Retailers obsessed with 'Art'... Fashion Industry Also "Selling Artworks"

Fashion Companies Entering the Art Market
Expanding Categories... Active Collaborations

E-Land Heyri Gallery opening in June.
Photo by E-Land

[Asia Economy Reporter Song Seung-yoon] The distribution industry is expanding its touchpoints with customers by embracing the art sector, which had previously felt distant from general consumers. Not only department stores but also the fashion industry are actively entering the art market.

According to the Ministry of Culture, Sports and Tourism on the 26th, the domestic art market size last year was approximately 922.3 billion KRW. Compared to 381.2 billion KRW in 2019 and 329.1 billion KRW in 2020, it has grown nearly threefold.

While the distribution sector has long been actively entering the art market centered around department stores, recently the fashion industry is also expanding its art-related businesses one after another. E-Land will open the ‘Heyri Gallery,’ built with an area of 330㎡ on the first floor and 990㎡ in the basement, on the 1st of next month, officially entering the art market. The first exhibition will be the ‘Jihee Artist Exhibition,’ and they plan to showcase various content including offline galleries and online galleries until the end of the year.

Artworks sold at SI Village. Photo by Shinsegae International

Shinsegae International is also expanding its art category. Shinsegae International became the first in the fashion and beauty industry to start selling artworks on its own mall, SI Village. They are increasing their range of art-related products, from relatively affordable art posters and prints priced in the tens of thousands of KRW to original paintings such as moon jars by famous water drop painters Kim Chang-yeol and Choi Young-wook sold last year. Last month, Kim Jong-hak’s ‘Summer Seorak’ was sold for 85 million KRW, marking the highest price among all products sold on the online mall so far. The online platform Allets has also separated the art category from its luxury goods sales and is selling about 800 products. In addition, fashion and beauty companies targeting the MZ generation (Millennials + Generation Z) are gradually increasing through active collaboration in the art field.

Department stores are also actively expanding related businesses beyond exhibitions and sales. Shinsegae invested 28 billion KRW in Seoul Auction at the end of last year and started the industry’s first mobile art auction. Shinsegae Department Store Gangnam Branch opened an art space exhibiting and selling works by major domestic and international artists. Here, resident curators and professional dealers provide customized art consulting. Hyundai Department Store has been holding the ‘Pangyo Art Museum’ annually since 2020, and Lotte Department Store sells artworks at six stores including the main store, Jamsil, Dongtan, and Gwangju branches. Lotte Department Store also established the ‘Art Business Office’ to oversee art projects, and Lotte Home Shopping has formed a Culture Business Team as well.