Son Ye-jin and Jo Yoon-hee's Home Painting by Artist Woo Guk-won Sold at K-Auction for 19 Times Estimated Price

K-Auction Records Total Bids of 9.1 Billion KRW in August Auction

Ukookwon's 'Attitude'. (Photo by K Auction)

[Asia Economy Reporter Choi Donghyun] The works of artist Ugukwon, well known for being part of the private collections of popular celebrities such as Son Ye-jin and Jo Yoon-hee, were sold at art auctions for amounts reaching 19 times their estimated prices.

K Auction announced on the 26th that at the August auction held the previous day at their headquarters in Sinsa-dong, Gangnam-gu, Seoul, they recorded a winning bid rate of 87% and a total winning bid amount of 9.0773 billion KRW.

At this auction, three works by Ugukwon were exhibited and all sold far beyond their estimated prices. In particular, 'Attitude' was auctioned starting at 5 million KRW and finally sold for 95 million KRW. 'Show Me What I'm Looking For' was sold for 150 million KRW.

Lee Ufan's 'Dialogue'. (Photo by K Auction)

The highest-priced work was 'Dialogue' by Lee Ufan from 2012, which started at 500 million KRW and was sold for 700 million KRW after intense competition through written bids, on-site, telephone, and online. This work reflects the artist’s increasingly minimalist style since the mid-2000s and deepens the dialogue between the canvas, the viewer, and the space.

A total of five works by Kim Whanki were auctioned, all finding new owners. The piece 'Untitled' (1936), created during his studies in Japan and exhibited at auction for the first time, was sold for 200 million KRW. Among Kim Whanki’s works, the highest price was for '8-VIII-66' (1966), which sold for 510 million KRW.

The monochrome master Ha Chonghyun’s 'Jophap 96-101' was sold for 410 million KRW after competitive bidding. Yoon Hyungkeun’s 'Burnt Umber & Ultramarine' sold for 310 million KRW, and Kim Jonghak’s 'Seorak Landscape' was sold for 160 million KRW.

Following the monochrome artists and leading the Korean abstract art market, Lee Geonyong’s 'Bodyscape 76-1-2017' sold for 95 million KRW, 'Painter of Charcoal' Lee Bae’s 'From Fire' for 90 million KRW, Lee Kangso’s 'An Island-06030' for 85 million KRW, and Kim Taeho’s 'Naegaeul 2008-47' for 125 million KRW.

Jesus Rafael Soto's 'Trois Carr?s Avec Rouge'. (Photo by K Auction)

Competition for overseas works also continued. Abstract art master Jes?s Rafael Soto’s works 'Untitled' and 'Trois Carr?s Avec Rouge' (Three Squares with Red) were sold for 200 million KRW and 250 million KRW respectively. These works create new images by inducing optical illusions in the viewer’s eye.

Yang Hye-kyu, who is based in Berlin and active between Seoul and Berlin, had his work 'Original Caution' auctioned starting at 30 million KRW and sold for 62 million KRW.

An 18th-century antique, 'Jeongsanggi-style Dongguk Map (鄭尙驥式 東國地圖)', was auctioned starting at 45 million KRW and, after competition, was sold for 72 million KRW to a new owner.

A representative from K Auction stated, "It is noteworthy that the winning bid amount was 121% of the starting price in this auction," and predicted, "This trend will continue into the second half of the year."

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