A fugitive Hong Kong billionaire, Joseph Lau, has recently auctioned a number of designer bags, mainly from Hermes, earning millions of dollars. The auction, held at Sotheby’s, was the largest single-owner handbag sale in Asia’s auction market, and it fetched Lau a whopping $3.2 million.
The sale included 76 bags from Hermes and one from Chanel, and a portion of the proceeds was supposed to go to charity, but the percentage was unspecified. The auction was named “The Art of Collecting Handbags – The Visionary Collection of Joseph Lau.”
The most expensive item auctioned was a 2006 Bleu Jean Shiny Porosus Crocodile Birkin 25 with 18-karat white gold and diamond, which fetched HK$1.52 million. Additionally, six diamond Birkins and a rare bronze Kelly were sold in the auction. Lau’s family still owns over 1,000 Hermes bags, as he had bought more than 1,500 to gift to friends and family.
Joseph Lau, the 71-year-old former chairman of Hong Kong developer Chinese Estates Holdings Ltd., is well-known for being a collector and seller of art and other valuable items. Since early 2020, he has offloaded at least $177 million in various collections.
He owns a famous Andy Warhol painting, a David Hockney painting, a Gauguin painting that amounts to approximately $1 billion, and a number of Chinese antiques. Speculations say that Lau’s “Mao” by Andy Warhol and “Everything Must Go” by Jean-Michel Basquiat will be up for display in his upcoming art gallery in London.
Lau’s $6 billion fortune mainly comes from his and his family’s ownership of commercial properties and a stake in Chinese Estates. He was convicted in 2014 for money laundering and bribery in Macau but has not served any jail time.
Hermès is a French luxury brand that specializes in high-end products such as leather goods, perfumes, jewelry, watches, and fashion. It was established in 1837 by Thierry Hermès as a harness workshop in Paris. Over time, the brand has become known for its signature products like the Birkin and Kelly handbags, silk scarves, and ties. Today, Hermès is one of the most prestigious luxury brands in the world, with a strong reputation for quality, craftsmanship, and exclusivity.
At ChulDaily, we’re here to help you navigate this overwhelming world of stuff. All of our market picks are independently selected and curated by the editorial team. All product details reflect the price and availability at the time of publication. If you buy something we link to on our site, Truoosh may earn commission.
