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Korean artworks bring in KRW 98.9 billion at auction in first half of 2017 Kim Hwanki’s paintings continue dominance over auction market

posted 19 July 2017

The Korea Art Price Appraisal Association (KAPAA) and Artprice released a report on the Korean auction market during the first half of the year
Six of Kim’s works included in top 20 highest priced artworks
Popularity of monochromatic paintings continues



Tranquillity 5-IV-73 #310 by Kim Hwanki sold for KRW 6.55 billion at K Auction in April last year [Photo courtesy of Korea Art Price Appraisal Association]
Tranquillity 5-IV-73 #310 by Kim Hwanki sold for KRW 6.55 billion at K Auction in April last year [Photo courtesy of Korea Art Price Appraisal Association]

The total of auctioned artworks in Korea (including pieces sold at Korean auction houses’ international entities) for the first half of this year was reported at KRW 98.9 billion.

According to a report released July 3 by KAPAA (President: Cha Dae-young) and Artprice, the total sale of Korean artworks at 12 local auction houses for the first half of this year was KRW 989,411,410. A total of 9,515 works were sold out of 14,027 artworks on offer, marking a successful bidding rate of 67.83 percent.

In terms of auction turnover, Seoul Auction maintained its first position (accounting for 48.4 percent of total bids) with a turnover of KRW 47.9 billion, followed by K Auction (39.9 percent) with KRW 39.5 billion, among Korean auction houses. Sales at these two major auction houses account for 88.3 percent of Korean auction market sales, still a dominant proportion of the local auction market. However, it has slightly decreased from the 92 percent reported at the end of last year.


Sales Proportion of Auction Market [Source: Korea Art Price Appraisal Association]
Sales Proportion of Auction Market [Source: Korea Art Price Appraisal Association]

“The popularity of monochromatic paintings at both major auction houses has somewhat decreased. This seems to have happened as small and medium auction houses succeeded in targeting niche markets such as ones for mid–low price range works and Korean traditional artworks,” noted Kim Yeong-seok, head of the appraisal committee at KAPAA.

In terms of the highest auction prices among artworks on offer during the first half of the year, the popularity of the artist Kim Hwanki (1913–1974) is still evident. Among the top 20 works, as many as six pieces, including the top three, were his paintings. The total sale of Kim’s paintings marked KRW 14.6 billion, much higher than the second top seller, Lee Ufan, with KRW 5.2 billion.

Among the top 20 artworks, 12 works were monochromatic paintings, proving their continued popularity.


Rank Artist Title Size Medium Year Price (KRW) Auction house Date
1 Kim WhanKi Tranquillity 5-IV-73 #310 261☓205cm Oil on cotton 1973 6,550,000,000 K Auction 2017.04.12
2 Kim WhanKi 18‒II‒72 #221 48.5☓145.1cm Oil on cotton 1972 2,167,650,000 Seoul Auction Hong Kong 2017.03.24
3 Kim WhanKi 4−Ⅵ−74 #334 120.6☓86.0cm Oil on cotton 1974 1974 Seoul Auction Hong Kong 2017.05.28
4 Lee Ufan With Winds 161.5☓227cm Oil and mineral pigment on canvas 1990 1,661,865,000 Seoul Auction Hong Kong 2017.03.24
5 Kim WhanKi 19-V-69 #57 176☓125cm Oil on canvas 1969 1,020,000,000 K Auction 2017.02.22
6 Chun KyungJa With Van Gogh 40.5☓31.6cm Color on paper 1996 820,000,000 Seoul Auction 2017.03.07
7 Blue & White Porcelain Bottle Pitcher 17.3☓16☓16(h)cm Porcelain JoSeon Period 730,000,000 Seoul Auction 2017.04.26
8 Chang UcChin Jar 45.1☓37.7cm Oil on canvas 1949 700,000,000 Seoul Auction 2017.03.07
9 Chun KyungJa Sister Gillye 46☓34cm Color on paper 1982 700,000,000 K Auction 2017.06.14
10 Paik Namjune Stag 56☓111☓102(h)cm mixed media, 4TV monitors 1996 660,468,000 Seoul Auction Hong Kong 2017.05.28
11 Lee Ufan From Line 90.5☓72.5cm Oil and mineral pigment on canvas 1977 574,320,000 Seoul Auction Hong Kong 2017.05.28
12 Kim WhanKi Untitled 90☓63cm Oil on canvas 1966 560,000,000 Seoul Auction 2017.06.28
13 Lee JoongSeop Father Playing with Two Sons 31☓48.5cm Oil on paper 1952-53 550,000,000 Seoul Auction 2017.06.28
14 Kim Sou Le Ciel S'écroule 142☓245cm Mixed media on canvas 1989 545,604,000 Seoul Auction Hong Kong 2017.05.28
15 Park SeoBo Ecriture No.4-82 145.5☓112.1cm Pencil and oil on hemp cloth 1982 540,000,000 K Auction 2017.02.22
16 Scholar’s Utensils 363.8☓110.8cm(8ea) Color on paper 540,000,000 Seoul Auction 2017.03.07
17 Chung SangHwa Untitled 76-9-12 130.3☓97cm Acrylic on canvas 1976 515,000,000 K Auction 2017.02.22
18 Kim WhanKi Untitled 57.3☓91.5cm Oil on paper 1973 500,000,000 Seoul Auction 2017.06.28
19 Park SeoBo Ecriture No.214-85 75☓150cm Pencil and oil on hemp cloth 1985 500,000,000 K Auction 2017.06.14
20 Chung SangHwa Untitled 97-1-24 162.2☓130.3cm Acrylic on canvas 1997 470,000,000 K Auction 2017.02.22

The 20 highest auction prices during the first half of 2017 [Source: Korea Art Price Appraisal Association]

 



 

 

Park Sang-hun / Reporter, Aju Business Daily

 

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