[Seoul Economy] Marc Chagall’s 1937 work “Bouquet de Fleurs” set a new record for the highest transaction in the Korean art auction market by being auctioned off at 9.4 billion won at Seoul Auction on the 24th. Besides Chagall, high-priced artworks by major artists such as Kim Whanki, Lee Ufan, and David Hockney were also sold at the auction, bringing the total amount sold in one day to 23.3 billion won. It is the first time since August 2021 (20.3 billion won) that the total winning bid at a single domestic auction has exceeded 20 billion won.
Seoul Auction announced that Chagall’s “Bouquet de Fleurs” found a new owner at the starting price of 9.4 billion won during the evening sale held in November. Until now, the highest auction record for an artwork in Korea was Kim Whanki’s 1973 work “Tranquility 5-IV-73 #310,” which sold for 6.55 billion won at K Auction in April 2017. This transaction is thus the record-high in the history of modern and contemporary art auctions held in Korea. Another large piece by Chagall, “Paysage de Paris,” also found a new owner at 5.9 billion won.
Other notable transactions include works by Kim Whanki, fetching 2.6 billion won and 700 million won respectively, and Lee Ufan’s work “With the Wind,” which sold for 910 million won. David Hockney’s large computer drawing and Andy Warhol’s “Dollar Sign” were auctioned to international bidders for 480 million won and 715 million won, respectively. According to Seoul Auction, 17 pieces were auctioned, with a success rate of 77.27%, totaling 23.3 billion won in art transactions.
Officials from Seoul Auction view the auction results as a sign of recovery from a long-standing downturn in the domestic auction market. Taehee Jeong, Head of the Art Auction Team at Seoul Auction, stated, “The high price achieved by Chagall’s masterpiece demonstrates that the Korean art market has built a solid foundation as a major hub in the global art market.”
Meanwhile, on the 25th, Seoul Auction will hold a “Day Sale” featuring 64 pieces and worth 2.1 billion won, showcasing a variety of paintings, editions, and luxury items. Noteworthy pieces include Nicholas Party’s watercolor “Trees” (estimated at 70 million to 150 million won), Cassie Ring’s “The Perfect Day” (40 million to 70 million won), famous for the “Labubu” character, and Studio Lenka’s “Pickup Truck 3” (14 million to 25 million won), which boasts vibrant colors.