Art market holds up despite economic downturn

SEOUL, June 30 (Yonhap) -- Seoul Auction, South Korea's second-largest art
auction house, sold off 75 percent of artworks offered during its second major
auction this year, proving that the local art industry is doing surprisingly well
amid the ongoing economic downturn, company officials said Tuesday.

The total amount realized by the sale was nearly 5.1 billion won, or US$3.9
million, an increase compared to the 66 percent sold in the auction held during
same period last year. A total of 139 artworks were sold from the 186 up for bid,
the auction house said.
The total amount of sales, however, has decreased, with the June auction in 2008
raising 17 billion won, Seoul Auction said. The auction house raised a record
amount of 35 billion won at its auction during the first half of last year.
An increasing number of art dealers in Korea and elsewhere have been turning
their eyes to relatively cheaper and "safer investment" materials as the Wall
Street-sparked financial crisis continues to affect the global economy.
Veteran South Korean artist Lee U-fan's oil painting was sold at the highest
price of 701 million won, followed by paintings of Park Soo-keun and Kim Whan-ki.
hayney@yna.co.kr
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