SEOUL, May 18 (Korea Bizwire) — As an increasing number of young collectors are leading the booming art market in South Korea, listed auction houses have seen rising sales in the first quarter of this year.
Seoul Auction, a major auction house and a gallery operator, sold 21.6 billion (US$17 million) won worth of art in the first quarter, an increase of 23.9 percent from last year. The company reported 6.6 billion won in operating profits, up 104.9 percent.
Cape Investment & Securities Co. assessed that Seoul Auction will “see consistent growth as art continues to become more popular.”
Another major auction house K Auction sold 10.9 billion won worth of art in the first quarter, up by 102.8 percent from last year. The company reported operating profits of 3.5 billion won, up by 51.4 percent.
The Korea Arts Management Service reported that South Korea’s 10 art auction houses sold art worth a total of 78.5 billion won at auctions in the first quarter, up by 48.8 percent, and reaching a level not seen since 1998.
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