Hermes Brand Value Reaches New Highs

A Christie's Hong Kong auction from 2015 of a Hermes Birkin bag

The luxury economy in Hong Kong is thriving more than ever. Forget Louis Vuitton and Gucci -- Hermes is where it's at.

Christie's Hong Kong just held its sale of Hermes handbags and it netted a whopping HK$45.59 million. Apparently clients from 20 countries were fiercely bidding for Kelly and Birkin bags.

This Birkin bag went for four times its estimate

Hermes bags are highly coveted because they are handmade and take months to make, let alone months or years on the waiting list for your order to be processed.

The French company is best known for using quality materials and skilled craftsmen (and women) to make its objects, but it's the Kelly and Birkin bags that everyone wants. They are the ultimate status symbol.

Even better when the bag is made from crocodile skin.

The world record for a Hermes So Black series handbag was set last night with a rare, limited edition matte black Niloticus crocodile Birkin bag from 2010. The final price was four times the low estimate at HK$1.625 million (US$208,000).

The So Black series was created by Jean Paul Gaultier when he was Hermes creative director from 2003-2010.

Have a spare H$2 million to buy this Birkin bag?

But one bag that was sold for even more was another Birkin bag made from Himalaya Niloticus crocodile matte white (though it is brown on the edges) complete with a buckle that is 18k white gold and diamond encrusted. It dates back to 2011 and its price? HK$2 million (US$252,892).

Many people don't see the point in such extreme luxury, but to see buyers willing to bid fiercely for these items show there are people with lots of money to burn, and the gap between the rich and poor is widening even more.

But don't worry if you didn't get your Hermes bag this time -- Christie's is holding two more sales next month in London and New York.

Although Hermes won't get a cent from this sale, its brand value has been elevated to even greater heights.

Picture of the Day: Lai See Envelopes

Some of the more creative lai see envelopes this year celebrating the dog

This being the Year of the Dog has heralded many displays featuring cute canines and it also extended to lai see envelopes.

Designers have been given a lot of space to create some fun envelopes and these are the favourite ones I received this year.

Clockwise from the left is one from Harbour City, with a complicated way to open the envelope by releasing its folded paws to be able to get the money note inside. Why does the dog not have eyes? Seems weird, but cute nonetheless.

Next the red and gold envelope from auction house Christie's gets the award for best graphic design. Look closely and not only are there red dogs, but gold ones too!

We also can't resist the gorgeous face of this mutt from the SPCA that says 一狗万利.

Finally, a red and blue thick envelope from ba&sh, a fashion brand. Pull the gold tab and a and the red dogs turn into a red background with gold lettering that says "Happy Chinese New Year!"

Steve Wynn's Luck Turns South

Steve Wynn in Macau before allegations of sexual harassment surfaced

Tycoon Steve Wynn's luck might be running out. Even though he denied allegations of sexual misconduct, Wynn, 76, resigned as the Republican National Committee finance chairman late last month and the other day resigned as CEO of and chairman of Wynn Resorts.

He claimed the allegations were "preposterous" and blamed "an avalanche of negative publicity" driven by a non-fact-based "rush to judgment" for his decision to step down as head of the eponymous casino empire.

Allan Zeman is now non-executive chairman of Wynn Macau

At first he blamed his ex-wife Elaine for the allegations, claiming they were still going through a nasty divorce, but now he has been silent.

Meanwhile shares in Wynn Macau plunged at the end of January when the allegations first came to light, but yesterday after his resignation, his right-hand man Matthew Maddox replaced him as CEO of Wynn Macau and Wynn Resorts, while Allan Zeman was named non-executive chairman of Wynn Macau.

Shares of Wynn Macau closed at HK$27 today and analysts believe Wynn's resignation will stabilize things. However, there are questions as to how much longer Wynn Macau will be allowed to keep its casino concession. It is set to expire in 2022, and on January 22, days before the bomb was dropped, Wynn was confident the concession would be renewed.

Two pairs of rare porcelain vases Wynn bought at auction

Nevertheless, with this recent news, the Macau Gaming Inspection and Coordination Bureau which regulates casinos, has declined to comment.

In the meantime, Wynn's abrupt departure will be difficult -- he was the face of the casinos, who put his own personal touches in everything from operations to decor. In Macau he knew how to kowtow to Beijing and Macau.

He shelled out US$12.7 million for four large porcelain vases from the Jiaqing period (1796-1821) at a Christie's London auction in July 2011.

"We are delighted to be able to return these extraordinary examples of Chinese culture to the People's Republic of China, and place them on display in the city of Macau, which we are so fortunate to be a part of," Wynn said at the time.

The future of Wynn Macau may be in in the balance

The vases aren't the only treasures he has brought back to the mainland,but also a Ming dynasty vase that Wynn donated to the Macao Special Administrative Region.

So is his guanxi good enough to keep him out of trouble in Macau? We shall see...

Another Side of Audrey Hepburn

Beautiful pale blue dress Audrey Hepburn wore

Auction house Christie's is going to sell some of Hollywood actress Audrey Hepburn's personal items in an upcoming sale on September 27 in London.

Tailoring details in this coat dress

To drum up interest in Hong Kong, some of the pieces, from clothing to jewellery to miscellaneous items are being shown at the Landmark Atrium -- otherwise known as the Landmark fountain -- from now until September 8.

Yesterday we saw the items on show and were in awe of Hepburn's petite size, though she was quite tall too.

There was a black cocktail dress by Givenchy Couture she wore as Regina "Reggie" Lampert in the 1963 movie Charade, or how about the gorgeous pale blue satin cocktail gown she wore to promote Two For the Road.

She also had Burberry trench coat way before it was trendy years ago, and a few pairs of ballet flats (used) should you want to own them.

We loved the detail of the ivory wool coat dress with the detail of the outer stitching, the mother of pearl buttons, and knit sleeves. What a cool combination created by Valentino.

Also for sale is a tiara and the annotated script from Breakfast at Tiffany's that will probably generate a lot of interest.

Did you know Hepburn could paint? Now you do!

What I liked the most was her oil painting called My garden flowers painted in 1969. The flowers are so colourful and vibrant, with texture too from the brushstrokes to try to make it less two-dimensional.

I didn't know she was a painter, like Katherine Hepburn too!

Hong Kong Not Quite Cultural Sophisticated

One of 31 statues by Antony Gormley placed around the Central area

Hong Kong is becoming a more cultural city in the last few years, with ArtHK that has evolved into Art Basel. That on top of the art auctions we have twice a year from Christie's, Sotheby's and Bonham's as well as several other Chinese auctioneers and one would think the city was fast becoming the cultural leader in Asia.

Not quite.

British sculptor Antony Gormley's Naked Man sculptures have been erected around the city and they've caused a lot of confusion since they were unveiled last week.

The statues evoke a sense of watching and being watched

The life-size sculptures made of fibreglass are placed on the top of buildings, such as City Hall lower block, Hip Shing Hong Centre, New World Tower II, St George's Building and Queensway Government Offices.

However, in the first few days, those who actually noticed the sculptures thought they were real people standing on the edge of these buildings and called police, concerned they were potential suicide jumpers.

There were 29 such reports in two weeks.

Of the 31 sculptures, 27 were placed on rooftops mostly in the central business district, while four others made of cast iron were placed at ground level.

One statue on Queen's Road Central was an "obstruction"

But those ones on the ground also received complaints. One standing at Queen's Road Central by Theatre Lane was determined to be an "obstruction", and was fenced off by the Highways Department staff on Tuesday.

Three railings were made into a triangle around the sculpture, but after a picture of this was posted online, there were criticisms of how the government handled the situation, but the authorities held their ground.

"Our contractor temporarily fenced off the concerned area for inspection. The inspection confirmed that the concerned footpath was in proper condition and the area was immediately reopened," said a spokesperson from the Highways Department.

Why did the Highways Department do this? Why didn't they explain to the complainant that it's a work of art for Hong Kong residents to enjoy?

For someone to call it an "obstruction" is ridiculous -- in fact Gormley wants people to be more aware of their surroundings, as it is a project that explores the concept of watching and being watched.

27 of the 31 statues are placed on rooftops in Central

We can only imagine someone may have bumped into the statue while staring at their smartphone, and instead of being pleasantly surprised by the public art, was annoyed and called the Highways Department in a bid to remove the offending "obstruction"...

What does this say about how culturally sophisticated we are?

Triumphant Return

This prized thangka sold for $45 million

Do you know who Liu Yiqian is?

He stunned the auction world this week when he came out victorious in successfully bidding for a Ming dynasty silk wall hanging for HK$348.4 million ($45 million) after a 22-minute intense competition at Christie's auction in Hong Kong.

Usually bidding ends in mere minutes, but he was on the end of the phone line represented by Christie's China president Cai Jingjing, and the other bidder was represented by Francois Curiel, chairman of Christie's Asia Pacific.

Billionaire Liu was ecstatic about his latest possession, saying he was looking forward to bringing it back to China.

Liu Yiqian and his wife Wang Wei

"Before our country wasn't very strong or prosperous, so many things were lost to overseas buyers," Liu said. "Now that we have accumulated wealth, we need to deepen our own cultural sophistication. So we are buying Western art, to say nothing of our own art."

The rare 600-year-old embroidered silk Buddhist thangka depicts Raktayamari, the red Conqueror of Death embracing his consort Vajravetali, trampling Yama, the Lord of Death.

According to antiques dealer Hon Lau, owner of Hollywood Galleries in Central, said the thangka was a series of three, with the other two in Jokang Monastery in Tibet.

The price of the thangka has been steadily rising, having been sold for $1 million in New York 20 years ago, then HK$30 million to a US collector in 2002.

Lau says the 10-fold increase in the price is because Buddhist art has been undervalued in the past.

"This thangka is a magnificent piece of historical artwork made of top-notch craftsmanship," said Lau. He said the imperial mark of "Yongle" [commissioned by Emperor Yongle in the 15th century] added great value to the piece.

"I have had collectors telling me that they wouldn't want to trade this even if they were given 10 chicken cups," he said.

Liu sips tea from his newly acquired "chicken cup"

Lau is referring to the HK$281.24 million ($36.3 million) Liu spent in April to acquire the Meiyintang Chenghua "chicken cup" at the Sotheby's Hong Kong auction.

Liu raised eyebrows when he paid for the cup by maxing out several credit cards and then had tea poured into the cup which he drank for reporters and photographers.

Liu's story is that he used to be a taxi driver and then hit the jackpot playing the stock market, while his wife is Wang Wei claims to be an art expert. They have a collection of traditional and contemporary Chinese art that is displayed in their privately-owned Long Museum, in two locations in Shanghai.

It's interesting that Tibet Buddhist art is highly appreciated and yet the current situation in the region is far from calm...

He seems to take pride in this kind of cultural colonialism, which may be quietly endorsed by Beijing.

So where did he get over HK$500 million to snap up these two pieces this year? Or did he hit the super jackpot?