S$3b money laundering case: Online auctions begin for more than 600 pieces of luxury handbags, fine jewellery

S$3b money laundering case: Online auctions begin for more than 600 pieces of luxury handbags, fine jewellery In the first two of a series of 15 online auctions, 338 handbags and accessories and 286 pieces of jewellery are listed on the Hotlotz website. SINGAPORE: Luxury handbags and accessories and fine jewellery from the S$3 billion money laundering case went on auction on Monday (Sep 7) morning. At 10am, a total of 624 items – 338 handbags and accessories and 286 jewellery pieces – were listed on the website of auction house Hotlotz, to be sold across two auctions called “Luxury Handbags & Accessories” and “Fine Jewellery, Part One”. The two auctions are estimated to bring in between S$2.9 million and S$3.9 million in total, and will end on Sep 20 and Sept 27 respectively. They include a limited edition Louis Vuitton x Yayoi Kusama Pumpkin Bag in monogram leather, as well as a 15.02-carat "fancy yellow" diamond ring that has the highest starting bid of all the lots at S$180,000. Hotlotz also charges a “buyer’s premium” of 20 per cent on top of the closing bid, which includes Singapore’s goods and services tax that can be waived for foreign buyers. Towards the end of each auction, if a bid is placed in the final five minutes before a lot closes, the bidding period for that lot is extended by a further five minutes. This continues until a full five minutes has elapsed without another bid having been placed, Hotlotz explained on its website. “As a result, it usually takes a number of hours after the scheduled time when bidding starts to close for all of the lots in an auction to actually close,” according to the auction house. The two auctions that kicked off on Monday are part of a series of 15 online auctions for items from the S$3 billion money laundering case, from September this year to May 2027. Hotlotz does not accept commission or telephone bids, and does not hold traditional in-room auctions. The auctions are open to participants globally, though bidders must register and pass compulsory identity verification checks before taking part. Approved bidders can book a viewing slot at Le Freeport, a high-security and tax-free storage facility in Changi where the items are kept. Viewing is strictly by appointment, and walk-ins are not allowed. On its website, Hotlotz said the timed appointments are extremely limited and assigned on a first-come, first-served basis. Viewings for the two ongoing sales will take place from Sep 14 to 19, with the fine jewellery auction also having slots between Sep 21 and 26. Each slot lasts 45 minutes, with five daily slots at 10am, 11am, 12pm, 2pm and 3pm. The assets from the money laundering case were handed over by the police to audit firm Deloitte for liquidation in August last year. Proceeds would be paid into the government’s consolidated fund, Home Affairs Minister K Shanmugam said in a parliamentary reply to a question in February last year. The consolidated fund is similar to a bank account held by the government. According to the parliament website, Singapore's revenues are paid into this fund and it is also used to provide for government spending.