"Chanel, Rolex and Other Seized Items Auction"... Gyeonggi-do to Conduct Online from the 24th

Past Auction Items

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will publicly auction 1,075 items, including luxury watches and bags seized through home searches of high-value local tax delinquents, online starting from the 24th.

The auction items include 96 luxury bags such as Chanel and Louis Vuitton, 25 luxury watches including Rolex, 371 pieces of precious jewelry such as diamond rings, and 5 pieces of daily-use ceramics from the Goryeo and Joseon dynasties, totaling 1,075 items.

Key auction items include a diamond ring appraised at 7 million KRW and a Rolex watch appraised at 4.05 million KRW.

Notably, 227 pairs of shoes from the famous A sports brand (appraised at 4.54 million KRW) and 272 pairs from the B sports brand (appraised at 4.1 million KRW) will be auctioned as a lot (cannot be purchased individually, must be bought all at once), attracting attention.

The bidding method awards the item to the highest bidder who bids above the appraised value for each item, and the results will be announced on the online auction site at 10 a.m. on the 28th.

The auction items will be publicly available on the online auction site from the 17th, and the actual bidding period is from 9 a.m. on the 24th to 6 p.m. on the 26th.

Detailed information on the bidding method can be found on the Gyeonggi Province website starting from the 17th.

A protection system for winning bidders has also been established, which refunds the paid amount and compensates 100% of the appraised value, i.e., the minimum bid price, if the auctioned item is found to be counterfeit.

Ryu Young-yong, Director of the Tax Justice Division of the province, emphasized, "Most of the items listed in the online electronic auction were secured through home searches of chronic delinquents with weak tax payment awareness. We will take the lead in establishing a culture of sincere tax payment and fair taxation through flawless tax administration, including developing new collection methods."

Meanwhile, last September, Gyeonggi Province conducted the nation’s first non-face-to-face online electronic auction, selling 528 seized items and collecting a total of 980 million KRW in delinquent taxes.

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