Total Sales in the First Quarter of 2023 in Korea Decreased by 58%

Wednesday, July 26, 2023
Total Sales in the First Quarter of 2023 in Korea Decreased by 58%

The Korean art auction market experienced a sharp decline in the first quarter of 2023. From January to March, the total sales amount at Seoul Auction and K Auction, Korea’s two largest auction houses, decreased by 58% compared to 2022.

The Korea Art Authentication & Appraisal Inc. (KAAAI) published the Art Market Report for the 1st Quarter of 2023 on April 20 and predicted that the Korean art market would be bleak. While most art fields performed poorly in the first quarter of this year, the antique sector was the only one that fared slightly better in the Korean art market.  

The center claimed that the Korean art market has been excessively saturated in recent years. The afterglow of the country’s art market boom still remains. However, the global economic slowdown makes it difficult to view the future of the local art market with optimism.
Seoul Auction and K Auction, the two major auction houses that account for about 80 to 90% of the Korean art auction market, held five major auctions in the first quarter of 2023, raising a total of about 25.3 billion KRW (approximately $19 million). As mentioned above, this is a decrease of about 58% compared to the same period in 2022. The total number of artworks sold was 513, a decrease of 52.4% from 782 in the same period last year.

Stephanie Cime

ArtDependence WhatsApp Group

Get the latest ArtDependence updates directly in WhatsApp by joining the ArtDependence WhatsApp Group by clicking the link or scanning the QR code below

whatsapp-qr

Subscribe to the Newsletter

Image of the Day

Anna Melnykova, "Palace of Labor (palats praci), architector I. Pretro, 1916", shot with analog Canon camera, 35 mm Fuji film in March 2022.

Anna Melnykova, "Palace of Labor (palats praci), architector I. Pretro, 1916", shot with analog Canon camera, 35 mm Fuji film in March 2022.

Search

About ArtDependence

ArtDependence Magazine is an international magazine covering all spheres of contemporary art, as well as modern and classical art.

ArtDependence features the latest art news, highlighting interviews with today’s most influential artists, galleries, curators, collectors, fair directors and individuals at the axis of the arts.

The magazine also covers series of articles and reviews on critical art events, new publications and other foremost happenings in the art world.

If you would like to submit events or editorial content to ArtDependence Magazine, please feel free to reach the magazine via the contact page.