July Domestic Auction Review

Looking back at the auction market in July, it is evident that auction houses made various efforts to address the stagnant art market conditions. By reviewing the recent major auctions held by leading domestic auction houses, Seoul Auction and K Auction, we can highlight the noteworthy aspects of each auction.

| Seoul Auction Major Auction Review

Seoul Auction's major auction in July sought to introduce changes in both the auction format and the artworks submitted. The auction, named ‘Art Life Balance (A-L-B)’, featured a novel approach: Day 1 was conducted live, while Day 2 was held online.

On Day 1, the auction focused primarily on artworks, presenting a significant number of mid- to low-priced pieces rather than high-priced works. The session featured 93 modern and contemporary artworks, mostly original works valued under 100 million won, along with antique items. Additionally, 23 high-end luxury whiskies and vintage wines were included. With a total of 267 lots, Day 1 concluded with a somewhat disappointing clearance rate of 47.8% and a total sales amount of approximately 1 billion won.

However, notable successes included Chun Kwang Young’s works, Aggregation 20-JU126 (Star21) (2020) and Aggregation 20-JA056(2020), which were sold for 53 million won and 60 million won, respectively, through online and international phone bidding. Additionally, Chang Seong Soun's Abstract 045 (2003) surpassed its high estimate, selling for 44 million won. Among the luxury items, two bottles of 2004 and 2005 Petrus wine sold for 18 million won, catching attention.

On the other hand, the trend of declining high-priced artwork transactions was reinforced by the withdrawal of Yayoi Kusama’s Pumpkin, which was estimated at 700 to 1,000 million won, and the ‘Macallan Lalique,’ with a starting price of 250 million won and only 400 bottles worldwide, just before the auction.

On Day 2, the auction featured 150 lifestyle-oriented items, including Hans Wegner-designed furniture, vintage tableware, art merchandise, and luxury handbags. Most items were priced under 10 million won. Notable sales included a rug featuring artwork by Ayako Rokkaku, which sold for 9 million won, and a Louis Vuitton bag in collaboration with Yayoi Kusama, which sold for 4.5 million won. Additionally, there was strong bidding for Yoshitomo Nara figurines and edition works, as well as Kim SunWoo edition pieces, leading to a fairly positive outcome for the auction.

Seoul Auction is making notable innovations in the domestic auction market, including the introduction of new initiatives. For instance, in addition to the auction mentioned, Seoul Auction recently made headlines by selling the ‘The Palace 73’ officetel in Banpo-dong for 21.9 billion won at their June auction. They also opened ‘The Concierge,’ a luxury second-hand store on the first floor of their Gangnam Center in the same month.

These moves reflect a broader trend among major international auction houses, which generate revenue not only from art but also from luxury items and real estate. Seoul Auction appears to be following this model to diversify its revenue streams. This can also be seen as part of their effort to explore new revenue sources amidst the ongoing downturn in the art market over the past two years.

| K Auction Major Auction Review

K Auction attracted attention by featuring artworks that had not previously appeared in the domestic auction market. One notable example was Kim Yun Shin's 2014 painting titled Rest of My Soul. While sculptures by Kim Yun Shin had been auctioned in Korea before, this was the first time one of her paintings was offered.

The piece, which started with an opening bid of 9 million won, exceeded its high estimate of 60 million won, eventually selling for 64 million won to an on-site bidder, generating significant buzz. This painting was exhibited at Kim Yun Shin's solo exhibition, “Song of the Soul: Kim Yun Shin’s 60 Years of Art,” held at the Hanwon Museum in Seoul in 2015. The work, an oil painting on a 120 x 120 cm canvas, garnered considerable interest and attention.

Kim Yun Shin (b. 1935), the artist behind the painting, is a pioneering female sculptor in Korea. She is known for her unique sculptural language that merges philosophical reflections on nature with totemism, creating works of great depth and intensity. While working in Argentina, which she considers her second home, she discovered similarities between South American totemism and traditional Korean patterns and the Five Colors (Obangsaek). This discovery significantly advanced her artistic practice by integrating these elements into her work.

Kim's extensive body of work includes traditional sculptural practices and extends to painting and printmaking, showcasing a broad spectrum of artistic expression. This year, she was selected as an invited artist for the main exhibition at the Venice Biennale, demonstrating her unwavering commitment and solid presence in the art world even in her later years.

Examining Kim Yun Shin's painting sales from early this year at international art fairs, a 2013 work of similar size was sold for approximately $50,000 to $60,000 (about 67 to 80 million won). Another artwork, Song of My Soul 2011-72(2011), which is smaller than the current piece, sold for around $45,000 to $54,000 (approximately 62 to 74 million won) at a different art fair. This indicates that Kim Yun Shin's paintings generally command higher prices in international markets compared to the domestic market.

Another major highlight was Lee Joong Seop's letter painting Children with Fish and Crab, which started at 140 million won and was eventually sold for 170 million won after competitive bidding through written, phone, and live bids. However, the highest-priced work of the July auction, Lee Ufan's Correspondence, was withdrawn just before the auction despite its initial estimate of 700 million won. Other notable works, such as Kim Chong Hak’s large-scale Summer Mt. Seorak, as well as two pieces by Yun Hyong Keun, Untitled, and Chung Sang Hwa’s Work were also withdrawn.

This reflects a trend where recent transactions have focused on mid- to low-priced works, while high-priced artworks over 500 million won have experienced lower clearance rates. K Auction’s July major auction achieved a clearance rate of 72.85%, a slight increase from the 70.69% clearance rate in June. However, the total sales amounted to approximately 2.4 billion won, a decrease of about 1.5 billion won from June’s 3.9 billion won.

Reflecting on the July auctions of both houses, it is evident that they are making various efforts to improve the challenging art market conditions in their own ways. Given the ongoing economic downturn, it is unlikely that the art market will recover quickly. Nevertheless, these efforts offer hope that they might bring a new breeze to the art market and contribute to its eventual revival.

References

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