Korean artists are not lagging behind their Asian counterparts
ARTinvestment.RU   04 ноября 2008

The works of artists from South Korea does not enjoy less success than the work of their colleagues from other countries in Asia

In the recent impressive pace of rising demand and prices for works by artists from Asia, including the works of South Korean artists. On the one hand, this process of pushing the changes in the last 20 years, occurring within the country (democratic elections in 1987 and the 1988 Olympics in Seoul). C the other hand, it has a great influence the success of contemporary artists in China and India.

Korean art market is not at a standstill due to the Asian auction houses Borobudur Singapore and Seoul Auction Center. However, Christie's and Sotheby's have been frequently include works of Korean artists in the list of lots in its bid works of contemporary Asian art. In Korea also conducted its own art fair, KIAF, which is in September this year was already the seventh time.

Now Korean artists often take part in auctions and major exhibitions in the West, and many of them were American citizens. One of the first on this path up Paik Nam June (Paik Nam June) - the founder of video art. He was born in 1932 in Seoul, and died 29 January 2006, in Miami. Within a year after his death, the prices of its products soared. Total profit at auctions during this period amounted to 2.24 million euros, which is equivalent to the total profit from auction of his works over the previous 10 years. Trades Christie's in May and November 2007 in Hong Kong have made a significant contribution to achieving this result. Then the video was a special success of Wright Brothers, which was sold two times more expensive estimeyta, over 4.2 million HK dollars (540 U.S. $ 120) and thereby established a record price for the works of the artist. Unfortunately, in the current difficult economic climate, the two installations Paek Nam Chuna, appearing for sale at Sotheby's auction in London on 20 October, as well as on the Christie's October 21, has not found its buyer.

Today, the young Korean artists, born in 1960, showing great progress - no less than their counterparts from other Asian countries. These include, for example, Dong Yu Kim (Kim Dong-Yoo), whose work Mao vs Monroe set a new record at auction Sotheby's in London in February this year. This canvas, which depicted a person Chairman Mao, composed of many mini-portraits of Marilyn Monroe (as a digital image - from the pixels), got a buyer for 290 thousand pounds (576 520 dollars). This purchase has left behind a record of 2.5 million HK dollars (321 U.S. $ 500), established Jong Kwan young (Chun Kwang-Young) at auction Christie's 25 November 2007. It should be noted that both of these artists first appeared at a public auction at about the same time - in 2006. Jong Kwan Yoon - by a very interesting series of Aggregation, in which paintings are composed of many small triangles, wrapped in a Korean paper from mulberry tree, and reminiscent of surrealistic landscape. Works from this series are in the collections of art collectors from Japan, China, USA, and Korea itself. At the auction of Contemporary Asian Art Sotheby's, which took place on 17 September in New York, the work of this series has 85 thousand dollars - twice the expected amount.

Another artist - From Before Ho (Suh Do-ho). He was born in Korea in 1962 and now lives and works in New York. It was in this city's first sculpture appeared on the Christie's auction in 2007 and was sold for 50 thousand dollars - twice the estimeyta. This work, entitled Some-One, consisting of hundreds of soldiers' identification plates, in 2001 made a sensation at the 49 th Venice Biennale, where she represented South Korea.

Now art market starts to feel the first effects of the financial crisis. At Sotheby's Hong Kong auction in October, 30 per cent of lots remained unsold. Therefore, it is expected that the growth rate of prices for the work of Korean artists in the near future is likely to slow.

Source: artprice.com