In a windowless concrete room within a heavily guarded storage facility near Changi airport, Cartier rings, Bulgari necklaces, Hermes "Kelly" bracelets, and long rows of Chanel and Louis Vuitton handbags are packed tightly.

This extensive collection of seized assets is so vast that the organizing body has divided the auction into 15 phases, running from september this year to may next year, to avoid impacting market prices.

The limited edition Mini Lady Dior by Judy Chicago and Medium Lady Dior by Claire Tabouret are currently up for auction. Photo: CNA

"The volume of luxury handbags and jewelry here is immense, all of exceptional quality and from top designers. This is a rare sight", shared Christopher Lanigan-O'Keeffe, co-founder of the Hotlotz auction house. "You might be lucky to see one or two such items, but to have them all together at once is highly unusual."

A two-year investigation, involving over 400 police officers, led to the recovery of assets exceeding SGD 3 billion (USD 2.4 billion). In addition to cash, cryptocurrency, and gold bars, authorities also seized supercars, real estate, fine wines, electronics, and hundreds of expensive Bearbrick figures.

Ten Chinese nationals were sentenced to prison terms ranging from 13 to 17 months, then deported. Furthermore, 15 suspects currently at large overseas have agreed to surrender their assets to have international arrest warrants against them removed.

Singapore police display gold bars seized from the bust. Photo: CNN

A private room displays auction items at the Freeport area near Changi airport, Singapore. Photo: CNN

Chanel water bottle holder in crocodile leather. Photo: CNA

Hermes Kelly diamond bracelet. Photo: CNA

The classic Alhambra necklace in gold and carnelian stone by Van Cleef & Arpels. Photo: CNA

A mini Chanel flap bag in light beige goatskin, embellished with sparkling stones. Photo: CNA

Two Mini Lady Dior handbags by Christian Dior: one in white Himalaya crocodile leather and one in shimmering latte ostrich leather. Photo: CNA

Louis Vuitton jewelry box. Photo: CNA

A pair of gold dragon and phoenix bracelets from the renowned jewelry brand Chow Tai Fook. Photo: CNA

A 15,02 carat yellow diamond ring. Photo: CNA

Four small handbags from Chanel's Success Story collection. Photo: CNA

The Louis Vuitton pumpkin-shaped bag, a collaboration with artist Yayoi Kusama. Photo: CNA

Hotlotz auction house staff introduce items to customers. Photo: CNA

While some items bear traces of their former owners, such as an 18K gold ring engraved with the name Su Haijin, one of the arrested individuals, most of the seized goods are new and in near-perfect condition.

The first two online auction sessions are projected to raise approximately USD 3.1 million, which will be directly deposited into state funds. Lanigan-O'Keeffe commented that the illicit origin does not significantly affect the appeal of the consignment.

"Each buyer will have their own perspective. For some, that might be important, but for others, this is a rare opportunity to acquire hard-to-find items", he stated.

Liquidation preparations began in mid-2025. Singapore entrusted Deloitte with managing non-cash assets, collaborating with four real estate companies to auction over 80 properties, including a penthouse valued at over USD 20 million. Meanwhile, Hotlotz is responsible for appraising and auctioning all the luxury brand items.

Notable items include a 15-carat yellow diamond ring estimated at USD 237,000, Hermes and Graff rings, and a Louis Vuitton bag in collaboration with artist Yayoi Kusama, currently bidding at USD 31,000. Subsequent auction phases will feature luxury watches and around 250 Hermes bags.

Christopher Lanigan-O'Keeffe, co-founder and auction director of Hotlotz, at the item display room on 10/9. Photo: CNA

Through online auctions, with starting bids as low as USD 95 for small accessories, the event attracts not only the wealthy but also offers opportunities for collectors worldwide.

"The most expensive things are not always the most interesting things", Lanigan-O'Keeffe observed.

By Hong Hanh (CNN, CNA)