Art Auction Market in South Korea Experiences Polarization amid Economic Uncertainties
Creatrip Team
a year ago
The art auction market in South Korea saw a decline in total sales last year, dropping 25.2% from the previous year to 1,135 billion won. Despite fewer auctions and artworks being sold compared to 2023, a polarization was observed with high-value artworks still constituting 22% of the total sales. The majority of transactions involved artworks priced between 100 million to 500 million won. The market's performance was influenced by global economic downturns and political uncertainties, and the outlook for 2025 remains unpredictable due to recent political changes.
