Lee Byung-chul's Calligraphy Auctioned by Samteo Amid Financial Struggles Finds New Owner for 100 Million Won

The First Calligraphy Gifted to Kim Jaesoon, Founding Publisher of Samteo, in 1981
Found a New Owner After 37 Rounds of Bidding, Fetching Far Above the Initial Estimate

The calligraphy work "Gongsurae Gongsugeo" (Empty-Handed We Come, Empty-Handed We Go) by Lee Byung-chul (1910–1987), the founder of Samsung Group known as Hoam, was sold for 100 million won at auction. This winning bid is more than six times the starting price of 15 million won, and the piece found a new owner after 37 rounds of bidding.

K-Auction presented a total of 60 items on July 21 at its premium online auction, including 49 original paintings featured on the cover and inner pages of the magazine Samteo, as well as 11 items from the Samteo collection, such as the calligraphy work "Gongsurae Gongsugeo" by Lee Byung-chul, the founder of Samsung Group. The photo shows Lee Byung-chul's calligraphy piece "Gongsurae Gongsugeo," which was sold for 100 million KRW. Photo by K-Auction

According to K-Auction on the 21st, Lee Byung-chul's calligraphy piece "Gongsurae Gongsugeo," offered at the premium online auction that ended that day, was ultimately sold for 100 million won. Its initial estimated value was between 19 million and 40 million won, but it traded at a much higher price. The winning bidder's identity was not disclosed.

This piece was a personal gift from Lee Byung-chul in 1981 to Kim Jaesoon, the founding publisher of Samteo magazine and former Speaker of the National Assembly. It was subsequently displayed in the chairman's office at Samteo. It is especially rare, as it is believed to be the first example of Lee Byung-chul writing the phrase "Gongsurae Gongsugeo," a phrase he favored throughout his life.

"Gongsurae Gongsugeo" is a Buddhist and East Asian philosophical expression meaning "We come empty-handed and leave empty-handed." As an entrepreneur, Lee Byung-chul frequently used this phrase during his lifetime, and it is considered one of the most representative mottos reflecting his management philosophy and worldview.

This particular auction attracted attention not only for the symbolism of the artwork but also for the reasons behind its sale. Samteo magazine entered an indefinite suspension after publishing its January issue this year (Issue No. 671), marking the end of its 56-year run due to financial difficulties. The collection was auctioned as part of efforts to raise funds for a potential revival.

Kim Sung-gu, publisher of Samteo, stated, "I decided to put the collection up for auction out of a desire to revive Samteo."

Hoam Lee Byung-chul was a pioneering businessman who founded Samsung Sanghoe in 1938, later building Samsung Group. He led the company into the electronics and semiconductor industries, established the Samsung Foundation of Culture, and made significant contributions to the advancement of South Korean industry and arts and culture.

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