Goyang City to Auction Seized Jewelry and Luxury Goods from High-Value Tax Delinquents

Appraised Value of 37 Million Won
Online Public Auction from August 25 to 27

Goyang Special City in Gyeonggi Province (Mayor Lee Donghwan) announced on August 11 that it will auction off movable assets such as seized jewelry and luxury bags, which were confiscated during home searches of high-value local tax delinquents, through an online public auction from August 25 to August 27.

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

The auction will be conducted through the Korea Asset Management Corporation's online auction website.

The items up for auction by the city include pure gold necklaces and bracelets appraised at approximately 4 million won, luxury bags, department store gift certificates, and premium liquor. The total appraised value of all items is about 37 million won.

Detailed information regarding the auction, including the list of items, appraised values, and bidding procedures, will be available on the Korea Asset Management Corporation's dedicated auction website starting August 18. The winning bidders will be announced on August 29.

Gyeonggi Province, which is overseeing this auction, stated that if any winning item is found to be counterfeit, the successful bidder will receive a full refund of the bid amount and will also be compensated 100% of the appraised value (minimum bid price).

This auction is a follow-up measure after the home searches and seizure of concealed assets from high-value local tax delinquents who deliberately avoided paying taxes despite having the ability to do so. It is expected to contribute to the realization of tax justice by effectively recovering high-value movable assets from delinquent taxpayers.

Meanwhile, since 2015, the city has participated annually in the auction of seized movable assets organized by Gyeonggi Province, and in 2023 and 2024, it held offline auctions at KINTEX.

A city official stated, "The public auction of seized movable assets not only aids in the collection of overdue local taxes but also serves as a strong warning to those who deliberately evade taxes," adding, "We will continue to track down and collect concealed assets to the end and strive to establish a culture of faithful tax payment."