Farmland court auctions nationwide recorded a 15.2% success rate and an average price-to-appraisal ratio of 38.7% in October, both record lows. GG Auction said 4,536 farmland parcels entered court auctions, but only 690 were sold. The success rate declined each month from 17.4% in May to 15.2% in October, while the price ratio fell below 40% for the first time after remaining in the 40% range from November last year through September. The downturn followed the government’s nationwide survey of farmland acquired since 1996. In the initial survey, 2.84 million parcels, or 27.0% of those examined, were flagged for potential violations of the Farmland Act. One 1,293-square-meter field in Wonju, Gangwon Province, sold for 8.1 million Korean won on Oct. 12, or 11.8% of its appraised value. An agricultural-sector source said the survey dampened buyer interest and affected the auction market.