Joseph Lau bought over 1,500 Hermès bags and his family still owns over 1,000. A representative of the Hong Kong tycoon said this in a statement via WhatsApp, citing people close to the family.
Hermes bag auction. (representative picture)
Hong Kong billionaire Joseph Lau has sold an Hermès bag worth HK$25.2 million ($3.2 million) at auction. The first part of this auction was named “The Collection of Joseph Lau”. it’s from asia auction market I had the biggest sale of just one owner’s handbag. The auction house said a portion of the proceeds would be donated to charity, without disclosing the percentage figure.
The sale included 76 Hermès bags and one Chanel. Also had six diamond Birkins and an extremely rare bronze Kelly. The most expensive was a 2006 Blue Jean Shiny Porosus Crocodile Birkin set with 18-karat gold and diamonds, which sold for HK$1.52 million, according to information posted on Sotheby’s website.
Shop over 1,500 Hermès bags
In fact Lau bought over 1,500 Hermès bags as gifts and his family still owns over 1,000. A representative of the Hong Kong tycoon said this in a statement via WhatsApp, citing people close to the family.
Diamond was gifted to daughter
The former chairman of Hong Kong developer Chinese Estates Holdings Limited is a renowned collector and seller in the auction world. The 71-year-old fugitive tycoon gifted his daughter the 12-carat blue diamond in 2015 for 48.6 million Swiss francs ($52.9 million), a record at the time. Lau also owns famous paintings including “Mao” by Andy Warhol and “Everything Must Go” by Jean-Michel Basquiat, which he plans to display at his upcoming art gallery in London.
net worth about $6 billion
According to Bloomberg data, Lau has bought at least $177 million in various collections since the beginning of 2020, including David Hockney paintings, Chinese antiques and wine. According to the Bloomberg Billionaires Index, Lau’s net worth is about $6 billion, down $2 billion since the second half of 2021. Lau derives his wealth primarily from his and his family’s ownership of commercial properties and stakes in sugar estates. The decline in net worth is due to the prolonged property crisis and undervaluation of property in Hong Kong. Lau was convicted of bribery and money laundering in Macau in 2014, but never went to jail because there is no extradition agreement between Hong Kong and Hong Kong.
most expensive bags in the world
Hermes handbags, especially Birkin bags, are known to be the most expensive bags in the world by 2022-2023. Its prices range from a few thousand to half a million. These days, expensive Hermes Birkin purses and bags, in particular, are more of an investment than an accessory.
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