Seoul Auction Opens "Auction Show" Featuring 1,000 Works, Eyes KRW 100 Billion Annual Hammer Total

Seoul Auction, a KOSDAQ-listed company, plans to hold a large year-end event and broaden participation in auctions, building on a recovery in the art auction market. With its cumulative hammer total through the third quarter already exceeding its full-year figures for both 2024 and 2025, the company is aiming to surpass KRW 100 billion in annual sales through an "Auction Show" featuring around 1,000 works.

Seoul Auction will hold the "2026 Seoul Auction Auction Show" at its Gangnam Center in Seoul from November 11 to 24. The two-week event will feature 12 auctions and eight exhibitions, with around 1,000 works on offer.

Seoul Auction's cumulative hammer total for the first three quarters of this year was KRW 77.3 billion. That is higher than its full-year hammer totals of KRW 71.4 billion in 2024 and KRW 68 billion in 2025. The art auction market contracted in 2024 and 2025 amid high interest rates and an economic slowdown, but has shown a clear recovery this year.

According to figures compiled by the Korea Art Appraisal and Research Center, the hammer total for seven major domestic auction houses reached KRW 138.8 billion in the first three quarters of this year, up 59% from KRW 87 billion in the same period last year. On the same basis, excluding transactions in items other than art, such as luxury goods, Seoul Auction's hammer total was KRW 75.3 billion, more than double last year's figure. Its market share was 54.3%, accounting for more than half the hammer total at major auction houses.

The ability to source high-value works is also seen as a factor driving the market's recovery. At Seoul Auction's Evening Sale in November 2025, Marc Chagall's "Bouquet de Fleurs" sold for KRW 9.4 billion, setting a record for the highest price at a domestic auction. In March this year, Yoshitomo Nara's "Nothing about It" sold for KRW 15 billion, breaking that record. At the same auction, Yayoi Kusama's "Pumpkin" sold for KRW 10.45 billion. It was the first time two works each selling for more than KRW 10 billion were offered at a single domestic auction.

The main auction at the Auction Show is the Main Sale, scheduled for November 23 and 24. It will feature 34 works in the Evening Sale and 73 in the Contemporary Day Sale, among others, with the total value of works on offer estimated at more than KRW 23 billion. Highlights include a blue all-over-dot painting by Kim Whanki being shown in Korea for the first time, a large-scale butterfly painting by Damien Hirst, and a large-scale painting by Alex Katz making its auction debut.

Seoul Auction has organized the event as a "hybrid auction-fair," combining auctions with exhibitions and hands-on experiences. The program includes a solo exhibition by American artist Devon DeJardin, who created cover art for SEVENTEEN's THE 8; an exhibition of premium Pokemon cards, including cards created in collaboration with the Van Gogh Museum; and a vintage Hermes collection. Audi will display a vehicle bearing the handwritten signatures of FC Bayern Munich players, and an art market featuring around 50 artists will also be held.

The company has also lowered the barriers to participating in auctions. Themed daily auctions will be held at 4 p.m. each day, while the starting bids for the print and edition auction will be KRW 0. The program will also include free docent tours, talks by architects and designers, and an art brunch. An exhibition of Korean antiques in collaboration with Japan's Mainichi Auction, a UNICEF charity auction, and a special auction by the National Tax Service will also take place.

Seoul Auction expects up to 10,000 visitors during the event. It also projects that online traffic will increase by 10 to 15 times compared with usual levels. By offering works across a range of price points, from prints with starting bids of KRW 0 to masterpieces worth several billion won, the company plans to attract not only existing collectors but also younger people unfamiliar with auctions and new customers.

The company aims to turn visitors brought in by the event into potential customers for its regular and online auctions next year. Seoul Auction also returned to operating profit in the first half of this year. Because an increase in hammer totals leads to higher auction commission revenue, the company aims to sustain its earnings recovery, supported by the market's rebound and a broader customer base.

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