In a special summer issue of Art+Auction, which will be published in installments on ARTINFO this month, we bring you the information you need to navigate the vast auction market. We’ve assembled the top 250 houses, along with some of their most notable sales, as well as insider takes from 50 CEOs and specialists on the past year and the changes ahead. Below you’ll find a Q&A with an auction house leader based in Seoul. To see other installments from the special issue, click here.
K AUCTION
Seoul, South Korea
ESTABLISHED: 2005
SPECIALTIES: Modern and contemporary Korean art, Korean antiques, traditional artifacts
CONTACT: k-auction.com, art@k-auction.com, +82 2 3479 8810
Lee Sang-kyu, CEO
What was your most successful auction in the past year?
There was a special themed auction, titled Chun Jae-kook Art Collection, which was a white-glove sale. The Korean government nominated K Auction as the official auction house to sell the collection of former president Chun Doo Hwan. The total of 235 pieces presented, estimated to be worth more than KRW3.7 billion ($3 million), ranged from traditional Korean masterpieces to early modern Korean works [by artists] such as Kim Whanki. The star lot was Kim Whanki’s 24-VIII-65 South East, a 1965 work estimated at KRW450 million to KRW800 million ($424–753,000). The painting shows a stylistic transition to abstraction which the artist made while living in New York.
Which lot was the most exciting or surprising?
[A 1978 acrylic on canvas] by Chung Sang Hwa achieved the astounding hammer price of HKD380,000 ($49,000), nearly double the high estimate. The bidding was fierce in the room, and we were all pleasantly surprised and excited at the same time, as the interest in Korean monochrome was not strong.
Is there an artist, market, or medium you think is overlooked right now? Something you’d invest in?
In terms of investing, we strongly recommend Korean monochromes by monochrome pioneers such as Chung Sang Hwa, Park Seo Bo, and Yun Hyoung Geun. Their works are extremely sought after at the moment. Other recommendations would be works by Lee Dong Youb and Kwon Young Woo. Their works on paper and sculptures could be considered good value for the money. With the strong appreciation of other works executed on canvas, there is most certainly room for growth in the prices.
How have online auctions changed the way you do business?
Our online auctions offer lots in a more affordable price range, in order to encourage our clients to build broader and more diverse collections. We offer offline previews just as with offline sales. We believe that this has enabled us to reach out to collectors in a wider spectrum and that it offers collectors a more accessible auction platform, consequently boosting sales growth.
What other trends do you see influencing the market?
We had a very profitable first half of the year with unmatched interest in Korean monochrome. The emergence of Korean monochromes in the global art scene generated more interest in Korean abstraction in general. We definitely feel that our clients are paying more attention, and we hope for market growth in the second half of the year.
What part of your business saw the most growth in 2014?
We’ve had eight online auctions already this year, more than one per month, and we’ve been very successful, with an average of 80 percent of lots being sold.
Where would you like to take the company in the next several years?
K Auction aims to promote the excellence of Korean art by hosting sales abroad. Previously, K Auction has conducted joint auctions in Hong Kong in alliance with other Asian auction houses under the name of United Asian Auctioneers [formerly AAW]. On March 15, K Auction held its inaugural solo auction. As a pioneer in the Korean online auction market since 2006, K Auction aims to stimulate the market by offering a more frequent auction schedule and affordable lots of high quality. Moreover, we have expanded into other areas, such as jewelry, watches, and musical instruments.
