A 55 Million Won Painting Sold Within One Hour of Simaeul Exhibition Opening

SI Village Launches Sale of 118 Famous Artworks for SSG Day
Consumers Increasingly Interested in Art Make Online Payments Worth Tens of Millions of Won

[Asia Economy Reporter Lim Hye-sun] Artworks worth 55 million KRW were sold on an online mall.

Shinsegae International announced on the 25th that the original artwork "Return 2016" by the famous artist Kim Chang-yeol, known as the Water Drop Painter, was sold in less than an hour after being unveiled on its mall, S.I.VILLAGE. This piece is the highest-priced item ever sold on S.I.VILLAGE, priced at 55 million KRW.

Recently, interest in artworks has been increasing from the MZ generation to middle-aged and older adults. The Korea International Art Fair (KIAF 2021), the largest domestic art market held this month, recorded the highest sales and attendance ever, and the Lee Kun-hee Collection exhibition has been so popular that tickets are difficult to reserve.

In particular, as artworks are gaining attention as a new financial investment method, sales of artworks through online channels as well as offline are becoming more active. S.I.VILLAGE was the first in the industry to sell artworks online in October last year, when several moon jar pieces by artist Choi Young-wook, each worth tens of millions of KRW, were all sold.

This year, to celebrate Korea’s SSG Day event, a total of 118 artworks will be sold until the 30th. For this sale, S.I.VILLAGE partnered with Print Bakery, an art popularization brand launched by Seoul Auction, to exclusively unveil original works and premium editions by artists Kim Chang-yeol, Lee Ufan, Jang Maria, Yoo Sun-tae, KAWS, and Shiota Chiharu on S.I.VILLAGE.

The first sold piece, Kim Chang-yeol’s "Return 2016," was the highest-priced item in this exhibition. Interest in his works has increased further since the artist passed away earlier this year.

Currently available high-priced works include Lee Ufan’s 2009 original piece "Untitled" priced at 45 million KRW, the same artist’s 2012 premium edition "Untitled" at 25 million KRW, and Jang Maria’s original piece "In Between" from her Spring series at 10 million KRW.

Additionally, exclusive sales include Kim Whanki’s "Sanwoollim," Andy Warhol’s "Mona Lisa (Double Black)," and Yoo Young-guk’s "Mountain," along with works by David Gerstein and Takashi Murakami.

During the event period, S.I.VILLAGE will offer customers who purchase artworks 10% of the payment amount as e-points. E-points can be used to purchase products on S.I.VILLAGE.

A Shinsegae International official said, “The sale of artworks will provide customers visiting S.I.VILLAGE with a unique shopping experience while enhancing the premium image.”