Fung said the publicity surrounding the case likely fuelled more aggressive bidding, especially among buyers unfamiliar with current market prices.
A second Hotlotz auction featuring 286 pieces of fine jewellery remains open until Sept 27, with both auctions expected to bring in S$2.9 million to S$3.9 million.
The goods are part of a massive liquidation exercise involving assets forfeited from a sprawling transnational money‑laundering network. Proceeds will be channelled into the government’s consolidated fund.
The feverish demand for handbags and jewellery stood in stark contrast to the lacklustre auction of seized luxury properties on Sept 17, where not a single unit found a buyer.
