Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian police had seized nearly $270 million (MYR 1.1 billion) of luxury handbags, jewelry, watches and values from properties linked to Malaysia’s ex-Prime Minister Najib Razak and his wife. More than 12,000 items were seized, including 423 watches, 234 pairs of sunglasses and 567 handbags, of which 272 are Hermes bags.  The items were seized from 6 properties, and are estimated be worth between $222 million to $270 million (MYR 900 million to MYR 1.1 billion).

” Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak “

Malaysian’s authorities are investigating Malaysia’s ex-Prime Minister Najib Razak involvement in siphoning billions of funds from the state investment vehicle founded in 2009, 1Malaysia Development Berhad (1MDB).  He is alleged to have laundered $681 million through his bank account, but had stated the money were donations from Saudi Arabia.  He was the Prime Minister of Malaysia from 2008 to 2018, and is the eldest son of Malaysia’s 2nd Prime Minister Abdul Razak Hussein (1970-1976).

The US Department of Justice has alleged in lawsuits that more than $4.5 billion from 1MDB was misappropriated, with money going int Hollywood movie “The Wolf of Wall Street”, Picasso painting, luxury yacht and luxury real estates in South Carolina and New York.

Source: Business Insider, Reuters, Reuters

 

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Audi CEO Rupert Stadler Arrested by German Authorities for Emissions Test Fraud

Audi CEO Rupert Stadler Arrested by German Authorities for Emissions Test Fraud

Audi CEO Rupert Stadler has been arrested by German authorities for car emissions test fraud.  In September 2015, the German carmaker admitted using an illegal software to cheat diesel emissions tests in the incident referred as the “Dieselgate” scandal.

” Audi CEO Rupert Stadler Arrested by German Authorities for Car Emissions Test Fraud “

On 18th June 2018, Audi CEO Rupert Stadler was taken into custody at the request of the Munich II Public Prosecutor’s Office (Germany).  He has also been released from his duties as Board of Management of Volkswagen and Chairman of the Board of Management of AUDI.

In 2017, Audi delivered 1.87 million cars, setting a new record for the group.  The 4 brands Audi, Lamborghini, Ducati und Italdesign form the Audi Group, which has been part of Volkswagen Group since 1965.

The Volkswagen Group has 12 brands including Volkswagen, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania and MAN.  It also offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management.

Source: Audi, Bloomberg, Reuters

 

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18th Century Qing Dynasty Vase Found in Shoebox in France Sold for $18.8 Million at Sotheby’s Auction in Paris

18th Century Qing Dynasty Vase Found in Shoebox in France Sold for $18.8 Million at Sotheby’s Auction in Paris

A 18th century Qing dynasty (China BC) vase found in a shoebox in an attic had been sold for $18.8 million (EUR 16.18 million) at a Sotheby’s auction in Paris.

“18th Century Qing Dynasty Vase Found in Shoebox in France Sold for $18.8 Million at Sotheby’s Auction in Paris”

The $18.8 million vase was discovered by chance in the attic of a French family home, by its unsuspecting owners in a shoebox.  The 18th Qing dynasty vase had been left to the great-grandparents of the present owners (5th generation inheritance) by an uncle after he passed away in 1947.  The vase was brought to Sotheby’s Paris, where further research revealed it to be a unique treasure bearing the mark of the Qianlong Emperor, who ruled China from 1735 to 1795.

The vase, a Magnificent Imperial ‘Yangcai Crane and Deer Ruyi Vase’, was offered at the Sotheby’s auction on the 12th June 2018 in Paris with an estimated price range of $580,000 to $813,000 (EUR 500,000 to EUR 700,000).  The $18.8 million winning bid was more than 20 times Sotheby’s estimated price range.  The buyer was reported to be an Asian.

The Qing dynasty is the imperial dynasty of 268 years in China from 1644 to 1912.  Emperor Qianlong (1711-1799, 87 years) was the 6th emperor of the Qing dynasty.  He became the emperor at the age of 24 from 1735 to 1795, a period of 60 years.  He was known as a capable and cultured ruler and ruled one of China’s most prosperous era in history.

Source: Sotheby’s, Reuters

 

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1963 Ferrari GTO Sold for $70 Million in Private Auction

1963 Ferrari GTO Sold for $70 Million in Private Auction

A 1963 Ferrari GTO had been sold for $70 Million in private auction, in what is likely to be the most expensive car in the world.  The buyer of the 1964 Tour de France winning car, is reported to be American David MacNeil, the founder of WeatherTech (floor mat-maker).

” 1963 Ferrari GTO Sold for $70 Million in Private Auction “

There are only 36 units of Ferrari GTO produced (1962 to 1964), with a top speed of 174 mph (280 km/h) and 0 to 60 mph (112 km/h) in 6 seconds.  In 2013, a 1963 Ferrari GTO in 2013 was sold for $52 million.  Reported owners of the 1963 Ferrari GTO includes Ralph Lauren and Rob Walton (Walmart heir).

Source: Marketwatch, CNN, CNBC, Foxnews

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Hong Kong Carpark Lot Sells for Record HK$6 Million and Net Seller HK$2.6 Million Profit in 2 Years

Hong Kong Carpark Lot Sells for Record HK$6 Million and Net Seller HK$2.6 Million Profit in 2 Years

A single Hong Kong carpark lot has been sold for a record HK$6 Million ($764k), with the seller gaining HK$2.6 Million profit (+76%) in just less than 2 years.  The seller had bought the carpark lot at Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon districtfor for HK$3.4 million 21 months before, in September 2017.

” Hong Kong Carpark Lot Sells for Record HK$6 Million and Net Seller HK$2.6 Million Profit in 2 Years “

In US dollar, the seller earned $331k (+76%) from the sale price of the carpark lot at $764k.  The purchase price of $433k was made 21 months ago, in September 2017.  HKD is pegged to USD at around HK$7.8 (with a lower and upper band of HK$7.75 to $7.85) by Hong Kong Monetary Authority since 17th October 1983.

HKDUSD Exchange Rate

  • HK$1 = $0.1274 (7.85)
  • HK$1 million = $127,449 (7.85)
  • HK$ is pegged to USD at around HK$7.8 (7.75-7.85)

Source: SCMP, CNN

 

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France Richest Man and Chairman of LVMH Bernard Arnault Gives Son Key Role

France Richest Man and Chairman of LVMH Bernard Arnault Gives Son Key Role

Bernard Arnault, the chairman of world’s leading luxury company LVMH and France’s richest man, has given his son Antoine Arnault a key role to manage image and communication at LVMH.  Already CEO of Berluti and chairman of Loro Piana, Antoine and his siblings are holding key roles in the publicly listed LVMH Group.

” France Richest Man and Chairman of LVMH Bernard Arnault Gives Son Key Role “

Bernard Jean Étienne Arnault, is chairman of LVMH group and France’s richest man with a personal net worth exceeding $80 billion.  30 years ago in 1988, he had acquired a large block of LVMH shares through an investment holding company.  In 1989, he acquired a large shareholding in the company and to prevent a potential breakout of LVMH group, and became the Chairman in 2017.

Today, LVMH is the world’s leading luxury products group with more than 70 brands, 42.6 billion euros ($49.95 billion) revenue in 2017, 145,000 employees and a retail network of over 4,370 stores worldwide.  LVMH group owns many leading luxury brands including brands such as Moet et Chandon, Dom Perignon, Glenmorangie, Krug, Hennessy, Veuve Clicquot,  Christian Dior, Fendi, Loewe, Marc Jacobs, Bvlgari, Hublot, TAG Heuer, Zenith, DFS and Sephora.

Born in 1949, Bernard Arnault has 5 children (1 daughter and 4 sons) from 2 marriages.  His daughter Delphine Arnault is an executive vice president at Louis Vuitton while his son Alexandre Arnault was named the co-CEO of Rimowa (German’s luggage maker) at the age of 24 in 2016.  Another son, Frederic Alexandre at age 23, had became the Head of connected technologies for Tag Heuer.

Source: BloombergLVMH

 

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The Only White Gold Vintage Rolex Daytona Watch Sold for $5.99 Million at Charity Auction

The Only White Gold Vintage Rolex Daytona Watch Sold for $5.99 Million at Charity Auction

The only white gold vintage Rolex Daytona “The Unicorn” had been sold for $5.99 million (CHF 5.93 million) at an auction in a charity event for children, the 2nd most expensive Rolex every sold at an auction.  The Unicorn is manufactured around 1970, cased in 18 karat white gold and is likely to be the rarest and most luxurious Cosmograph Daytona manufactured by Rolex.

” The Only White Gold Vintage Rolex Daytona Watch Sold for $5.99 Million Charity Auction “

The watch is donated by famed watch collector John Goldberger, had a starting estimate of CHF 3 million through a Phillips auction.  It was sold for $5.99 million (CHF 5.93 million), with the proceeds of the sale of to the charity Children Action.  The most expensive wristwatch ever sold is a Rolex Daytona sold in 2017 for $17.8 million.

Source: Phillips, CNBC

 

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About Phillips

Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world.  In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.

Visit: www.phillips.com


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Collection of Peggy and David Rockefeller Hits Record $832 Million at Christie’s Auction

Collection of Peggy and David Rockefeller Hits Record $832 Million at Christie’s Auction

The auction collection of Peggy McGrath and David Rockefeller, 3rd generation and grandson of John D. Rockefeller, reached a record $832 Million at the Christie’s auction , after a 6 months campaign 10 days of online sales and 3 days of auction at the Rockefeller Center.  The Peggy and David Rockefeller collection comprised of 1,500 items, and is the highest auction total ever for a private collection at auction.

” Collection of Peggy and David Rockefeller Hits Record $832 Million at Christie’s Auction “

Peggy McGrath (1915-1996) and David Rockefeller (1915-2017) had married in 1940.  David Rockefeller is the 3rd generation and grandson of John D. Rockefeller, with an estimated fortune of over $3 billion in 2017 at his death.  The Rockefeller family is one of the most famous family in United States, with massive fortune built in the 19th & 20th centuries by John D. Rockefeller and William Rockefeller in Standard Oil and later, investments in Chase Manhattan Bank.

Among the top items at the Christie’s auction at the Rockefeller Center were Picasso’s Fillette à la corbeille fleurie for $115 million, Monet’s Nymphéas en fleur for $84 million and Matisse’s Odalisque couchée aux magnolias for $80 million.

Source: Christie’s, CNBC

 

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Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion

Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion

The world’s leading investment manger and private equity firm Blackstone has exited its last investments in Hilton, selling its last 15.8 million shares for more than $1.3 billion.  In the private transaction, Hilton will buy 1.25 million shares from Blackstone, which will no longer own any shares of Hilton’s common stock.

” Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion “

In 2007, Blackstone had acquired and privatised Hilton in a leverage buyout of the company for a total value of $26 billion.  In 2013, Hilton went public and since then, Blackstone had been progressively exiting its investments in Hilton.  For the 11 years investments in Hilton, Blackstone is estimated to generate more than $13 billion in profit, more than 3 times its capital.

Hilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,300 properties with more than 863,000 rooms, in 106 countries. The company’s portfolio includes Hilton, Waldorf Astoria, Conrad, Canopy, Curio Collection, DoubleTree, Tapestry Collection, Embassy Suites, Hampton and many others.  Blackstone is one of the world’s leading investment firms, with $450 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds.

Source: Reuters, Bloomberg, Hilton

 

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Picasso $70 Million 1943 Painting Damaged Before Auction

Picasso $70 Million 1943 Painting Damaged Before Auction

A Pablo Picasso’s 1943 painting was accidentally damaged by a falling pole during preparation for a Christie’s auction on the 11th of May 2018, just a day before the Christie’s 12th-15th May 2018 exhibition in New York.  The 1943 painting by Pablo Picasso, Le Marin (The Sailor), is estimated to fetch more than $70 million at the Christie’s auction on 15th May 2018.

” Picasso $70 Million 1943 Painting Damaged Before Auction “

Born in Spain in 1881, Pablo Picasso is one of the most renowned artist and painter in the 20th century, producing more than 20,000 works in his lifetime.  The 1943 Le Marin (The Sailor) painting is being assessed and recommendations have been made for the restoration of the painting.  The painting is reported to be owned by Steve Wynn, founder of Wynn Resorts.

Source: Christie’s, Bloomberg, People

 

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