Two white crocodile Hermès Birkin bags belonging to Duong Thi Lanh, a Vietnamese billionaire convicted in a major fraud case, were auctioned for a combined total exceeding 14.14 billion dong, or over 18 million baht. One of the bags sold for nearly seven times its starting price, underscoring the desirability of these luxury collectible bags among global investors.
The Ho Chi Minh City Asset Auction Center in Vietnam announced the successful auction of two white crocodile Hermès Birkin bags, often referred to as the Himalaya or Albino models. These bags were seized from Duong Thi Lanh, former chairwoman of the major real estate company Van Thinh Phat, who is imprisoned for the country's largest recorded fraud case.
This auction is one of the few civil cases where the bidding succeeded from the first round, with final prices far exceeding starting bids. The competition concluded swiftly within just 30 minutes.
The first bag, a size 30 white Birkin, received four bids, closing at 2.54 billion dong (approximately 3.3 million baht), about 200 million dong above the starting price.
The second bag, a size 25 white Birkin, featured special decorations with crystals and diamonds on the lock and edges. It saw an intense bidding war with 119 bids, finally selling for 11.6 billion dong (about 15.4 million baht), nearly seven times the initial 1.7 billion dong starting price.
The auction winners have not been publicly named. According to regulations, winners must pay in two installments within 30 days and had previously deposited 20% of the starting price as a guarantee. Other assets seized from Ms. Lanh, such as yachts, failed to attract buyers and had to be re-auctioned at lower starting prices.
Hermès Birkin bags are among the most sought-after worldwide, favored by global celebrities including Kim Kardashian, Jennifer Lopez, and Victoria Beckham.
Nicholas Parnell, founder of the luxury fashion wholesale agency Agency Parnell, explained that Birkin bag prices have risen year after year because Hermès limits buyer access. This exclusivity makes the bags regarded as "artworks" and "worthwhile investments," especially limited editions, which have virtually no price ceiling.
These two luxury bags were seized as evidence in the second phase of the Van Thinh Phat corporate fraud case. They are currently held by the Ho Chi Minh City civil enforcement agency along with over 1,200 other seized assets.
In a court hearing at the end of September 2024, Duong Thi Lanh requested the return of her two prized bags, stating that one was purchased in Italy and the other was a gift from a Malaysian billionaire.
"Their value is insignificant compared to all my other seized assets. I humbly ask the court to return these two bags to me so I can keep them as mementos and pass them on to my children and grandchildren," Ms. Lanh said in court. However, her request was denied.
Currently, Duong Thi Lanh is serving a life sentence and was ordered by the court to pay damages amounting to as much as 27 billion US dollars. She was convicted of embezzling funds from Saigon Commercial Bank, the country's fifth-largest lender, through a network of shell companies over more than ten years, causing total damages estimated at 44 billion US dollars.
Originally sentenced to death in April 2024, Ms. Lanh's punishment was later commuted to life imprisonment following Vietnam's abolition of the death penalty for several crimes.