K-Auction to Announce Roadmap for Fair Art Auction Practices

K-Auction announces a roadmap for fair art auctions and the establishment of a transparent art distribution system.

Art auction company K-Auction (CEO Doh Hyun-soon) announced on the 3rd that it plans to release a roadmap this week for fair art auctions and a transparent art distribution system, in line with the enforcement timing of the recently passed Art Promotion Act by the National Assembly plenary session.

This roadmap will include ▲ specific plans to ensure that art auctions conducted by K-Auction are carried out more fairly and reasonably ▲ systematic management of art distribution records ▲ disclosure of auction winning information and indication of distribution routes ▲ prior notification regarding stakeholder participation ▲ and other concrete implementation measures to achieve fair and transparent art auctions.

Additionally, by utilizing K-Auction’s comprehensive art distribution system, K-Office, the process for verifying the authenticity of artworks will be further strengthened. A newly introduced system for artist royalties on resale of artworks, known as the Right of Resale, will also be prepared through artwork archiving and search systems to ensure effective protection.

A K-Auction representative stated, “With the passage of the Art Promotion Act in the National Assembly, we intend to play an appropriate role as a participant in the art market to establish fair and transparent trading practices throughout the art market, which will help the long-term development and expansion of the art market.” The representative also added, “K-Auction has made significant efforts to establish a systematic and transparent art distribution system centered on K-Office and will continue these efforts going forward.”