The police said more than 250 luxury bags and watches were seized in the raids.
One watch in the collection appeared to be a Sky Moon Tourbillon by Swiss luxury watch manufacturer Patek Philippe and can cost over $7 million on the resale market.The South China Morning Post reported this rare model sold for a record US$5.8 million earlier in 2023, a sale that marked one of the highest prices paid for a timepiece at an auction.
A watch, believed to be a Richard Mille RM 07-02 with a sapphire case , is estimated to cost around $2 million on the resale market.Mr Tan said this model, which is tough for keen buyers to get their hands on at the boutique, was seen on the wrist of American rapper Nicki Minaj in 2021. The watches in this collection, which were seized by the police in their anti-money laundering raid, are estimated to cost around $30 million.The collection of bags seized is estimated to also cost millions of dollars, those in the business of reselling designer handbags told The Straits Times.
Industry experts estimate the bag to cost around $250,000, or even double that amount if the hardware is encrusted with diamonds.
Source: News Formal (newsformal.com)
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