This study examines the effect of the factors carefully selected and expected to explain sales value ratio of factory items which are offered by financial institutions in voluntary auction markets due to foreclosures. The geographical area chosen for our research includes Busan Metropolitan City, Ulsan Metropolitan City, and Gyeongsangnam-do Province. These three regions belong to the Southeastern Maritime Industrial Belt, which have been developed as heavy industry or chemical industry complexes surrounding the seaport cities along the Korean Southeastern coastal lines. We examine the cases of finalized sales of factory items based on the voluntary auctions which are offered by banks and are due to foreclosures among factory items that banks have held as collaterals for loans. Our data are attractive in that previous researchers neglect factory items and that our manually collected data are not available from public Korean court auction sites. Our test shows that increase in appraised value leads to decrease in sales value ratio. It is revealed that change of date leads to a positive and significant effect. The number of bidders shows a positive and significant effect, and the number of miscarriages reveals a negative effect. Factories with high appraised machinery value are significantly likely to show low possibility of being in use due to excessive stock of idle equipment and deterioration. The dummy for heavy industry shows a positive effect on the sales value ratio. One of the most important contributions of our research is that we show that higher weight of machinery value leads to a negative effect on the sales value ratio in cases of factory items. This leads to a suggestion that we need to double check the efficiency of blanket auction for factory items. We believe we have contributed to introducing some ways to attenuate informational asymmetry in the markets for factory items.