K-Auction sells off 73 pct of catalog in Hong Kong

A leading Korean art auction house sold 73 percent of all artworks offered during its recent auction in Hong Kong, K-Auction said Monday, despite the lingering impact of the Wall Street-sparked financial turmoil on the Asian economy.
According to Yonhap News, K-Auction sold 28 artworks from the 40 on the block during the Nov. 29 Asian Auction Week in Hong Kong, including U.S. pop artist Andy Warhol's "Marilyn," which was sold for about $150,000, the art house said in a press release.

Although many art dealers in Korea and neighboring countries have been turning their eyes to relatively cheaper pieces following the outbreak of the global economic downturn last year, local auction houses have managed to remain afloat by offering "safer investment" materials.

Korea's two leading auction companies -- K-Auction and Seoul Auction --, managed to sell off 60-70 percent during its auctions this year. Seoul Auction holds a market share of 58 percent.

K-Auction also said it will put on sale 197 artworks, including a landscape painting by renowned Korean artist Lee Jung-seop, in an upcoming Seoul auction on Dec. 9.

The bidding for the painting by Japan-studied Lee, who died in 1956, will start at 450 million won, or about $380,000.

Items offered by the Seoul-based art house will also include calligraphy by the late Samsung Group founder Lee Byung-chul, the art house said.

Source - Koreaherald.co.kr
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