Bengaluru sources have stated that keen numismatists and philatelists scouting for rare coins and philately materials through auctions in the country may have a long wait. For, the Archaeological Survey of India (ASI)-licensed auction houses have put on hold their auctions at least till August.
It was stated that higher GST rates imposed on antique coins and philately, and also on the commission charged for auctions, have forced auctioneers to wait for the GST roll out before deciding on future dates.
While Bengaluru saw its last auction in February this
year, the next auction will not be held before August. Similarly, other auction
houses, mostly in Mumbai, have put on hold their auctions indefinitely,
industry sources confirmed. There are six ASI-licensed auction houses in the
country that are authorized to auction rare coins.
Rajender Maru of the Marudhar Arts, an ASI-licensed Bengaluru auction house in the country said "Philately and numismatics have been all along seen as a hobby, which is pursued by all sections of the society. These also help save the country’s history and heritage, and making these hobbies expensive by higher taxes is not fair,” The auction houses have decided to wait and watch before we decide to hold auctions. In the proposed GST rate, we do not see many participating anyway.