"Hermes 3.6 Million Won, Rolex 5 Million Won"…Public Auction of Seized Movable Property from Defaulters

On the 26th at Ilsan KINTEX
Rolex watch worth 5 million won and Royal Salute 38-year-old also featured

Gyeonggi Province will publicly auction approximately 835 luxury items, including watches and bags, seized through home searches of high-value local tax delinquents on the 26th.

The on-site public auction will take place at Ilsan KINTEX in Goyang Special City from 9 a.m. to 12 p.m. for three hours. Winning bidders will receive the items immediately upon payment on the same day. The auction items include 169 luxury bags such as Chanel and Louis Vuitton, 43 luxury watches including Rolex, 419 precious jewelry pieces such as diamond rings, as well as artworks, ceramics, golf clubs, totaling 835 items.

Photo by Gyeonggi-do

Key auction items include a Rolex watch with a minimum bid price of 5 million KRW, a Hermes bag priced at 3.6 million KRW, and a gold bracelet at 3.37 million KRW. Additionally, various items such as Muts bicycles, artworks by mid-career artists, and Royal Salute 38-year-old whiskey will be auctioned.

Bidding is only available to on-site participants. It can be easily done via smartphone, and the highest bidder who offers a price above the minimum bid (appraised value) for each item wins. Detailed information will be released on the Gyeonggi Province website after the 13th. To ensure bidders can participate with confidence, the province has established a protection system that refunds the payment and compensates the appraised value if the auctioned item is found to be counterfeit.

No Seung-ho, Director of the Tax Justice Division at Gyeonggi Provincial Government, stated, "Most of the items auctioned in this seized movable property sale were secured through home searches of chronic delinquents with weak tax payment awareness. Gyeonggi Province will continue to take the lead in fostering a culture of sincere tax payment and realizing fair taxation."

Last Year’s Winning Bid Rate 97%

This event has been held annually since Gyeonggi Province first launched it in 2015. In the '2023 Local Tax Delinquent Seized Movable Property Auction' hosted by Gyeonggi Province and organized by Goyang Special City last year, 2,500 people participated, with 20,678 bids placed. The total winning bid amount was 459 million KRW.

The highest winning bid was for a 1.31-carat diamond ring offered by Goyang Special City, which sold for 9,999,990 KRW?double the minimum bid price of 5 million KRW. Also, a Chanel handbag with a minimum bid of 1.5 million KRW was sold for 5,999,990 KRW, four times the minimum bid. In this auction, 749 out of 772 items were sold, showing a high winning bid rate of over 97%.