The “Golden Bat” statue built by Hampyeong County
HAMPYEONG, South Korea, Jan. 28 (Korea Bizwire) — Soaring gold prices in South Korea have cast a new spotlight on an unlikely symbol of local ambition: a golden bat sculpture in the rural county of Hampyeong.
As domestic gold prices surged to record highs this week, the value of the sculpture — made partly of solid gold — has risen dramatically, transforming what was once criticized as an extravagant public project into a newly appreciated asset.
According to local officials and the Korea Gold Exchange, the price of 24-karat gold reached 1.034 million won per 3.75 grams on Wednesday, the highest level on record. Prices first crossed the one-million-won mark last week and have continued to climb, buoyed by rising global gold prices and growing investor demand for safe-haven assets.
The rally has revived interest in the “Golden Bat” statue built by Hampyeong County in 2008. The installation features six gold bats in flight mounted on a large silver structure measuring 1.5 meters wide and 2.1 meters tall. In total, the sculpture contains 162 kilograms of pure gold and 281 kilograms of silver.
At the time of its construction, the project drew criticism for its 2.7 billion won material cost and its failure to deliver a noticeable boost in tourism, raising questions about the use of public funds.
But with gold prices having multiplied several times over the past decade — climbing from roughly 100,000 to 300,000 won per unit in the late 2000s to more than 1 million won today — the estimated material value of the gold alone now exceeds 38 billion won, according to current prices.
The county had previously limited public access to the sculpture, citing security concerns, displaying it only temporarily at a nearby ecological exhibition hall. As public interest has grown, however, local officials have upgraded the exhibition space and moved to make the display permanent.
“The Golden Bat is not merely a collection of gold and silver,” a county official said. “It represents Hampyeong’s ecological identity and has become a genuine asset.”
While the rising value has prompted renewed attention, officials said plans to create additional gold sculptures are unlikely, given the current price of the metal.
What was once seen as a costly miscalculation is now being reconsidered — a reminder of how shifting markets can alter the legacy of public projects long after their unveiling.
Image credit: Hampyeong-gun, Yonhap / photonews@koreabizwire.com
