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2 clusters · 4 sources · 1 days · First seen · Last updated

South Korean luxury goods tax delinquency auctions

Overview

In Gyeonggi Province, South Korea, a public auction was held at KINTEX in Goyang to recover unpaid local taxes. The auction featured 620 items seized from delinquent taxpayers across 21 municipalities.

Luxury goods, particularly Chanel items, saw high demand and fetched prices significantly exceeding their appraised values. For example, a Chanel Classic Flap Bag rated as ‘C-grade’ sold for 11.01 million won, more than double its initial price of 4.5 million won. Other high-value sales included a Hublot watch for 18.75 million won and a Cartier bracelet for 8.56 million won.

Through these auctions and voluntary payments, Gyeonggi Province successfully collected a total of 780 million won in delinquent taxes.

Entities

Deloitte · Singapore Police Force · Korea Auction · Hermès · Gyeonggi Province

Timeline

  1. 14 days ago

    [BUSINESS] 2 sources
    Hotlotz to auction luxury goods from Singapore money laundering case

    Hotlotz will auction over 1,000 luxury items, including designer handbags and fine jewellery, forfeited in Singapore’s S$3 billion money laundering case, starting September 7.

  2. 14 days ago

    [BUSINESS] 2 sources
    Luxury goods seized from tax delinquents fetch high prices at auction

    Seized luxury items, including Chanel bags rated C-grade for wear, sold for significantly higher than appraised prices at a South Korean tax delinquency auction, helping recover 780 million won.

Sources

goodyfeed.com · jnilbo.com · kyeonggi.com · toray.co.jp