[Report] "Auction Starts Now" Bid Price Quadrupled in 20 Seconds

Record-High Estimated Prices in 10 Years at Art Auction Site

Online, Written, and Phone Participation Available
Over 100 Attendees Present at K Auction Venue

Total of 166 Items Worth 16.3 Billion KRW Offered
Lowest Estimate Marks Highest Amount in 10 Years
74% Success Rate, 13.57 Billion KRW Sold
Lee Ufan's 'With the Wind' Sold for 1.3 Billion KRW
Highest Price: 1.31 Billion KRW by Japanese Artist

On the 17th, an art auction is taking place at the K Auction headquarters in Sinsa-dong, Gangnam-gu, Seoul.

[Asia Economy Reporter Donghyun Choi] "75 million won," "80 million won," "82 million won," "Is that all?" "Sold to bidder number 000 for 82 million won," ‘Bang!’

On the 17th, at the March major auction held at K Auction's headquarters in Sinsa-dong, Gangnam-gu, Seoul, the bidding speed suddenly accelerated as the auction for the late artist Kim Chang-yeol's (1929?2021) work ‘Water Drops (1977)’ began. The estimated price range was 12 million to 35 million won. Starting at 10 million won, the bid increased by 1 million won increments and jumped to 40 million won within 20 seconds. Eventually, the auctioneer adjusted the bidding increments, raising the minimum bid to 5 million won before lowering it back to 2 million won to control the pace.

‘Water Drops’ was finally sold for 82 million won, more than eight times the starting price. When the auctioneer struck the gavel to signal the final sale, the crowd in the auction hall applauded in unison. The piece, measuring only 15.8 cm in width and 22.7 cm in height?about the size of a small frame?sold for a higher price than expected, heating up the atmosphere. As one man attending the auction said, "Kim Chang-yeol is definitely the trend these days."

All nine works by Kim Chang-yeol offered at the auction found new owners that day. The highest-priced piece was ‘Water Drops LSH70 (1979)’, which sold for 360 million won. It exceeded the lower estimate of 300 million won but fell slightly short of the upper estimate of 400 million won. Last month, Kim’s work set a new record for the artist at Seoul Auction’s major auction with a sale price of 1.04 billion won.

Kim Chang-yeol's 'Water Drops (1977)' sold for 82 million KRW at K Auction's major March auction

The auction also featured numerous works by domestic painting masters such as Kim Whanki (1913?1974), Lee Ufan, and Park Seo-bo. Important traditional artworks like the portrait of scholar Song Si-yeol, ‘Seosudo (瑞獸圖)’, and ‘Sibrogyohoe-do (十老契會圖)’, as well as ten pieces of late Joseon white porcelain, were also up for sale. The total number of lots was 166, with an estimated value of 16.3 billion won, marking the highest amount based on the lower estimate in K Auction’s history over the past decade.

The highest estimated price among the works was Lee Ufan’s ‘With the Wind (1987)’, estimated between 1.3 billion and 2 billion won. Feeling constrained by the controlled discipline of dots and lines in his earlier work, Lee focused on the theme of ‘wind’ as a symbol of freedom starting in the early 1980s. This piece started bidding at 1.2 billion won and was sold for 1.3 billion won at the auction.

The highest final bid of the day was recorded by Japanese installation artist Yayoi Kusama’s ‘Infinity Nets (ZZOOX)’, which sold for 1.31 billion won. The estimated price for this work was not publicly disclosed. K Auction reported a total sales amount of 13.5803 billion won and a sell-through rate of 74% for this auction. The total sales amount was the highest in four years since April 2017, when it reached 16.4 billion won.

Lee Ufan's 'With the Wind (1987)'

The auction allowed participation via online, written bids, and telephone. However, about 100 people gathered on-site, reflecting the recent boom in the art market. K Auction installed screens and seating in three exhibition halls on the first floor and basement to allow real-time viewing of the auction, aiming to disperse the crowd. Mr. Lee (71), who visited the venue, said, "Collecting paintings has become a hobby in my old age. The feeling is definitely different from seeing them in photos, so I came an hour early to look at all the works."

People in the art industry agree that demand for artworks has actually increased due to COVID-19. K Auction originally held major auctions every two months but plans to hold them every six weeks going forward. A K Auction official said, "As people spend more time at home due to COVID-19, interior enthusiasts are increasingly seeking artworks. Moreover, with the rapid rise in stocks, Bitcoin, and real estate prices, abundant liquidity with nowhere else to go is flowing massively into art."

This trend is also evident in the stock market. Seoul Auction, an art auction company listed on KOSDAQ since 2008, saw its stock price surge 47.5% from 9,250 won on the 26th of last month to 13,650 won on the 17th. Seoul Auction’s first major auction this year, held last month, recorded total sales of 11 billion won and a sell-through rate of 90%. Last year’s first major auction had total sales of 5 billion won and a sell-through rate of 60%.

Researcher Juwon Ahn of Yuanta Securities said, "In the past, the art market was centered around a small number of collectors, but now the consumer base has diversified through online channels, turning it into a more popular market. As the value of artworks owned by auction companies themselves rises, their performance is expected to increase significantly this year."

This content was produced with the assistance of AI translation services.