Gyeonggi-do to Auction 772 Seized Items from Delinquents... Kintex on the 13th

Gyeonggi-do Delinquent Debtor Seized Movable Property Public Auction Notice Poster

Gyeonggi Province will publicly auction 772 luxury items, including watches and bags seized through home searches of high-value local tax delinquents, on the 13th in cooperation with other provinces such as Jeonbuk, Gyeongbuk, and Jeju.

Gyeonggi Province was the first in the nation to conduct public auctions of seized movable property from tax delinquents in 2015, together with 31 cities and counties, and remains the only local government currently conducting such auctions.

This year, at the request of other provinces including Gyeongsan in Gyeongbuk, Gunsan, Gimje, and Jeonju in Jeonbuk, as well as Jeju Island and Jeju City, a nationwide joint auction will be held.

The auction will take place on-site at KINTEX in Ilsan, allowing bidders to view the items in person before bidding.

The items for sale include ▲158 luxury bags such as Chanel and Louis Vuitton ▲25 luxury watches including Rolex ▲448 pieces of precious jewelry such as diamond rings ▲and a total of 772 items including artworks, ceramics, and golf clubs.

Key auction items include a diamond ring with a minimum bid price of 5 million KRW, a Chanel bag at 1.7 million KRW, and a Rolex watch at 1.45 million KRW.

Notably, there are various items attracting attention such as an artwork by a mid-career artist priced at 4.8 million KRW, high-end bicycles in the 2 million KRW range, violins, and rare old books (Buddhist scriptures).

The bidding method awards the item to the highest bidder who bids above the minimum bid price (appraised value) for each item. Bidding can be easily done via smartphones or laptops provided on-site, and detailed information about the auction items can be found on the Gyeonggi Province website and the electronic auction site.

This on-site public auction is only open to participants present at the venue, and item viewing and bidding are available only from 9 a.m. to 1 p.m. at KINTEX.

Successful bidders must pay and receive their items on the same day immediately after the bidding process ends. Those considering bidding on large items such as artworks or bicycles should prepare transportation in advance for moving the purchased items.

There is also a bidder protection system in place that refunds the paid amount and compensates up to the appraised value (minimum bid price) if the auctioned item is later found to be counterfeit.

A Gyeonggi Province official stated, "This nationwide joint auction is the first of its kind in Korea and is a recognition of Gyeonggi Province’s expertise in promoting movable property auctions." He added, "Gyeonggi Province will continue to strengthen cooperation with other local governments to take the lead in realizing tax justice."

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