"Even a Damaged Grade-C Chanel Bag Sells for 11.01 Million Won"…Seized Items Fetched 2.4 Times Appraised Value

The "Chanel Classic" proved to be the most popular item at a public auction of luxury goods seized from high-value tax delinquents.

According to the Korea Public Auction Corporation, which held a public sale of seized items from delinquents, the highest-priced bag sold at the 23rd public auction held at KINTEX in Goyang on the 27th was a "Chanel Classic Flap Bag with Gold Hardware."

The item, which had a starting auction price of 4.5 million won, was successfully bid at 11.01 million won, 2.4 times its initial auction price.

A "Chanel Classic Flap Bag with Silver Hardware," which started at 4 million won, was sold for 7.86 million won, 1.9 times its auction price.

Both bags were rated as "Grade C," showing noticeable flaws such as stains.

Although there was a 500,000-won difference in their starting auction prices, the gold hardware version ultimately fetched 3.15 million won more.

Starting auction prices are set based on appraisal values.

Currently, the department store retail price for a Chanel Classic Flap Bag ranges from 18.08 million to 18.80 million won.

A "Chanel Coco Handle," which started at 3.25 million won, was sold for 5.48 million won.

While 42 Louis Vuitton bags were also put up for auction at the 23rd event, the highest-priced Louis Vuitton item (a leather crossbody bag) fetched a winning bid of 2.45 million won, showing a significant gap compared to Chanel.

A Louis Vuitton bag with a starting auction price of 900,000 won failed to find a buyer and went unsold.

A total of three Hermès products were put up for public auction, with the "Garden Party" fetching the highest price at 3.87 million won.

Among the watches, a Hublot watch was sold for 18.75 million won, and a Cartier watch fetched 7.51 million won.

An official in the distribution industry said, "Chanel Classic gold hardware items have maintained steady popularity and their prices continue to rise, driving demand from people looking to purchase them as an investment akin to 'Chanel tech.'"

Local governments collect delinquent local taxes by publicly auctioning off items seized from high-value local tax defaulters.

At the auction on the 27th, Gyeonggi Province put 620 seized items up for public sale and collected a total of 780 million won in delinquent taxes, including taxes recovered through voluntary payments made prior to the auction.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.