Korean Art Auctions Lead Asian Modern Art Revival – artmarketblog.com

kusama infinity start1 Korean Art Auctions Lead Asian Modern Art Revival   artmarketblog.comNot since the heights of the 2007/8 art market boom have we seen the sort of prices being paid for contemporary Asian art and Korean auction houses are at the forefront of the revival.  The prices being achieved in Korea, particularly for Korean artists, signals an exciting revival of the market for works by modern and contemporary Asian artists.  Whether the revival can rival the boom of 2007/8 remains to be seen.

Korean auction house K-auction achieved the second $1,000,000 USD plus price for a Yayoi Kusama painting this year with the artist’s Infinity stars which sold for a hammer price of $1,061,897 USD at the auction house’s Wednesday, March 21, 2012 Spring sale.

Top prices were also received for:

lot# 145
Artist Zeng Fanzhi
Title Portrait
Medium oil on canvas
Size Height 59.1 in.; Width 86.6 in. / Height 150 cm.; Width 220 cm.
Year 2006
Estimate 1,000,000,000 – 1,500,000,000 KRW (884,914 – 1,327,371 USD)
Sold For 950,000,000 KRW (840,668 USD) HAMMER

lot# 29
Artist Kim Whanki
Title L’oiseau à la soirée
Medium oil on canvas
Size Height 17.7 in.; Width 33.5 in. / Height 45 cm.; Width 85 cm.
Year 1966
Estimate 500,000,000 – 700,000,000 KRW (442,457 – 619,440 USD)
Sold For 510,000,000 KRW (451,306 USD) HAMMER

lot# 30
Artist Kim Whanki
Title Untitled
Medium oil on canvas
Size Height 49.2 in.; Width 31.9 in. / Height 125 cm.; Width 81 cm.
Year 1968
Estimate 500,000,000 – 600,000,000 KRW (442,457 – 530,948 USD)
Sold For 500,000,000 KRW (442,457 USD) HAMMER

waterdrops kim tschangyeul Korean Art Auctions Lead Asian Modern Art Revival   artmarketblog.comSeoul Auction also produced some fantastic results with their Tuesday 20th March 2012 Modern and Contemporary art auction at their SeoulAuction Space in Pyeongchan. Leading the way were works by Korean artists Park SooKeun, Kim WhanKi and Yoo YoungKuk. The top price of the sale went to Park SooKeun’s Women on Roadside which achieved a hammer price of $547,540.78 USD (KRW 620,000,000) against an estimate of $357,000 ~ 446,000 USD. Another work by the artist titled Mother and Son, Two Women fetched the second highest price of the sale with a hammer of $441,392.42 USD (KRW 500,000,000).

Kim WhanKi’s Untitled (1970) was another highlight of the Seoul auction sale bringing in $353,144.26 USD (KRW 400,000,000) while the $309,157.79 USD (KRW 350,000,000) achieved by Kim TschangYeul’s Waterdrops was the highest auction price achieved for the artist’s work since 2008.

1. Yayoi Kusama
Title Infinity stars
Medium acrylic on canvas
Year of Work 1995
Size Height 114.2 in.; Width 205.9 in. / Height 290 cm.; Width 523 cm.
Sale of K Auction: Wednesday, March 21, 2012 [Lot 00131]
Spring sale
Estimate 1,200,000,000 – 1,500,000,000 KRW (1,061,897 – 1,327,371 USD)
Sold For 1,200,000,000 KRW (1,061,897 USD) HAMMER

2. Kim TschangYeul (1929~ )
Oil on hemp cloth
196.2×130cm (120) (77.2×51.2in) | 1975
signed on the lower right

**Nicholas Forrest is a Sydney/London based art market analyst, art consultant and writer.  He is the founder of the Art Market Blog (artmarketblog.com) which offers independent commentaries as well as research and analysis on the current art market, and has recently been published in Fabrik magazine, Verve magazine, Visual Art Beat magazine, Australian Art Collector magazine, Art & Investment magazine and many others.  Nic has made several radio appearances (both nationally and internationally) as an art market expert and has received press from the likes of the New York Times, Conde Nast Portfolio and Times of London.

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