First Auction of Watches from Singapore's $2.3bn Money-Laundering Case

(IDEX Online) - Luxury watches by Patek Philippe, Vacheron Constantin, Rolex and other brands seized in Singapore's record S$3 billion (USD 2.3 billion) money-laundering scandal are to be sold at auction from next week.

The first sale, titled Fine Watches, Part One, will run online from November 9 to November 29, through Singapore auction house Hotlotz. An initial selection of 13 watches has been previewed, with further details and estimates still to be released.

Among the highlights are a rose-gold Patek Philippe perpetual-calendar chronograph, reference 5270R-001; a platinum 5270P-014 perpetual calendar with green dial; and a white-gold Nautilus perpetual calendar, reference 5740/1G-001. A white-gold Vacheron Constantin Métiers d'Art Ajourees is also among the watches identified in the initial preview.

The watches form part of more than 1,000 luxury items forfeited to the Singapore government following the investigation, which exposed an international criminal network using proceeds from illegal gambling and other activities to acquire high-value assets.

More than 400 police officers carried out coordinated raids across Singapore on August 15, 2023, arresting 10 foreign nationals, nine men and one woman.

All 10 were subsequently convicted of money laundering and other offences, sentenced to between 13 and 17 months in prison, and deported after serving their terms. Seventeen other suspects had left Singapore during the investigation.

The police appointed Deloitte Singapore in July 2025 to manage and liquidate the remaining non-cash assets. These included luxury watches, diamond jewelry, handbags, gold bars, vehicles and real estate. Deloitte subsequently appointed Hotlotz to conduct the luxury-goods auctions.

The watch sale is part of a planned series of 15 online auctions running from September 2026 to May 2027. Earlier sales included 338 handbags and accessories and 286 pieces of fine jewelry, among them a 15.02-carat fancy yellow diamond ring, a Bulgari Serpenti necklace and a diamond-set Hermès Kelly bracelet.

Although Hotlotz has yet to publish estimates for the watches, comparable auction results suggest that the three headline Patek Philippe models could collectively attract bids of between $470,000 and $560,000.

The white-gold Nautilus perpetual calendar, reference 5740/1G-001, could alone fetch more than $200,000. Comparable examples sold for $228,824 and $243,081 at Phillips auctions earlier this year. 

The wider selection includes Patek Philippe perpetual and annual calendar complications, Nautilus and Aquanaut models, and watches from Rolex, Richard Mille, Hublot, Hermès, Van Cleef & Arpels, Piaget, Bulgari and Graff. Rolex sports models include the so-called Hulk and Starbucks Submariners.

The watches are being offered in the name of Deloitte Singapore SR&T Restructuring Services, acting as agent for the owner. Bidding is exclusively online, with prospective buyers required to register and complete identity checks. Approved bidders will be able to arrange physical viewings by appointment at Le Freeport, a high-security storage facility in Singapore.

All proceeds from the liquidation of the forfeited assets are destined for Singapore's Consolidated Fund, the government account used to receive public revenues and finance state expenditure.

Pic, courtesy Hotlotz, shows the Patek Philippe white-gold Nautilus perpetual calendar, reference 5740/1G-001