SEOUL, May 9 (Korea Bizwire) — Scattered investment in which multiple investors chip in to buy an expensive artwork has increased significantly over the last three years.
Four local online art investment platforms reported via apps and web pages showed that the accumulated value of collective purchasing had reached 96.3 billion won (US$75.6 million).
ArtnGuide, the country’s first collective purchasing platform established in November 2018, sold art worth 36.3 billion won, besting all of the other platforms.
TESSA, another platform that jumped into the collective purchasing business in April 2020, sold only 43 artworks to rank last, but high prices made it the second largest seller by value at 27.7 billion won.
Sotwo, a collective purchasing platform run by Seoul Auction Blue, generated 24.7 billion won in sales after joining the collective purchasing market in November 2020. While a latecomer to the market, the company sold 183 artworks, the most among all platforms.
Seoul Auction Blue reported there are currently some 55,000 Sotwo members, 56 percent of whom are from the MZ generation, composed of Generation Z and millennials.
Image Credit: TESSA / Sotwo / firstname.lastname@example.org