Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Mar 30, 2023

Billionaire Joseph Lau offloads HK$25.2m in Hermes bags at Sotheby’s auction

Billionaire Joseph Lau offloads HK$25.2m in Hermes bags at Sotheby’s auction

Hong Kong billionaire Joseph Lau has sold dozens of mostly Hermes bags for HK$25.2 million (US$3.2 million) in an auction by Sotheby’s.
Named the first part of a “visionary collection of Joseph Lau,” the event was the largest single-owner handbag sale in Asia’s auction market. A proportion of the proceeds will be donated to charity, the auction house said, without disclosing the percentage figure.

The sale included 76 Hermes bags and one from Chanel. Among the items sold were six diamond Birkins and an extremely rare bronze metallic Kelly. The most expensive was a 2006 Bleu Jean Shiny Porosus Crocodile Birkin 25 with 18-karat white gold and diamond hardware, which garnered HK$1.52 million, according to results posted on Sotheby’s website.

Lau has bought more than 1,500 Hermes bags as gifts and his family still owns more than 1,000, a representative for the tycoon said in a statement via WhatsApp, citing people close to the family.

The former chairman of Hong Kong developer Chinese Estates Holdings Ltd. is a well-known collector and seller in the auction world. The 71-year-old fugitive tycoon bought his daughter a 12-carat blue diamond for 48.6 million Swiss francs (US$52.9 million) in 2015, a record at the time. Lau also owns well-known paintings including “Mao” by Andy Warhol and “Everything Must Go” by Jean-Michel Basquiat, which he plans to display in his upcoming art gallery in London.

Lau has offloaded at least US$177 million in various collections since early 2020, including a David Hockney painting, Chinese antiques and wine, according to data compiled by Bloomberg.

Lau has a net worth of about US$6 billion, down US$2 billion since the second half of 2021, according to the Bloomberg Billionaires Index. Lau’s fortune is mainly derived from his and his family’s ownership of commercial properties, and a stake in Chinese Estates. The plunge in net worth is driven by the prolonged property crisis in the mainland and lower property valuations in Hong Kong.

Lau was convicted of bribery and money laundering in Macau in 2014 but has never served jail time with no extradition pact between the territory and Hong Kong.

Related Articles

Hong Kong News
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Singapore’s Prime Minister says China and US need to stabilize relations because world can't afford a confict between the two superpowers
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris
Paris: Some of the police are stepping down and showing solidarity with the protesters.
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
The BBC problem about China
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"