[Asia Economy Reporter Donghyun Choi] The price of the 'Water Drops' artwork by the late Korean abstract art master Kim Chang-yeol, who passed away last month, has surpassed 1 billion KRW, setting a new record high.
Seoul Auction announced on the 24th that at the 159th art auction held at the Gangnam Center on the 23rd, Kim Chang-yeol's 1977 work 'Water Drops' was sold for 1.04 billion KRW, breaking the artist's auction price record.
The estimated price of this work was 480 million to 700 million KRW, but after fierce competition, the final bid exceeded 1 billion KRW.
Kim Chang-yeol's previous highest auction price was for the 1980 work 'Water Drops ENS8030,' which was sold for 590 million KRW at the K Auction in July last year.
All eight 'Water Drops' pieces by Kim Chang-yeol, exhibited by period in this auction, were sold. At last month's K Auction, all four of Kim Chang-yeol's works were also traded, indicating that the market value of 'Water Drops' has increased following the artist's passing.
The total amount sold at Seoul Auction on this day was approximately 11 billion KRW, with a success rate of 90%. Park Seo-bo's 2011 work 'Myobeop 描法 No.111020' started at 200 million KRW and was sold for 305 million KRW.
Kim Whanki's 1997 work 'Untitled' started at 1 billion KRW and found a new owner at 1.65 billion KRW.
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