Editor’s Note
This article details a landmark auction in Hong Kong, where a collection of luxury handbags sold for a record sum, highlighting the significant market for high-end collectibles in Asia.
Hong Kong billionaire Joseph Lau sold dozens of bags, most of them Hermès, at an auction held by Sotheby’s for HKD 25.2 million, or approximately Rp 48,709,646,294. Named as the first part of Joseph Lau’s “Visionary Collection,” this event is the largest single-owner sale of handbags in the Asian auction market.
According to the auction house, a portion of the proceeds from the sale will be donated to charity, though the specific percentage was not disclosed. According to Bloomberg’s national news on February 9, the sale included 76 Hermès bags and one Chanel bag. Among the items sold was a very rare Birkin with diamonds and a bronze metallic Kelly.
According to the auction results posted on Sotheby’s website, the most expensive item was a 2006 Bleu Jean Shiny Porosus Crocodile Birkin 25 with 18K white gold and diamonds, which sold for HKD 1.52 million.
Lau, the former chairman of Hong Kong developer Chinese Estates Holdings, is a world-renowned collector and seller at auctions. In addition to his luxury bag collection, he purchased a 12-carat blue diamond for CHF 48.6 million (USD 52.9 million) for his daughter in 2015.
Lau also owns notable paintings such as Andy Warhol’s “Mao” and Jean-Michel Basquiat’s “Everything Must Go,” which are displayed at art galleries in London. According to data compiled by Bloomberg, he is known to have released various collections worth approximately USD 177 million since early 2020, including paintings by David Hockney, Chinese antiques, and wine.
According to the Bloomberg Billionaires Index, Lau’s net worth is approximately USD 6 billion, having decreased by USD 2 billion since late 2021. His wealth primarily comes from his and his family’s ownership of commercial real estate and shares in Chinese real estate. The decline in his net worth was caused by the prolonged real estate crisis in mainland China and declining property valuations in Hong Kong.
Lau himself was convicted of bribery and money laundering in Macau in 2014 but did not serve a prison sentence due to the lack of an extradition treaty between the region and Hong Kong.