In the Past 5 Years, 4,654 Cases of 'Purchase Abandonment' After KAMCO Public Auctions... Deposit of 23.7 Billion KRW Forfeited

2019 Auction Announcements Totaled 17,611, Surpassed 20,000 Last Year
People in Their 40s Account for One-Third of All 'Public Sale Purchases'

Over the past five years, there have been 4,654 cases in which bidders participated in public auctions conducted by the Korea Asset Management Corporation (KAMCO), won the bids, but failed to pay the remaining balance, resulting in only the bid deposits being paid.

According to data submitted by KAMCO to Assemblyman Jo Seung-rae of the National Assembly's Political Affairs Committee on the 13th, from 2019 to September of this year, 110,000 public auctions were opened, of which 45,841 were successfully bid on. The number of public auctions increased by about 17%, from 17,611 cases in 2019 to 20,667 cases last year.

During the same period, 4,940 items had their purchase canceled after winning the bid, and among these, 4,654 cases were canceled due to the buyer’s failure to pay the remaining balance. As a result, the auction deposits forfeited to KAMCO amounted to 23.676 billion KRW.

Meanwhile, since 2004 until last year, KAMCO has managed 400,000 items, successfully inducing voluntary payments for 120,000 cases and opening bids for 140,000 cases. Looking at the auction purchase status by age group, those in their 40s accounted for the highest proportion at 35.3%, and by appraised value, items priced under 100 million KRW made up about half.

Assemblyman Jo Seung-rae stated, "KAMCO should strive to provide as detailed information as possible about auction items to reduce cases of buyers withdrawing after winning bids," and added, "Since it has been 20 years since KAMCO started the auction business, it is necessary to analyze past data and study ways to further increase the voluntary payment rate."

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