K-Auction Signs MOU for Art Auction Partnership in Hong Kong
Art auction company K-Auction (CEO Doh Hyun-soon) announced on the 16th that it has signed a memorandum of understanding (MOU) with Japan’s New Art East West Auction to partner with K-Auction and hold auctions starting with the upcoming New Art auction held in Hong Kong.
Under this agreement, K-Auction will take charge domestically, while New Art Auction will handle Hong Kong and Japan, developing a stage to share each other’s art sourcing and sales capabilities.
Through this strategic cooperation, K-Auction will have the opportunity to easily and effectively introduce Korean artworks to collectors in Japan and Hong Kong, while also providing domestic collectors with simple access to overseas artworks.
New Art Auction, which signed the MOU with K-Auction, is an art auction company whose largest shareholder is the global gallery Whitestone Gallery. New Art Auction started art auctions in 1985 and has over 30 years of experience, with NEW-ART as its parent company. It was the first in Japan to conduct duty-free art auctions in the bonded area of Haneda Airport, recording approximately 21 billion KRW in auction sales in a single event in 2021. It is actively conducting art auctions in Hong Kong and Japan and recently opened a gallery in Seoul.
A K-Auction official stated, “We are pleased to enjoy the same effect as overseas expansion through a strategic partnership without the need for fixed business locations or personnel deployment for overseas art auctions,” adding, “We will continue to strive for global auctions so that collectors worldwide can easily participate in global art auctions.”
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Meanwhile, K-Auction pursues the value of “expanding the art market through the globalization of Korean art” and is expanding overseas art sourcing and networks through its subsidiary Art Native. Additionally, it is committed to building and developing a healthy art market ecosystem through its art tech subsidiary Art Forms (formerly Artecrypto), which pursues art aggregation, and Arte K, which supports emerging artists.
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