Jailed Vietnamese Tycoon Truong My Lan's Birkin Bags Fetch Over $535,000 at Auction
Two Hermès Birkin handbags, seized from the disgraced Vietnamese businesswoman Truong My Lan, have sold for more than $535,000 at a government auction. The sale, which concluded within 30 minutes, saw one white Birkin bag achieve $440,144, while another fetched $94,858.
Truong My Lan is currently serving a life sentence for her conviction in April 2024 for embezzling funds from Saigon Commercial Bank. She was ordered to repay $27 billion in reparations, following a court's finding that she secretly controlled the bank and illicitly acquired $44 billion over a decade through shell companies. Her initial death sentence was commuted to life imprisonment in June.
During her trial, Ms Lan reportedly sought to retain the bags, describing them as "keepsakes" for her family. The Ho Chi Minh City Civil Judgment Enforcement Agency had previously sought valuations for the crocodile skin bags, which were among 1,200 assets auctioned. The more expensive bag, a size 25 embellished with rhinestones, sold for nearly seven times its starting bid.
Nicholas Parnell, founder of Agency Parnell, a luxury fashion agency, noted that Birkin bag values have consistently increased, with their exclusivity and rarity positioning them as significant investments. The pricing, he suggested, can be "quite limitless" for special editions, reflecting their status as collectible art pieces.