Gyeonggi-do to Start Electronic Auction of Seized Movable Property from Delinquents on 24th... 160 Additional Cars Included

Range Rover up for auction

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has started online public auctions of luxury watches, bags, and other items seized through home searches of high-value local tax delinquents from the 24th. Notably, automobiles have been added to this auction.

The items for sale include 96 luxury bags such as Chanel and Louis Vuitton, 25 luxury watches including Rolex, 371 pieces of precious jewelry such as diamond rings, 5 pieces of daily-use ceramics from the Goryeo and Joseon dynasties, and 160 automobiles, all announced publicly on the 13th.

The newly added automobiles include a Range Rover appraised at approximately 40 million KRW, a Maserati at 28 million KRW, and a Mercedes-Benz at 15 million KRW.

Bids will be awarded to the highest bidder who offers a price equal to or above the appraised value for each item. The announcement will be made on the 28th at 10 a.m. through the online auction site.

Meanwhile, the auction site, which opened on the 17th, has been receiving about 50,000 visitors daily, with an average of 400,000 page views per day.

Detailed information on bidding methods and more can be found on the Gyeonggi Province website. A bidder protection system has also been established, which guarantees a refund of the paid amount and compensation equal to 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, stated, "Most of the items listed in the online electronic auction were secured through home searches of chronic delinquents with weak tax payment awareness," and emphasized, "We will take the lead in establishing a culture of sincere tax payment and fair taxation through flawless tax administration, including the development of new collection methods."

Meanwhile, last September, the 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.