Crowds Flock to 8.1 Billion Won Seized Luxury Goods Exhibition in Gangnam: "Herm?s and Rolex Draw Major Attention"

"Is this really a Herm?s Birkin?"

Seoul Auction Gangnam Center Exhibition Hall in Gangnam, Seoul. Several visitors bent over in front of the display cases. The lights of mobile phones turned on, and the beams of flashlights scanned across the leather surface. From the scene in the exhibition hall, it was hardly different from a luxury department store boutique.

Visitors are examining Rolex watches exhibited at the Seoul Auction venue, which are up for special auction due to seizure by the National Tax Service. Photo by Kim Heeyoon

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However, these bags all arrived here by the same route-they are assets seized by the National Tax Service. On March 11 at 2 p.m., ahead of the online auction, Seoul Auction hosted a special preview exhibition for the National Tax Service’s seized property auction at its Gangnam Center.

The exhibition hall resembled a luxury showroom more than an art gallery. Herm?s bags and Rolex watches were placed inside glass display cases under the lights, and contemporary artworks hung on one wall. According to a Seoul Auction official, about 400 people visited the exhibition hall in a single day over the past weekend, and even on a weekday yesterday, around 200 visitors came by.

Herm?s Birkin and Kelly bags, seized by the National Tax Service, are displayed at the Seoul Auction exhibition hall in Gangnam, Seoul. Photo by Heeyoon Kim

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An office worker surnamed Jung (age 34), who stopped by during lunchtime, said, "I came to see if I could buy something at a price lower than the market, since it’s an auction." However, most visitors lingered longer in front of the luxury goods display than the artworks. A female visitor, alternating her gaze between the Birkin and the Kelly bags behind the glass, remarked, "The condition looks good," and checked the price tag once again.

Visitors are looking around luxury bags exhibited at the preview of the National Tax Service seized goods special auction held at Seoul Auction Gangnam Center. Photo by Heeyoon Kim

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In the center of the exhibition hall, luxury items such as the Herm?s Birkin 35, Kelly 35, and Rolex watches were prominently arranged. According to the auction list, one Rolex watch had a starting price of 20 million won, with an estimated highest value of 60 million won. The Herm?s Birkin 35 had a starting price of 6.5 million won and an estimated maximum of 23 million won.

(Table) Major Auctioned Items with Seizure by the National Tax Service and Their Prices.

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Visitors checked the condition of the items in front of the display cases and exchanged opinions. "How high do you think the price will go at auction?" was a question heard in front of the showcases. On one side, whiskey bottles and other high-end liquors were on display, but for the wines, only the listing and price tags were posted on the wall instead of the actual bottles. While standing in front of the list, one visitor commented, "It’s Mouton Rothschild," prompting the person next to them to lean in for a closer look.

In the Seoul Auction exhibition hall in Gangnam, Seoul, luxury liquors including whiskey that have been seized by the National Tax Service and put up for auction are on display. Photo by Kim Heeyoon

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Although the luxury goods drew the most attention, the item with the highest estimated value in this auction was something else. It was "Karma" (2015) by Choi Youngwook, hung on one wall of the exhibition hall. The starting price was 35 million won, with an estimated maximum value of 100 million won. "Flower Garden" (1989) by Japanese artist Yayoi Kusama started at 9 million won, with an estimated maximum of 50 million won. "Recurrence" by Kim Tschangyeul was also included in the list.

A visitor surnamed Lee (age 50), who came from Seongnam, Gyeonggi Province, paused in front of Kusama’s work. "It looks so much more vibrant in person than in photos," Lee said before heading back toward the bag display.

Visitors are viewing the preview exhibition of the National Tax Service seized goods special auction held at the Seoul Auction Gangnam Center.

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All the items in this auction were assets seized from high-value and habitual tax delinquents. Recently, the National Tax Service seized assets worth about 8.1 billion won from 124 tax delinquents. The total number of items is 492, including cash, luxury goods, artworks, gold ornaments, and high-end liquors. Of these, 166 items were consigned to Seoul Auction for the first round of the auction. The total starting price for 76 of these items is about 196.65 million won. The total estimated value ranges from about 310.2 million to 696.8 million won.

The sale of seized assets is a process in accordance with the National Tax Collection Act. The proceeds from successful bids are used to recover overdue taxes and are deposited into the national treasury. If there are no interested buyers or if the bids do not reach the reserve price, the price is reset and the items are put up for auction again. If the delinquent taxpayer settles the overdue taxes and any additional charges before the sale decision, the public auction may be halted or canceled.

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