Serpent clutch, 15-carat diamond: First look at forfeited luxury goods from S$3b money laundering case

Serpent clutch, 15-carat diamond: First look at forfeited luxury goods from S$3b money laundering case More than 600 luxury items will be sold in the first two of a series of 15 online auctions running until May 2027. SINGAPORE: A 15-carat yellow diamond ring, a leather Chanel water bottle holder and a pink enamel clutch in the shape of a serpent’s head. These are among more than 600 luxury goods being auctioned by Hotlotz after they were forfeited in Singapore’s largest money laundering case. More than 1,000 items and 80 properties were seized and forfeited in connection with the case, which emerged after islandwide raids in August 2023 uncovered millions of dollars earned from an illicit gambling ring based in Southeast Asia. The luxury goods are now open for bidding online, with viewing appointments starting next week. “The response has been overwhelmingly good,” said co-founder and director of auctions Christopher Lanigan O'Keeffe at a media preview on Thursday (Sep 10). Slots to view the items have been filling up fast, with the roughly 75 slots available each day from next Monday to Saturday nearly fully booked. Viewing is strictly by appointment, and walk-ins are not allowed. Mr Lanigan O'Keeffe said the case has captured public attention in Singapore over the past couple of years. “There's been a huge anticipation as to what is going to happen with all these items. So finally, we can see an end to that process,” he said. The auction house will hold 15 online auctions from September to May 2027. The first two, featuring fine jewellery, luxury handbags and accessories, have a pre-sale estimate of between S$2.9 million and S$3.9 million. The first auction, closing at 4pm on Sep 20, will have handbags and accessories from brands including Chanel, Louis Vuitton and Christian Dior. The second, closing at the same time on Sep 27, features jewellery pieces from makers such as Graff, Bulgari and Van Cleef & Arpels. THE AUCTION PROCESS The seized assets came to Hotlotz about four months ago, when the auction house was appointed to run the sale. The items are kept at Le Freeport, a high-security storage facility in Changi. Prior to that, the goods were in the custody of auditing firm Deloitte and the Singapore Police Force, said Mr Lanigan O'Keeffe. When an item arrives at an auction house, a specialist assesses its authenticity, condition and other factors affecting valuation. While some pieces showed signs of wear, their condition was “generally very good”, he said. “The way the bidding process works, it's not too much different to a live in-room auction, except people are bidding against each other online, and there's no physical auctioneer there taking the bids,” said Mr Lanigan O'Keeffe. Every bidder must register and verify their identity before being allowed to bid, he added. After each auction, successful bidders will be sent invoices and can arrange delivery once payment is made in full. As of Thursday evening, a limited-edition Louis Vuitton Yayoi Kusama leather pumpkin bag had racked up the highest bid of S$39,000 among the handbags, above its estimated price of S$12,000 to S$16,000. For jewellery, the highest bid was for a 15.02 carat yellow diamond ring at S$190,000. The ring has an estimated price of between S$200,000 and S$300,000. Mr Lanigan O'Keeffe said some pieces – like a rare Hermes Kelly diamond bracelet – cannot easily be bought elsewhere. The 30-carat bracelet with 263 diamonds has an estimated price of S$150,000 to S$200,000, and the highest bid was S$80,000 on Thursday. Asked whether the case's profile could affect buyer interest, Mr Lanigan O'Keeffe said it is "very hard to predict". The 10 offenders, all originally from China, have since been convicted and deported after serving their sentences. “It's different for every different buyer. Sometimes provenance of an item can increase the value hugely,” he said. “With this particular case, we weren't sure what the response would be, given the nature of the case. But we've seen a great response so far.”