Gyeonggi Province Conducts Public Auction of Over 770 Seized Items Including Chanel and Rolex

[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province will conduct a public auction on September 13 of over 770 items including luxury watches and handbags seized from home searches of major local tax delinquents.

The public auction will take place at Ilsan KINTEX located in Goyang City.

Viewing and bidding will be available from 9 a.m. to 1 p.m.

Successful bidders will receive their items on the same day upon payment.

The items for sale include 181 luxury handbags such as Chanel and Louis Vuitton, 48 luxury watches such as Rolex, 449 pieces of jewelry including diamond rings, and over 770 items in total including artwork, ceramics, and golf clubs.

Major auction items include a diamond ring with a minimum bid of 5 million won, a Chanel handbag at 1.7 million won, and a Rolex watch at 1.45 million won.

Particularly drawing attention are high-end bicycles in the 2 million won range, artwork by established artists, violins, and rare books (Buddhist scriptures) among the diverse items offered at auction.

The bidding method awards items to the highest bidder above the minimum bid price (appraised value) for each item.

Bidding eligibility is limited to on-site participants, who can bid easily through smartphones or laptops provided on-site. Details will be available on the Gyeonggi Province website (gg.go.kr) after September 4.

The province explained that it has established buyer protection measures, including a full refund and compensation equal to the appraised value (minimum bid amount) in cases where auction items are confirmed to be counterfeit.

Ryu Young-yong, director of the Tax Justice Division at Gyeonggi Province, said, "Most of the items in this seized movable property auction were secured through home searches of chronic tax delinquents with weak tax payment awareness," adding, "Gyeonggi Province will continue to take the lead in establishing a culture of sincere tax payment and realizing fair taxation."