Seoul Auction Achieves Record-Breaking Results with Highest Total Winning Bid of 24.9 Billion Won

Seoul Auction announced on the 27th that its November offline auction, held recently, achieved a total winning bid amount of 24.9 billion won, the highest for any regular auction in South Korea this year. Based on its unrivaled position in the art auction market, Seoul Auction plans to respond to demand not only from domestic but also international collectors.

The Seoul Auction November offline art auction, held over two days starting from the 24th, recorded a winning bid rate of 72.29% and a total winning bid amount of 24.9 billion won. This marks the highest figure for an art auction in South Korea this year, and Seoul Auction has succeeded in achieving the highest monthly total for three consecutive months. Notably, during the first day's Evening Sale, Marc Chagall's 'Bouquet of Flowers' was sold for 9.4 billion won, setting a new record for the highest price ever achieved in the domestic art auction market.

Seoul Auction plans to expand its dominance in the domestic art auction market, leveraging its position as the number one auction house in South Korea. The company explained that, in order to further increase its market share and maximize performance, it will hold monthly offline auctions starting next year, following the regular auction scheduled for December.

A company representative stated, "It is encouraging that the November auction, with the new Evening Sale format, generated results based on high-value works in the domestic art market," adding, "With the successful conclusion of this auction, which featured Marc Chagall and numerous other high-priced international artworks, and was structured on par with major global auctions, we expect to see increased participation from overseas collectors in the future."

The November Seoul Auction offline event was conducted in two formats: the high-end 'Evening Sale,' where global auction houses offer major high-value works in separate auctions, and the 'Day Sale,' targeting younger and trendier collectors. In particular, the Evening Sale concluded successfully amid strong interest from both domestic and international collectors.

Seoul Auction has been leading the rebound in the domestic art auction market in the second half of this year. Following record-breaking total winning bid amounts in September and October, the company once again set a new annual high with this month's auction. Seoul Auction is expanding the range of auction items to include not only artworks but also luxury goods, thereby increasing the scale of winning bids. Looking ahead, the company plans to focus on premium auctions to further improve its performance.

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