What’s new: A collection of 77 rare luxury handbags owned by fugitive Hong Kong real estate tycoon Joseph Lau Luen-hung is hitting the auction block at Sotheby’s, with an estimated value up to HK$16.3 million ($2 million).
The lot, which features an dazzling array of luxury brand Hermès bags curated by the billionaire over the past two decades, from limited-edition pieces such as a bronze metallic Kelly to the six diamond Birkins, is the first batch of the largest single-owner handbag sale ever held in Asia, according to Sotheby’s. It’ll be followed by a second installment in July, the auction house said.
The items, valued at from HK$15,000 to up to HK$2 million each, have received a flood of offers since online bidding opened on Jan. 30. But there hasn’t been any takers for the three most expensive diamond Birkins, which are expected to fetch up to HK$3.4 million in total. Bidding will close on Feb. 9, Sotheby’s said.
The background: Lau, 71, is one of the wealthiest men in Hong Kong, with a net worth of HK$13.6 billion in 2022, according to Forbes. The mogul formerly chaired the Hong Kong-listed property developer Chinese Estates Holdings Ltd., but resigned after being convicted for bribery and money laundering in Macau in 2014. Lau avoided a five-year jail term by not traveling there.
His wife, Kimbee Chan Hoi-wan, was appointed chief executive officer of the company in 2021 and controlled 75% of its shares as of June 2022, according to Chinese Estates’ interim report last year. Once an entertainment reporter, Chan is now the richest woman in the city and is known as an avid collector of Hermes handbags.
Lau’s family was a longtime backer of embattled developer China Evergrande Group, but has been offloading its stake since August 2021 amid a prolonged housing crisis in China.
Chinese Estates’ ownership of Evergrande stood at HK$180.2 million yuan in June 2022, according to the interim report. The company suffered losses totaling HK$4.1 billion from 2021 to June 2022 from its Evergrande shares, it said.
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Contact reporter Zhang Ziyu (ziyuzhang@caixin.com)
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