Gyeonggi-do, Online Auction of Seized Luxury Goods from Tax Delinquents

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will publicly auction 604 items, including luxury handbags, watches, and precious metals seized from high-value local tax delinquents, online from the 23rd to the 29th of this month.

The items for sale include 87 luxury handbags such as Chanel and Louis Vuitton, 45 luxury watches including Cartier and Rolex, 268 pieces of precious metals, 78 items like golf clubs and whiskey, 35 general artworks, and 90 vehicles, totaling 604 items.

Key auction items include a Cartier watch appraised at 7 million KRW, a Chanel bag appraised at 2.5 million KRW, and precious metals appraised at 6.24 million KRW.

The bidding method is individual bidding per item, and the highest bidder during the bidding period will win the auction. The successful bidders will be announced at 10 a.m. on the 1st of next month. Payment for the items must be made to the designated account by 6 p.m. on the 5th of next month.

The auction items can be viewed through the online electronic auction site.

If the auctioned items are found to be counterfeit, the payment will be refunded, and the appraisal company will compensate 100% of the appraised value.

Kim Min-kyung, Director of the Tax Justice Division of the province, stated, "Most of the items in this online electronic auction were movable properties seized from the homes of chronic delinquents with weak tax awareness. We will continue to strive to establish a culture of sincere tax payment and fair taxation by developing new collection methods."

Meanwhile, Gyeonggi Province sold 410 seized items through the nation’s first non-face-to-face online electronic auction in October last year, collecting a total of 460 million KRW in delinquent taxes.

This content was produced with the assistance of AI translation services.