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July 27, 2012

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Luxury cars, designer handbags sell at auction

A LOCAL bidder bought a Cadillac at 353,000 yuan (US$55,285), which auction officials said was a bargain, at an auction held by Shanghai Customs at Shanghai Public Resources Auction Center yesterday.

Goods confiscated by Customs - five sedans, industrial material and luxury bags - all were auctioned. Nearly 200 bidders participated.

A Mercedes-Benz car was auctioned at 200,000 yuan, and a Hermes bag brought 46,000 yuan from a starting price of 9,850 yuan.

Altogether 45 of 50 objects were auctioned with a total amount of 3.53 million yuan, which will all be turned into the state treasury.

The auction was organized by Shanghai Huaxia Auction Co and Shanghai Auction Co under the commission of Shanghai Customs, who sent staff to the auction to supervise.

Bidders can also attend the auction online through, a public auction platform of the city.

The auctions are held sporadically and information of the auction was released on the website of Shanghai Customs seven days ahead of time.

Bidders registered at designated auction companies first, and the company organized the bidders to see the objects in the warehouse before the auction.

The auction objects include goods that were smuggled or abandoned by owners.

According to the rule, the owner of an abandoned item can still declare his or her goods at the Customs and get it back, as long as the auction hasn't started yet.

Shanghai Customs held 40 auctions last year and with a total take of 33.69 million yuan; in 2012 there have been 13 auctions and the auction income reached 9.71 million yuan.


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