[Asia Economy Reporter Park Jihwan] Yuanta Securities forecasted on the 15th that Seoul Auction's performance will significantly rebound starting next year due to the activation of art trading.
Researcher An Juwon of Yuanta Securities stated, "With the tax issue resolved by maintaining the current capital gains tax rate on artworks, the popularization of the art market driven by active art investments from younger generations, and the increase in auction frequency due to the activation of online auctions amid COVID-19, a full-scale performance turnaround is expected next year."
He analyzed that the popularization of the art market due to generational shifts and the potential of the online art market are new investment points. Researcher An explained, "Since 2018, the emergence of 'artwork co-purchase platforms,' where multiple investors jointly purchase and resell high-priced artworks to recover their investments, has diversified the consumer base and led to the popularization of the art market."
He added that especially younger consumers are utilizing art as a financial investment tool, and simultaneously, demand for interior art due to COVID-19 has increased, resulting in a generational shift in the main consumer base of the art market.
Researcher An introduced, "Global major auction houses Christie's and Sotheby's have already shifted to online auctions as a primary method. In particular, Sotheby's held a video conference-style auction in July that achieved a 93% success rate, marking a successful event, and Christie's Hong Kong auction is actively using YouTube and its homepage to achieve record-high auction results."
Researcher An forecasted, "The domestic online auction market is growing annually with a high success rate, so further expansion of the online auction market is expected. Along with this, the market's attractiveness is also increasing due to tax benefits."
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