S. Korea's booming art market boosts auction houses sales
South Korea’s listed auction houses have seen rising sales in the first quarter as an increasing number of young collectors are leading the booming art market
In the first quarter, Seoul Auction, a major auction house and gallery operator, sold 21.6 billion won worth of art, up 23.9 percent from the previous year. The company recorded operational profits of 6.6 billion won, up 104.9 percent.
Seoul Auction, according to Cape Investment & Securities Co., would experience constant expansion as art becomes more popular.
Another prominent auction house, K Auction, sold 10.9 billion won worth of art in the first quarter, increasing 102.8 percent from the previous year. The company recorded 3.5 billion won in operating profits, up 51.4 percent.
According to the Korea Arts Management Service, South Korea's ten art auction houses sold art worth a total of 78.5 billion won at auctions in the first quarter, an increase of 48.8% and a record high since 1998.