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Record auction for confiscated luxury handbags
Two Hermès Birkin bags seized from imprisoned Vietnamese businesswoman Truong My Lan fetched over half a million dollars at a government auction in Ho Chi Minh City on Thursday.
Bidding frenzy yields high returns
Within 30 minutes, both bags found new owners. The more expensive-a white Hermès Birkin-sold for $440,144, while the second fetched $94,858. The higher-priced bag, a size 25 adorned with rhinestones, commanded nearly seven times its starting bid.
Background: The case against Truong My Lan
Truong My Lan was sentenced to life in prison in April 2024 for embezzling $44 billion from Saigon Commercial Bank, Vietnam's fifth-largest lender. She allegedly siphoned funds through shell companies over a decade. Initially facing the death penalty, her sentence was commuted to life imprisonment in June 2024 after Vietnam abolished capital punishment for certain crimes.
The court also ordered her to repay $27 billion in reparations. Among the 1,200 assets seized were the two Hermès bags, which she attempted to retain during her trial, claiming one was a gift and the other purchased in Italy. She argued they should be passed down as family heirlooms.
Why Hermès Birkins command sky-high prices
Nicholas Parnell, founder of luxury fashion agency Agency Parnell, attributed the bags' value to Hermès' deliberate scarcity. "The brand restricts access, making them highly coveted," he said. "They're treated as investments-rare, artistic pieces that appreciate over time."
"The price is almost limitless because of the special editions."
Nicholas Parnell, Agency Parnell
Sotheby's Paris set a record in July 2025 by selling an original Birkin for €8.6 million ($10.1 million), the highest price ever paid for a handbag at auction.
Auction details and next steps
Ho Chi Minh City's Civil Judgment Enforcement Agency appraised the bags in January before listing them at the Asset Auction Service Center. The proceeds will likely contribute to the $27 billion Truong My Lan owes in restitution. Authorities have not disclosed further auction plans for her remaining assets.
