The Hwarang Art Festival held at COEX in Seoul on the 3rd to 7th has achieved unprecedented sales performance. Until last year, artworks in the range of millions of won were mainly sold, but this year, even hundreds of millions of won works are being sold as if with wings. This is because real estate regulations and stock market downturns cause lost money to flock to the art market.
New collectors who have recently appeared are sweeping the works of blue chip artists and young artists who are attracting attention, such as water droplets artist Kim Chang-yeol, art painting master Lee Ufan, monochrome masters Park Seo-bo and Ha Jong-hyun, body drawing artist Lee Kun-yong. The works of renowned artists are recognized as safe assets such as gold and dollars, and the rich invest in artworks without dwelling on the recession. In fact, even when offline auctions were stopped due to Corona 19 in January-May of last year, the sales of Christie’s private sale for VIP collectors increased by 120% from the previous year.
Hwarang CEO Han said, “The number of customers asking for a picture with high investment value after arranging one house with heavy taxation for one household, two houses, and bringing stocks, has increased.” “As the number of’Zipcocks’ due to Corona 19 increased, the interior The number of young customers looking for dragon art has increased,” he said.
Experts analyze that at the Gallery Art Festival this spring, which replaces the demand for the Korean International Art Fair (KIAF) in the fall, which could not be held due to Corona 19 last year, collectors are showing a phenomenon of retaliatory consumption that relieves the desire to purchase art objects that have been suppressed so far.
Kim Dong-hyun, team leader of the Korean Gallery Association, which hosts the Hwarang Art Festival and Kiev, said, “We haven’t been able to do foreign art fairs, and since the art fair was opened in Seoul after a long time, the number of visitors has increased three times from last year.” But this year, galleries come out with masterpieces and sales are good, so it feels like Kiev is opening.”
The galleries are also amazed by their sales performance beyond expectations. Seoul Kukje Gallery is a collection of 500 million won Park Seo-Bo’s 2008 work’Mystic Law No. 080704`, Jenny Holzer works at 300 million won in 2020, Jonghyun Ha Jong-hyun at 70 million won in 2019,’Joint 19-19′, Julian Opie at 60 million won in 2014, and Choi Wook-kyung at 10 million won in 1960s.
Gallery Hyundai sold three pieces of Lee Kun-Yong’s works worth 100 million won, as well as Lee Woo-hwan’s ceramics, Kim Min-jung, Lee Seul-gi, Park Min-jun, and Kim Seong-yoon’s works. Kim Chang-yeol’s 1990’Return’ No. 120, worth 450 million won, is being discussed for sale by a customer asking for a transaction to be held.
An official from Gallery Hyundai said, “The exhibition price is lower than the auction price (secondary market), and Lee Kun-yong, who participates in the Korean avant-garde special exhibition at the Guggenheim Museum in the United States next year, has gained popularity due to its high investment value.” He said, “I am very interested in young writers such as Seulgi Lee, Minjun Park, and Seongyoon Kim, who have high potential for growth.”
The topical work of this gallery art festival was Kim Chang-yeol’s recent deceased water droplet painting. Gallery BHAK sold 3 pieces of Kim Chang-yeol’s works worth 100 million won, and Pyo Gallery also sold 2 pieces of water droplets in the 1980s. Most of the props from Seo Seung-won, a monochromatic master at PKM Gallery, were also sold.
The young artist’s progress was also noticeable. Works such as Hyung-myung Moon, Maria Jang, Hakgojae Gallery Kim Jae-yong, Lee Hwaik Gallery Lee Jung-eun, Kim Mi-young, Ha Ji-hoon, Sun Gallery Lee Young-ji, Jung Young-ju, Pyo Gallery Woo Guk-won, and Gallery Baton Jeong Hee-seung were popular.
The representatives of the gallery, with exceptional sales performance, said, “The works are sold as well as in the early years of the art market boom in 2005-2007.”
The booming prelude rang at the Seoul Auction auction last month, which recorded 90% of the winning bids and 11 billion won in winning bids. All seven works of Kim Chang-yeol were sold, and Lee Woo-hwan’s 150th’Joeung’, which was auctioned for 410 million won, was close to the trade price during the booming art market in 2007. Recently, the Korean Art Appraisal Research Center diagnosed that the initial pattern that took place in the art market during the period of rapid growth from 2005 to 2007 is now taking place.
Celebrities such as RM (Kim Nam-joon), the leader of BTS who are purchasing major works of Korean modern and contemporary art, Park Young-sun, the Mayor of Seoul Mayor of the Democratic Party, and Ja-yeol Koo, the chairman of the Korea International Trade Association, also visited to add heat. Reporter Jeon Jeon
Visitors are crowded at the gallery booth at the Hwarang Art Festival. 
At the Gallery Hyundai booth at the Hwarang Art Festival, visitors are admiring painter Kim Chang-yeol’s 1990 water drop painting’Return’. [ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]