Shinsegae Department Store "Considering Acquisition of Seoul Auction... No Confirmed Details Yet"

Shinsegae Department Store Main Branch.

[Asia Economy Reporter Lim Chun-han] Shinsegae Department Store is reportedly considering the acquisition of Seoul Auction, an art auction company.

On the 16th, Shinsegae Department Store stated through a disclosure, "We have considered acquiring Seoul Auction, but nothing has been finalized yet."

In December last year, Shinsegae acquired 856,767 shares of Seoul Auction for about 28 billion KRW, holding a 4.8% stake. At that time, Shinsegae said, "This is to prepare for entering the promising art market while showcasing stable product sourcing and differentiated art business."

In March this year, Shinsegae actively pursued art-related business by adding the exhibition, sale, brokerage, and rental of artworks, as well as related consulting services, to the company's articles of incorporation.

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