Hong Kong tycoon auctions 77 handbags, including 6 diamond Hermès Birkins, valued at HK$16.3 million
- Joseph Lau’s collection includes limited-edition pieces that made and shaped history of handbags in past two decades, according to Sotheby’s
- Fugitive tycoon has been active in auctions recently, selling a collection of famous wines and a portfolio of Chinese imperial porcelain
Fugitive Hong Kong tycoon Joseph Lau Luen-hung will hold the largest single-owner handbag sale in Asia valued at up to HK$16.3 million (US$2 million) through Sotheby’s auction house.
The 77-piece collection, which according to Sotheby’s, Lau curated over 20 years, includes six luxury brand Hermès Birkin handbags with diamond encrusted clasps and details, with one estimated at up to HK$2 million (US$255,426).
The 71-year-old tycoon’s collection will be auctioned online from January 30 to February 9.
Morgane Halimi, Sotheby’s global head of handbags and accessories, said: “The limited-edition pieces that have made and shaped the history of handbags in the past two decades can all be found in this collection.”
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.
Fugitive Hong Kong tycoon makes HK$64 million after auctioning off wines
The Birkin and Kelly bags are named after British actress Jane Birkin and American 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.
Sotheby’s website says part of the sale proceeds from this auction will be donated to charity.
Lau has been active in auctions. Last year, Lau made a more than fivefold profit after selling his collection of famous wines through Christie’s for HK$64 million.
The tycoon also put on sale a portfolio of Chinese imperial porcelain, valued up to HK$151 million through Sotheby’s last year, after suffering losses in stock market investments.
Chinese Estates Holdings, the Hong Kong developer controlled by Lau’s family, swung to a HK$870.6 million profit in the first six months of last year as it disposed of more than half of HK$364.6 million worth of shares it held in debt-ridden mainland developer China Evergrande Group.
Lau ranked sixth among Hong Kong’s 50 richest last year, with a net worth of US$13.6 billion as of Tuesday, according to Forbes.
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.
The fugitive tycoon has been recently ensnared in scandals regarding his ex-girlfriend, Yvonne Lui Lai-kwan, the mother of Lau’s daughter Zoe, 20, and son Chi-fung, 12.
Video clips showing Joseph Lau and Lui at the Windsor House shopping centre in Causeway Bay circulated online in December, igniting rumours about the pair getting back together following their high-profile break-up in 2014.
Lau later said they had met because Lui had faced some financial difficulties and he had reached a business agreement with her to prevent them from affecting the children.
He also emphasised that the agreement was purely commercial and did not constitute a financial favour for Lui.
Chinese Estates swings to interim loss as its Evergrande shares tank
Local media earlier this month reported that Lau had spent HK$40 million on a top-floor condominium at One WanChai, a joint development project by the Urban Renewal Authority and Chinese Estates Holdings, which Lau formerly chaired and is currently run by his eldest son, Lau Ming-wai.
Lau later hosted a press conference to clarify that he bought the flat from Lui and leased it back to her.
He reportedly required his ex-girlfriend to hold the property rights of homes in Shouson Hill and The Albany, in Mid-Levels, on behalf of her two children in the form of a trust to prevent Lui from mortgaging the flats to the bank.
“My intention is only for the sake of my children and to avoid foreseeable bad situations as much as possible,” he told the press back then.
“I really can’t bear to see the bank publicly auction the properties owned by my children or give someone the opportunity to lose my children’s fortune.”
