Two high-end Hermès Birkin handbags, previously confiscated from imprisoned Vietnamese businesswoman Truong My Lan, have been sold at a government auction for a combined total exceeding $535,000. The bidding process concluded rapidly, with one white Birkin bag securing a final price of $440,144, while the second bag sold for $94,858. These items were part of a broader effort to liquidate assets seized from the tycoon, who is currently serving a life sentence for her role in a massive financial fraud scheme.

Truong My Lan was originally sentenced to death in 2024 after being found guilty of embezzling billions from Saigon Commercial Bank through an elaborate network of shell companies. Her sentence was later commuted to life imprisonment. As part of the legal proceedings, she was ordered to pay $27 billion in reparations. During her trial, the former executive had requested to keep the handbags as family keepsakes, claiming they were personal gifts or purchases, but the court ultimately ordered their seizure alongside approximately 1,200 other assets.

The auction highlights the enduring market value of Hermès Birkin bags, which are frequently treated as investment-grade assets by collectors. The more expensive of the two bags, a size 25 model featuring rhinestone embellishments, sold for nearly seven times its initial starting bid. Industry experts note that the scarcity created by the manufacturer, combined with the bags’ status as rare art pieces, continues to drive prices to record-breaking levels in the secondary market.