Luxembourgish businessman Flavio Becca, long embroiled in legal troubles, saw part of his confiscated collection of luxury watches sold at auction this weekend. Despite filing a complaint against the Luxembourgish State for breach of European law last week, the sale went ahead unhindered.
Part of Flavio Becca's former watch collection was auctioned this Saturday at the Mondorf Casino. This event was organised by the Asset Management Office (BGA), which operates under the responsibility of the Ministry of Justice.
Out of the 842 watches, valued at over €18 million according to estimates, 150 pieces from the businessman's collection were part of this Saturday's sale.
Watch enthusiasts from all over the world flocked to the event either in person or represented by proxies, explained judicial officer Carlos Calvo: "We were overwhelmed by the sheer amount of interest. With over 1,500 online registrations, participants were following the sale from around the world and more than 300 people even travelled to Luxembourg; it really is a big event."
In his trial for embezzlement and money laundering, the Luxembourgish businessman was accused of illicitly using company money to acquire a vast collection of luxury watches. In 2022, the millionaire was sentenced on appeal to 12 months of suspended imprisonment, a fine of €250,000, and the watches were confiscated too.
The money raised during the auction will be allocated to a fund that combats crime in Luxembourg. This money will go towards efforts against money laundering, terrorism, and the drug market.
Report in Luxembourgish:
