Rare coin auctioneers emptying their coffers

MUMBAI: The prospects of having to pay a higher goods and services tax ( GST) on sale of rare coins and collectibles have prompted leading auction houses to empty their treasure troves by holding “pre-GST auctions.” In June alone, top auctioneers in the country have invited bids for over 1,000 rare coins, medallions and old currency notes.

Till now, auction houses were only paying 1-1.2% VAT on coins and collectibles sold by them. Under GST, they will be required to pay 5% on all items sold.

Todywalla Auctions, one of India’s largest rare coin auctioneers, will open their bidding counters on Wednesday, showcasing over 430 rare coins, currency notes and medallions worth 5.6 crore (floor price only).

Last week, two other auction houses – Oswal Antiques and Kohinoor Auctions – held their public sale of collectibles.

“Auction houses are not very sure how GST would turn out for them… So they’re holding auctions before the new regime kicks in. Prices of rare coins and collectibles may go up under GST,” said Girish Veera, owner of Oswal Auc