Gyeonggi Province to Sell 620 Luxury Items from High-Delinquent Taxpayers, Including Chanel Bags and Rolex Watches

Gyeonggi Province announced it will hold a public auction on the 27th at the Grand Ballroom of KINTEX in Ilsanseo-gu, Goyang City to sell 620 items seized from high-delinquent taxpayers of local taxes.

Items subject to sale include 28 luxury watches, 171 luxury bags, 265 precious metals including pure gold bracelets, as well as artworks, golf clubs, and spirits, totaling 620 items.

The minimum bid prices are highest for a Hublot watch at 13.5 million won, followed by a pure gold bracelet at 9.12 million won, a Rolex watch at 6.5 million won, and a Chanel bag at 4.5 million won, among others.

The items were secured through home searches conducted jointly by the province and its cities and counties from January to June this year targeting high-delinquent taxpayers of local taxes.

The first public auction bidding of the year will be held from 9 a.m. to noon on the 27th. Participants at the venue will bid using smartphones, with items going to the highest bidder above the minimum bid price (appraised value) for each item.

Successful bidders can pay at the site and receive their items immediately.

The province has also established protection measures for successful bidders. If an item is confirmed to be counterfeit, the paid amount will be refunded and the appraised amount will be additionally compensated.

Details regarding bidding and successful bidding will be disclosed on the Gyeonggi Province website (gg.go.kr) from the 18th onward, and item details will be posted on the Korea Asset Management Public Corporation website (kapao.co.kr).

Noh Seung-ho, head of the Tax Justice Division of Gyeonggi Province, said "Most of the items in this public auction of seized personal property were secured through home searches of habitual high-delinquent taxpayers with weak tax payment awareness," and added "Gyeonggi Province will continue to make further efforts to foster a culture of faithful tax payment."