Platinum Necklace Fails to Sell Despite Fierce Bidding, Set for Second Auction in Kaohsiung

A platinum necklace weighing 5.02 taels drew intense bidding at an auction in Kaohsiung, but no bidder reached the reserve price. The necklace will return to the auction block at 3 p.m. on Friday, Sept. 11.

The Kaohsiung Branch of Taiwan's Administrative Enforcement Agency is selling the item at the request of the Kaohsiung District Prosecutors Office as part of the disposal of criminally seized property. Other high-profile items at the Sept. 1 auction, including Louis Vuitton and Chanel bags, two diamond rings and a gold necklace weighing more than eight taels, sold successfully at high prices.

The branch said it had commissioned the Republic of China Association of Brand Name Luxury Goods Appraisal to authenticate the platinum necklace before the sale. The assessment confirmed its purity and substantial weight. Even so, the branch warned that successful bidders at judicial auctions cannot claim a warranty against defects.

Potential buyers must therefore judge the item's condition and quality for themselves before bidding. The necklace will be available for in-person inspection and registration from 2:30 p.m. on auction day. Bidders can then use their issued numbers to take part in the bidding at 3 p.m.

One tael equals 10 mace, making 5.02 taels equal to 50.2 mace. Based on the day's platinum buyback price of about NT$6,270 per mace, the necklace could fetch roughly NT$315,000 if sold to a jewelry shop for recycling.