Goyang City to Auction 313 Seized Items from Delinquent Taxpayers, Including Luxury Watches and Bags, Online

Recovering 226 Million Won in Delinquent Taxes
313 Items Including Luxury Watches and Bags
To Be Auctioned on Korea Asset Management Corporation Website from December 1

Goyang Special City in Gyeonggi Province (Mayor Lee Donghwan) announced on the 21st that it will sell seized movable property, including precious metals and luxury bags confiscated through home searches of high-value tax delinquents, via an online auction.

Aerial view of Goyang Special City Hall. Provided by Goyang Special City.

This auction, the second of its kind this year, will be held jointly with Gyeonggi Province from December 1 to 3 on the Korea Asset Management Corporation's online auction website.

The items up for auction include those that failed to sell in the first online auction held in August, as well as newly seized property obtained through ongoing searches targeting high-value local tax delinquents.

The auction will feature a total of 313 items, including 155 pieces of precious metals, 7 luxury watches, and 67 luxury bags, with an appraised value of approximately 226 million won. The list of items and bidding instructions will be available on the auction website starting November 24, and the auction results will be announced on December 5.

To enhance trust in the auction process, Gyeonggi Province will fully refund the bid amount and compensate up to 100% of the appraised value (minimum bid price) if any winning item is determined to be counterfeit.

In the first online auction, 80 out of 83 items were sold, resulting in the recovery of 56 million won in delinquent taxes. The city anticipates high participation and a strong sales rate in this second auction as well.

Meanwhile, on November 19, the city publicly disclosed the names of 150 high-value local tax delinquents (108 individuals and 42 corporations) who have owed more than 10 million won in unpaid taxes for over a year, via the Wetax platform, and is simultaneously enforcing strict administrative sanctions.

A city official stated, "We will continue to rigorously pursue and collect from those who intentionally evade payment of their taxes."

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