S$3 billion money laundering case in S'pore: Yayoi Kusama bag sells for S$87,000 in auction after 81 bids
All 337 lots were sold, with the total sale amount recorded as over S$1.1 million.
A limited-edition Louis Vuitton x Yayoi Kusama bag sold for S$87,000 after 81 bids at the first auction of seized handbags and accessories from the S$3 billion money laundering case in Singapore.
The auction was held on the night of Sep. 20; the 30-minute competition for the piece was intense, with 42 last-minute bids, according to CNA.
All 337 lots were sold, with the total sale amount recorded as over S$1.1 million.
According to Lianhe Zaobao, if all the highest bidders complete payment, the total sale amount would be 54 per cent higher than the highest estimate.
The yellow-and-black monogram leather pumpkin bag, made in collaboration with the Japanese artist who died at age 97 in August, exceeded auction house Hotlotz's initial estimate of S$12,000 to S$16,000.
According to a Christie's press release, the same pumpkin bag sold for US$151,200 (S$192,870) in September 2024.
This set a world auction record and made the pumpkin bag the most expensive Louis Vuitton handbag to sell at auction.
296 lots exceeded their highest estimates, 25 sold within their estimate range, and only three lots sold for less than their lowest estimate, reported Zaobao.
Items from Chrome Hearts were also hotly contested, with most lots scoring over 30 bids.
A Chrome Hearts diamond double cross pendant necklace sold for S$11,000 after 37 bids. The piece's estimate was between S$1,000 and S$1,500.
The majority of the lots were Chanel, with 219 pieces being auctioned.
A Chanel mini flap bag in light beige goatskin with rhinestone embellishments from 2020 was sold for S$15,000 after 28 bids despite an initial estimate of between S$4,000 and S$5,000.
These bids do not include Hotlotz's additional buyer's premium of 20 per cent, which includes Singapore's goods and services tax.
The auction house operates online-only public auctions open to global buyers.
According to Hotlotz's website, if a bid is entered in the last five minutes before an auction lot closes, the bidding period extends another five minutes.
A previous luxury real estate auction linked to the same money-laundering network, where all properties were left unsold or withdrawn after failing to meet reserve prices.
Hotlotz will be holding another auction for 286 pieces of fine jewellery till Sep. 27.
According to CNA, the two Hotlotz auctions were estimated to earn between S$2.9 million and S$3.9 million in total.
From September 2026 to May 2027, 15 online auctions will be held for the seized items from the S$3 billion money laundering case.
The seized items were handed over to the accounting firm Deloitte for disposal by the police, with all sale proceeds deposited into the Government's consolidated fund.
