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Posts Tagged ‘Korean art market’

“Korean Eye: Fantastic Ordinary” exhibition tours London, Singapore, and Seoul

Posted by artradar on August 10, 2010


KOREAN ARTISTS WESTERN EXPOSURE

The Saatchi Gallery in London once again hosted the popular exhibition “Korean Eye“, which showcases emerging Korean artists to the West. This year the exhibition will travel; in October and November it will travel to Singapore and Seoul with the aim of reaching a wider audience.

“Korean Eye,” founded by curator David Ciclitira, specialises in introducing Korean artists to the international market, giving them recognition outside the Asian region. The first exhibition, “Korean Eye: Moon Generation” in 2009, was extended due to its popularity, reaching 40,000 visitors in two weeks, and ultimately drawing a total 250,000 visitors.

The 2010 exhibition “Korean Eye: Fantastic Ordinary” hosts over thirty works by twelve talented Korean artists with little prior exposure to the Western market. This year the show started off at the Saatchi Gallery in London, and will move to Singapore in October and Seoul in November, to coincide with the G20 Summit.

Bae Joon Sung, 'The Costume of Painter - Drawing of Museum R, J. L. David lie down Dress Inn', 2009, oil and lenticular on canvas, 181.8 x 259.1 cm.

Bae Joon Sung, 'The Costume of Painter - Drawing of Museum R, J. L. David lie down Dress Inn', 2009, oil and lenticular on canvas, 181.8 x 259.1 cm.

The ten artists participating in this years exhibit are: Bae Chan Hyo, Bae Joon Sung, Gwon Osang, Young In Hong, Jeon Joonho, Ji Yong Ho, Kim Dong Yoo, Kim Hyun Soo, Park Eun Young, and Shin Meekyoung. In addition, 2009 Joong Ang Fine Art Prize winner Jeon Chae Gang and Perrier-Jouet nominated artist Lee Rim will join the list of members.

The success of the franchise clearly shows a rise in interest towards Korean art, but may also have something to do with shrewd management. In a 2009 Art Radar interview, “Korean Eye” founder David Ciclitira revealed his views on the future of the art industry and his unique take on the management of art exhibitions, both of which should involve not only collector and auction house input but also government support and bank sponsorship.

What I’ve found interesting in this whole learning process is how unsophisticated the art world is, because when you work in major sports events, there are more dates, so much more research, everything is television linked to media values, and art feels amateur when you look at how they do things, and it’s no small wonder that when they need to raise massive money, they find it quite hard.

“Korean Eye” is funded by Standard Chartered, one of Britain’s largest banks, and features each of its artists along with a catalogue of their work to create an international selling environment for the brand new Korean works. It has opened up a window of awareness for Korean art in the West and suggests a rise in Korean contemporary art sales in future.

Plans for the 2011 and 2012 exhibitions have already been made and involve further expansion. “Korean Eye” will continue at Saatchi Gallery in 2011 and in 2012, and in 2012, plans have been made to expand “Korean Eye” over the entire gallery, where works will be selected and curated by Charles Saatchi and the gallery’s team.

MM/KN

Related Topics: David Ciclitira, gallery shows, Korean artists, venues – London

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Troubles for Korean art at home, better reception abroad – Korean Herald, New York Magazine

Posted by artradar on January 20, 2009


Lee Yong Deok Singapore Art Museum

Lee Yong Deok Singapore Art Museum

KOREAN ART

‘Art Market in Doldrums as Auction Bids Plunge’ shouts the title of a story in Chosun.

The Korean art market is reeling from the economic crisis, with the highest bid prices at domestic art auctions plunging 38.2 percent last year. So Jin-su, professor at Kangnam University and manager at an art market researcher, on Monday released a report on Korea’s art market in 2008, which said the sum of the highest bids at domestic art auctions was W119.1 billion (US$1=W1,314) last year, down 38.2 percent from W192.6 billion in 2007.
Chosun

The art market has seen a downward trend since the end of 2007 after two years of a boom. The financial crisis is a major cause but the Korean art world has stumbled through a series of setbacks in 2008.

Fire and forgeries hit Korean art

  •  Flames swallowed Namdaemun, Korea’s 600-year-old National Treasure No. 1, on Feb. 10, breaking the hearts of Koreans.
  • Shin Jeong-ah, a former art professor and curator who forged her academic credentials and embezzled gallery money, was sentenced to a year and six months in prison in April.
  • Park Soo-keun’s painting “A Wash Place.” was sold for a record 4.52 billion won ($3.4 million) last May but was soon entangled in forgery controversies.
  • Other pieces by famous artists such as Kwon Ok-yeon and Do Sang-bok were put up at auction but were exposed as fake by the artists themselves or their surviving family. The auctions were canceled at the last minute.

Vacancies and misuse of budgets in art institutions

Important instutions and galleries were left with gaping holes in their ranks and budgets.

Hong Ra-hee, the former head of the Samsung Museum of Art, Leeum and who was selected as the most powerful figure in Korean art industry, announced that she would no longer participate in any of Leeum’s business when she resigned earlier this year. Her resignation was the result of the accusation that she used some of Samsung’s slush funds to supplement her collection of paintings. Roy Lichtenstein’s painting, “Happy Tears,” was at the center of the controversy.

Kim Yun-su, the former director of the National Museum of Contemporary Arts, was dismissed in November, accused of buying Marcel Duchamp’s installation art “La Boite en Valise” for an inappropriately high 600 million won without going through proper purchasing procedures.

Kim Jeong-heon, former chairman of the Arts Council Korea, was also released from the office in December for a similar reason, the misuse of the council’s budget. He was blamed for an investment loss of 5.4 billion won, which allegedly came in the form of regulations violations.

Gallery, fair and auction sales at home down

According to the Korean Herald gallery insiders say ‘with a big sigh that this year was the worst in sales ever’.

The art auction market, which was worth over 192.6 billion won last year, dropped over 40 percent, to 114.9 billion won. More than 80 percent of the bid was successful last year but this year, only 50 percent managed to sell. New auction companies such as D auction and Open auction are delaying the opening of their businesses.

It is the same situation with biennales and art fairs. Many opened this year, including Gwangju Biennale, Busan Biennale, Daegu Photo Biennale and Korea International Art Fair.

In size and quality, they left nothing to be desired. Most of them succeeded in attracting their most visitors ever, as 360 thousand visited Gwangju and 160 visited Busan during the period.The fairs, however, did not result in good sales. More than 61 thousand visitors entered the KIAF this year, but the sales dropped from 17.5 billion won last year to 14 billion won.

New tax on art introduced

Starting from 2011, art pieces that cost more than 60 million won will be taxable. Works of Korean artists are excluded but

galleries worry that the real-name dealings system will make the art market shrink even more, considering how art collectors usually do not open to the public the specifics of the dealings. They also question how exactly the government will be able to estimate the prices of each art piece.

Opportunities in the gloom: Koreans move into world market

A light of hope does shine on the troubled art industry, though. Some auction companies and art galleries are paving their way into the world market, trying to survive through the depression.

Seoul Auction and K auction, the top two auction companies in Korea advanced into Hong Kong and Macao this year and are putting up a good fight. Seoul Auction sold Lichtenstein’s “Still Life with Stretcher, Mirror, Bowl of Fruit” at 9.3 billion won in Hong Kong.

Arario Gallery, Gallery Hyundai, and PKM gallery opened in China, Arario Gallery and Gana Art Gallery in New York, and Pyo Gallery in Los Angeles in the United States.

Korean Herald

 And it seems as if the strategy of going global might just have a chance. At Art Basel Miami in December 2008, Korean art sold strongly and conceptualist and sculptor Hyungkoo Lee was a big hit says  New York  Magazine

More posts on Korean art, market watch, globalisation, recession, art fairs

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Seminars on Turkish, Brazilian, Korean and African art markets London spring 2009

Posted by artradar on January 10, 2009


EMERGING ART MARKET SEMINARS

ArtInsight, the events partner of ArtTactic will hold a series of exclusive evening Seminars & Receptionson focusing on four dynamic new art markets  “each contributing to a major transformation in the global art market, and presenting fresh opportunities for collectors, institutions, & art professionals”.
Each Seminar will include an in-depth panel discussion, led by Anders Petterson (ArtTactic Founder & MD), which will provide essential background and insider knowledge of the particular art market together with insights from leading figures in each market; key collectors, senior auction house executives, gallerists, journalists & critics.
The Turkish Art Market : February 24th, 2009
The Brazilian Art Market : March 10th, 2009
The Korean Art Market : March 24th, 2009
The African Art Market : April 21st, 2009

For more info about the seminars http://www.artinsight.co.uk/downloads/EmMktSeries08MEast.pdf

For more posts about courses, Korean art, reports from London

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