S$3 billion money laundering case: Rare Pateks and Rolexes, diamond-covered Hermes and more head to auction

[SINGAPORE] A Patek Philippe Nautilus Perpetual Calendar valued at up to S$250,000 but with a starting bid of just S$125,000. A Hermes bracelet watch covered in more than 700 diamonds, opening at only S$25,000. And a rare Van Cleef & Arpels timepiece featuring two miniature lovers who meet for a kiss on a Parisian bridge.

These are among 53 lots of luxury watches forfeited in Singapore’s S$3 billion money laundering scandal of 2023, now heading for auction.

The first of two sales of fine watches will run online from Nov 9 to 29, featuring Patek Philippe, Rolex, Hublot, Van Cleef & Arpels, Hermes and other luxury brands.

“It would be the best watch sale that Hotlotz has held,” declares Matthew Elton, founder and chief executive of the 11-year-old local auction house.

But this is merely the opening act. The second watch auction of more than 80 watches, whose details remain closely guarded, promises to be more spectacular. 

“We’ve got 15 sales of various luxury goods over nine months, so we want to keep the momentum moving,” Elton says. “If we went out with the best things all at once, then it might be hard to sell some of the less spectacular items later.”

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

The watches form part of an extraordinary collection of luxury assets uncovered during islandwide police raids on Aug 15, 2023, when more than 400 officers descended on properties linked to an international money laundering network.

Ten foreign nationals were eventually convicted and deported following investigations into the laundering of proceeds from overseas criminal activities, including illegal gambling. 

The authorities seized or froze more than S$3 billion in assets, including properties, vehicles, jewellery, watches and designer handbags.

SEE ALSO

10 watch highlights from the S$3 billion money laundering auction

S$3b money laundering auction: How Hotlotz landed its biggest consignment

Luxury properties seized in S$3 billion money laundering case fail to sell at auction

In July 2025, the Singapore Police Force appointed Deloitte Singapore to manage and realise the forfeited non-cash assets. More than 80 properties and 1,000 luxury items are being progressively sold, with the proceeds going to Singapore’s Consolidated Fund.

Hotlotz is handling 15 online luxury auctions running from September 2026 to May 2027. The November programme comprises four sales: 53 watch lots; 103 Hermes Birkin and Kelly bags and other accessories; 106 lots of rare spirits; and 188 pieces of fine jewellery – an extravagant trove even by luxury auction standards.

A Hermes Birkin 20 Faubourg “Sous la Neige” Sellier in matte alligator carries an estimate of S$200,000 to S$300,000, while a coveted white Himalaya crocodile Birkin 25 is valued at S$120,000 to S$180,000.

In the jewellery sale, a substantial jadeite and diamond necklace is estimated at S$280,000 to S$400,000, alongside a 12.88 carat fancy intense yellow diamond ring valued at S$240,000 to S$280,000.

“These guys weren’t buying bland bags,” Elton says. “We’ve got pieces that are one-offs.”

Why opening bids are so low

For watch collectors, however, the most intriguing aspect of the upcoming first sale may be its unusually accessible reserves.

“All these goods were forfeited to the government, and they’re looking to sell,” explains Ignatius Low, Hotlotz’s watch valuer. “It does nobody any favours for things to be unsold, because that involves additional storage and administrative costs.”

Consequently, opening bids have been deliberately set well below pre-sale estimates, sometimes amounting to less than half the upper valuation. Low adds: “You must have at least two bidders who feel the prices are cheap enough to bid on. Then you get a battle, then the prices go up.”

The opening bid also serves as the reserve, meaning a watch can theoretically be won at that low price if no competing bids materialise. However, a 20 per cent buyer’s premium, inclusive of GST, applies to every successful bid.

Among the headline lots is the Patek Philippe Nautilus Perpetual Calendar 5740/1G in white gold, carrying the sale’s highest watch estimate of S$185,000 to S$250,000, but opening at S$125,000.

Its appeal is twofold, says Low. The Nautilus is one of the world’s most coveted luxury sports watches, while the 5740 combines its recognisable design with one of watchmaking’s most impressive complications.

“The Nautilus has been one of the most sought-after designs, full stop,” he says. “But this one is like the top spec, in a way, because it is full gold. It’s got a blue dial, which is actually not easy to come by anymore.”

Other highlights include a platinum Patek Philippe perpetual calendar chronograph, estimated at S$125,000 to S$180,000, and a yellow gold Patek Philippe 5270J perpetual calendar chronograph, estimated at S$110,000 to S$150,000 but opening at S$75,000.

A rose gold and diamond Patek Philippe Aquanaut Luce is valued at S$80,000 to S$120,000.

For those with less extravagant budgets, there is also the discontinued Rolex “Hulk” Submariner, whose distinctive green dial has made it a perennial favourite among collectors. Its estimate is S$15,000 to S$20,000, with bidding opening at S$12,000.

The watches that are truly rare

The rarest timepieces, however, are not necessarily those commanding the highest prices.

“What is rare, however, are some of the high-jewellery watches,” Low says.

One particularly enchanting piece is the Van Cleef & Arpels Pont des Amoureux Jour in rose gold and diamonds, estimated at S$80,000 to S$125,000. The watch is part of the maison’s celebrated poetic complications collection, featuring an animated tableau of two lovers travelling towards each other across a Parisian bridge.

Low says an earlier interpretation of the design is especially difficult to find. Expensive jewellery watches, he says, frequently purchased as gifts, seldom return to the secondary market.

“Because they are often received as gifts, they seldom come up in the secondary market,” he explains. “Nobody really thinks of selling them to recover capital or anything like that.”

Another intriguing lot is a Hermes Medor Joaillerie bracelet watch in white gold, completely encrusted with diamonds. Estimated at S$50,000 to S$65,000, it has a reserve of S$25,000.

Low describes it as a “half-a-million-dollar watch”, adorned with “more than 700 diamonds”.

“It’s tremendous value,” he says. “We’re starting very low because we are not sure just how great the demand is for that kind of piece.”

He believes the Hermes could be a surprise performer, particularly given the enthusiastic bidding for high jewellery in the September auction.

Low also thinks collectors should pay closer attention to traditionally feminine watches, including two Patek Philippe 7140 ladies perpetual calendars in white and rose gold. Their reserves are S$30,000 and S$25,000, respectively.

“I think 36 mm is a new sweet spot because, number one, guys are more used to smaller watches,” he says. “And you’ll find that women these days are buying more watches for themselves.”

As smaller watches increasingly appeal across genders, he believes complicated models once marketed exclusively to women could attract a broader pool of collectors.

For sheer mechanical ingenuity, meanwhile, there is the platinum Patek Philippe 5520P Alarm Travel Time, estimated at S$90,000 to S$120,000.

Rather than combining existing complications, Low says, Patek Philippe developed its mechanical alarm movement from scratch over five years.

Scratched outside, better preserved inside

For potential buyers, the condition of the seized watches presents an interesting question.

Michael Dubs, a respected Swiss Federal Master Watchmaker with more than three decades of experience, was engaged to examine the collection and prepare detailed condition reports.

His findings were revealing: “Some of the pieces were quite dented and scratched. But then, the movements themselves... were almost all in mint condition, except the quartz watches.”

He found no obvious evidence that the mechanical movements had been subjected to inappropriate repairs or interventions. “My impression was... they were wearing the watches; and if there was an issue and they didn’t work anymore, they just started to wear another one.”

For collectors, that is encouraging news. Poorly serviced movements, particularly those featuring sophisticated complications, can be expensive to restore.

There are caveats, however. Some lubricants have dried out, and certain watches may need servicing. Buyers will receive detailed reports assessing the case, dial and hands, movement and complications, graded on a six-point scale.

“We’re going through this whole process to... make sure that everything is correct and communicated clearly.”

In short, collectors are advised to read the condition reports before committing to a bid.

That said, several lots in the next watch auction are expected to be even more spectacular. Low says some are sufficiently rare to generate headlines individually.

“There really is a big jump up between Part One and Part Two,” Elton says. “We’re really excited about Part One, but Part Two is going to be extraordinary.”

Online bidding for Fine Watches, Part One opens at 10 am on Nov 9 and closes at 4 pm on Nov 29. Registered and identity-verified bidders may book viewing appointments at Le Freeport from Nov 16 to 21 and Nov 23 to 28. The other November auctions close between Nov 22 and Dec 1.