What happens to all those old bikes in the giant lots?

I’ve lived here a long time but I’ve never been clear on what happens with old/abandoned/lost bikes in Japan but I’ve heard different things and wondered if anyone here knew anymore. I’ve seen bikes slowly amass pieces of ever more threatening coloured pieces of paper around thei handle bars over a period of week’s/months but wanted to ask what happens next?

Are these bikes taken away and stored indefinitely until claimed? Is there a waiting period and then the bikes are resold? Curious what happens.

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