'Hermes, Rolex and Other Luxury Brands Galore~'... Gyeonggi-do to Hold Public Auction at KINTEX on the 26th

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

The auction will take place at Ilsan KINTEX from 9 a.m. to 12 p.m. for three hours, and successful bidders will receive their items immediately upon payment on the same day.

The items for sale include 169 luxury bags such as Chanel and Louis Vuitton, 43 luxury watches including Rolex, 419 pieces of precious jewelry such as diamond rings, as well as artworks, ceramics, golf clubs, totaling 835 items.

Poster for the public auction of seized movable property of defaulters in Gyeonggi-do. Provided by Gyeonggi Provincial Government

Among the main auction items are a Rolex watch with a minimum bid price of 5 million KRW, an Hermes bag 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 price (appraised value) for each item will win the auction. Detailed information will be disclosed on the Gyeonggi Province website (gg.go.kr) after November 13.

Gyeonggi Province has also established a bidder protection system to ensure that attendees can participate in the auction with confidence. If the auctioned items are found to be counterfeit, the paid amount will be refunded and the appraised value compensated.

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