Gyeonggi-do, Rolex Watch Seized from Defaulter Sold for Highest Bid of 7.1 Million Won

835 Bids Auctioned 808 Cases... 850 Million KRW in Delinquent Taxes Covered by Winning Bids and Voluntary Payments
On-site Auction at Goyang City KINTEX... Chanel Bag Sold for 6.78 Million KRW, 18K Gold Bracelet Sold for 6.42 Million KRW

Gyeonggi Province announced on the 26th that a total of 808 bids were successful in an on-site auction held at the KINTEX Grand Ballroom in Goyang City, targeting 835 seized items from high-amount tax delinquents.

Gyeonggi Province is conducting an on-site auction of 835 seized items from high-value tax delinquents on the 26th at the KINTEX Grand Ballroom in Goyang City. Provided by Gyeonggi Province

The province plans to allocate the total of 850 million KRW collected through successful bids and voluntary payments made before the auction to cover local tax arrears.

Earlier, since February, the province had collected 4.8 billion KRW through intensive search operations targeting high-amount and long-term delinquents, including voluntary payments. This auction was conducted on seized items from delinquents unwilling to pay, attracting over 3,500 visitors who observed the auction items and 2,056 participants who placed bids, showing high interest.

Among various items for sale such as precious metals, artworks, golf clubs, luxury bags, and watches, a Rolex watch recorded the highest bid at 7.1 million KRW, which is 178% higher than the minimum bid price of 3.98 million KRW. Following were a Chanel bag at 6.78 million KRW and an 18k gold bracelet weighing 58.66g at 6.42 million KRW.

No Seung-ho, Director of the Tax Justice Division of Gyeonggi Province, stated, “The proceeds secured through the auction will be used as valuable resources for regional development,” and added, “We will continue to strive for fair taxation.”