Nara and Kusama Both Surpass 10 Billion KRW... What Seoul Auction’s 36.7 Billion KRW Sale Achieved

Nara Sets New Domestic Record with 15 Billion KRW

Kusama's Work Sells for 10.45 Billion KRW

69.2% of Total Auction Proceeds Concentrated in Two Works

Sell-Through Rate in the 70% Range Continues

The domestic art auction market has, for the first time, recorded two works sold for over 10 billion KRW each on the same day. Seoul Auction announced on the 1st that at its "Contemporary Art Sale" held at the Gangnam Center in Seoul on the 31st, "Nothing about It" (2016) by Yoshitomo Nara was sold for 15 billion KRW, and "Pumpkin" (2015) by Yayoi Kusama was sold for 10.45 billion KRW.

The large portrait "Nothing About It" by Japanese contemporary artist Yoshitomo Nara was sold for 15 billion won at the Seoul Auction held on the 31st, setting a new record for the highest price in the history of art auctions in South Korea. Seoul Auction

The total winning bid amount for this sale was 36,752,200,000 KRW. The auction was originally planned with 104 lots, with a low estimate of 51 billion KRW and a high estimate of 75 billion KRW.

The highest price of the day was achieved by Yoshitomo Nara. "Nothing about It" was sold for 15 billion KRW, setting a new record for the highest price ever at a domestic art auction. Yayoi Kusama's "Pumpkin" also found a new owner at 10.45 billion KRW. It is the first time that a work surpassing 10 billion KRW has appeared in a domestic auction, and this record was achieved by two pieces in a single auction. Seoul Auction had previously estimated Nara's piece at 14.7 to 22 billion KRW and Kusama's at 9.5 to 15 billion KRW.

The combined winning bid for the two works by Nara and Kusama amounted to 25.45 billion KRW, accounting for 69.2% of the total sale amount. These top two pieces contributed a significant portion to the day's auction results. The total winning bids reached 72.1% of the total low estimate.

The key focus for Seoul Auction in this sale was the sell-through rate. Taehee Jung, Head of Auction Business at Seoul Auction, stated, "Since the fourth quarter of last year, we have maintained a sell-through rate in the 70% range, and this trend continued in January and February of this year," adding, "A major point of interest for this March major auction was whether we could maintain a rate above 70%." Seoul Auction announced that it recorded a sell-through rate exceeding 70% at this auction.

Another highlight of this auction was the market's ability to absorb ultra-high-priced works from abroad. Jung remarked, "The fact that works surpassing 10 billion KRW were sold at a Seoul auction is symbolic in the history of the Korean contemporary art market," and added, "Foreign collectors and consignors have tended to trust Christie's or Sotheby's more, but the fact that Seoul Auction previewed and auctioned works of this caliber itself is an indicator of the growth and maturity of Korea's art market."

It was not an auction focused solely on two high-priced pieces. Jung Taehee, Head of Auction Business at Seoul Auction, said, "Yayoi Kusama's Infinity Net sold in the two billion KRW range, and a work by Alex Katz was auctioned off in the 800 million KRW range," adding, "The fact that high-priced works, each exceeding 700 to 800 million KRW, were absorbed in a single auction is also noteworthy." He further commented, "There was a very high level of participation from overseas collectors seeking to purchase internationally recognized works in the Korean art market."

This content was produced with the assistance of AI translation services.