Seoul Auction Posts KRW 13.1 Billion in Q3 Hammer Prices, Extending Growth for Second Straight Year

Seoul Auction continued its growth in auction results in the third quarter of 2026. Online auctions drove the growth, while a sourcing strategy focused on high-value works also proved effective at offline auctions, extending the increase in total hammer prices for a second consecutive year.

Seoul Auction said on October 12 that it recorded total hammer prices of KRW 13.1 billion through online and offline auctions from July to September 2026. This was an increase of approximately 14% from the same period last year.

Offline auctions recorded total hammer prices of KRW 10.9 billion in the third quarter. At the regular offline auction in September, the number of works sold declined, but the company achieved total hammer prices of KRW 5.5 billion by focusing its offering on relatively high-priced works. That was a 10% increase from the KRW 5 billion recorded in September last year.

Growth in online auctions was even more pronounced. Seoul Auction's online auctions recorded total hammer prices of KRW 2.2 billion in the third quarter, nearly doubling from KRW 1.1 billion in the same period last year. The number of works offered also rose from 969 last year to 1,559 this year, while the number of works sold increased from 465 to 698.

Cumulative results have also improved rapidly this year. Seoul Auction surpassed its total hammer prices for all of last year in just seven months, by the end of July. Starting with a large-scale premium auction in the first quarter, the company also succeeded in turning around its performance in the first half of the year.

Cumulative total hammer prices from online and offline auctions reached KRW 77.3 billion through the third quarter. The company expects annual total hammer prices to grow to around KRW 100 billion, as a large-scale regular offline auction is scheduled for the fourth quarter.

Seoul Auction said that, as demand for established artists and high-quality works recovers in the art auction market, how proactively auction houses secure works will determine their competitiveness.

A Seoul Auction official said, "Recently, demand in domestic and international art auction markets has been recovering, centered on established artists and high-quality works. As a result, the ability to secure key works proactively and curate auctions to meet collector demand is emerging as a core competitive strength for auction houses."

The official added, "As total hammer prices have risen significantly from the previous month in recent auctions, following the first half, and trading remains active, we will continue to respond to the diverse needs of domestic and international collectors in the second half of the year through differentiated selections of works and auction planning. We will sustain performance growth by securing high-quality works and strengthening our auction lineups."

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