An auction event in Seoul on March 12, 2019. (Yonhap)
SEOUL, May 25 (Korea Bizwire) — Seoul Auction, South Korea’s only listed auction house and a gallery operator, said Saturday it will hold a new online auction dubbed “Art Circle” to overcome the crisis posed to the art world resulting from the coronavirus pandemic.
When a submitted entry is sold, the artist will set aside half of the winning bid for a junior artist he or she recommends.
Collectors contribute to accumulating saved money by purchasing works. The auction starts at zero won so that more people can participate by lowering the threshold for an art auction.
It is a “Good-hearted Auction” campaign to create a sustainable art ecosystem through a virtuous cycle leading to creation, distribution, consumption, and donation, the company explained.
The Art Circle auction will be held online on the website of Seoul Auction.
The first auction will close at 2 p.m. on Friday. The preview exhibition will be held at the Seoul Auction’s Gangnam Center.
Forty-three artists, including Kim Tschang-yeul, well-known for the “Water drops” series, participated in the auction.
Seoul Auction will continue to arrange additional “Art Circle” auctions.
Anyone who is recommended by the first artist can participate. As recommendations continue, the hope is that many artists will have the opportunity to be introduced to the market anew.
Ashley Song (ashley@koreabizwire.com)
