SEOUL, March 8 (Korea Bizwire) — Department store chains are jumping into the art market as more consumers are going beyond exhibiting artworks to collecting and investing in them. Coupled with the rising trend of home decoration, the art market is sizing up rapidly.
Lotte Department Store has been selling artworks at six stores since last year. Out of some 1,000 artworks the store introduced on- and offline last year, 200 of them were sold.
Shinsegae Department Store spent 28 billion won (US$22.6 million) to purchase a 4.8 percent share of Seoul Auction, a major auction house based in Seoul, to expand on its artwork business.
The company plans to purchase artworks regularly and increase cooperation in service-related fields.
Hyundai Department Store currently runs galleries at nine of its stores, holding more than 100 exhibitions and sales each year.
A recent art fair held at the Hyundai Seoul was visited by more than 30,000 people. Some 50 artworks out of 160 pieces were sold in only 10 days.
Image Credit: Lotte Department Store / Shinsegae Department Store / firstname.lastname@example.org