Luxury handbag collection owned by fugitive Hong Kong tycoon Joseph Lau sells for HK$25 million, 55 per cent more than estimated
- Source close to Joseph Lau family says wife and other relatives still have more than 1,000 Hermès bags
- Some popular items in collection, which consisted of 76 Hermès bags and one from Chanel, went for two to five times more than estimated price
Fugitive Hong Kong tycoon Joseph Lau Luen-hung has sold 77 luxury handbags for more than HK$25 million (US$3.1 million) at auction, but the Post has learned that his wife and other family members still have more than 1,000 Hermès bags in their collection.
Lau said the collection sold for HK$25.2 million, 55 per cent more than estimated, during the 11-day online auction by Sotheby’s that ended on Thursday.
Some popular items in the collection, which consisted of 76 Hermès bags and one from Chanel, went for two to five times more than the estimated price, he said.
The most expensive piece was a Hermès Bleu Jean Shiny Porosus Crocodile Birkin 25 18K White Gold and Diamond Hardware, which sold for HK$1.52 million, 31 per cent less than the estimated price.
The lowest-priced item sold was the Hermès Ombre Salvator Lizard Sac Poudrier Mini Clutch Palladium Hardware, which went for HK$44,450, 48 per cent higher than the estimated price.
The collection, which according to Sotheby’s, Lau curated over 20 years, included six Hermès Birkin handbags with diamond-encrusted clasps and details.
According to a source close to the Lau family, the 71-year-old tycoon had bought far more than 1,500 Hermès handbags over the years. They were given to his mother, two sisters, other family members, girlfriends and female friends as tokens of appreciation.
“Most of these handbags are very rare with beautiful styles and colours, and many of them are inlaid with diamonds and platinum hardware and made of precious crocodile leather,” the source said. “His wife, Chan Hoi-wan, and family members still have more than 1,000 Hermès handbags in their collection. They can be called world-class Hermès collectors.”
Hermès Birkin bags are some of the most expensive in the world, ranging from HK$70,000 to HK$4 million, with famously long waiting lists.
Hong Kong tycoon auctions handbag collection, including diamond Hermès Birkins
The Birkin and Kelly bags are named after British actress Jane Birkin and American film star Grace Kelly.
Hermès makes the bags in France using premium materials such as calf, alligator and even ostrich skin. Each bag is made entirely by hand.
Lau has been active in auctions and made a more than fivefold profit on his collection of famous wines sold through Christie’s for HK$64 million last year.
Fugitive Hong Kong tycoon makes HK$64 million after auctioning off wines
Lau ranked sixth among Hong Kong’s 50 richest last year, according to Forbes, which put his latest net worth at US$13.2 billion.
The tycoon was convicted of bribery and money laundering in absentia by a Macau court in 2014 but avoided a five-year jail term by not travelling there.
