[Senior Trend] Popularization of Artworks and 'Bintro'

In late autumn, the Itaewon Antique/Vintage Festival was held. Walking from Itaewon Station towards Bogwang-dong, visitors could browse items from around the world, ranging from vintage clothing and accessories to worn yet stylish pocket watches, LP records, and classic furniture. Senior women and mother-daughter couples, seemingly earnest in their quest to find their own treasures, stood out. Some came to purchase props for opening unique cafes or to decorate their homes, with prices varying widely. Antique shop owners mentioned that they often travel to Europe or China to collect items for their senior regular customers. This scene was encountered on the way to support a community gathering of seniors nearby.

Not long ago, Sotheby’s established a presence nearby. It is one of the world’s top three art auction houses. According to interviews with insiders, they highly valued the Korean market. The size of the Korean art market grew rapidly from $300 million in 2019 to $800 million (approximately 1 trillion KRW) in 2022. They also noted that Korean artists, gallerists, and collectors have matured, strengthening the art ecosystem. In fact, the number of artworks traded and the auction market are growing quickly. The collector market, once considered a league for high-net-worth individuals, is expanding to include seniors in their 50s and 60s as well as the MZ generation (Millennials + Generation Z). Beyond owning and appreciating art, they actively resell pieces when prices rise. They are entering art tech, which serves both as an investment and a tax-saving method.

Meanwhile, the market for affordable antiques is also active. This is the Seoul Folk Flea Market. Along the car-free street in Hwanghak-dong next to Cheonggyecheon Stream, dozens of shops and street stalls open. From old antiques like ceramics to well-used tools, brassware used in traditional houses, and LP records, it resembles a general store with everyday items and miscellaneous goods. The food is surprisingly cheap and delicious, and since it is near Gwangjang Market, it’s a great place to enjoy a drink. It attracts a wide range of senior generations, from middle-aged to grandmothers and grandfathers in their 70s. In Namdaemun Hoehyeon Underground Shopping Center, shops specializing in stamps and currency gather. The long-standing shop Gwangwoo also operates an online store. They sell rare stamps from various countries, including presidential inauguration commemorative stamps. While students used to visit mainly as a hobby, now adults who grew up have become visitors.

Antique shops scattered throughout Insadong’s cultural street are also noteworthy. In buildings that preserve the charm of old houses, visitors can find items ranging from Goryeo to Joseon dynasty accessories, mother-of-pearl inlaid drawers, and ceramics, as well as newly interpreted and recreated contemporary works. Traditional teahouses converted from hanok houses are filled with seniors resting their bodies while drinking Ssanghwa-cha, a traditional herbal tea derived from royal court medicinal decoctions.

“TV Show Genuine Article” is a KBS general current affairs and culture program that started in 1995 and has been running for a long time. Its planning intent states, “We discover hidden cultural assets held privately, examine their value, raise awareness for protection, and encourage proper preservation.” Experts from various fields and celebrities participate to appraise submitted items from diverse perspectives and opinions. Viewers can hear historical stories about calligraphy, old books, ceramics, artworks, folk items, postage, fossils, and musical instruments, and get a glimpse into the deep and broad interests of collectors in each household. Earlier this year, a celadon piece worth 2.5 billion KRW appeared, causing a sensation. Recently, there was a segment featuring devoted viewers ranging in age from 11 to 76, but the 50s and 60s generation still made up the largest proportion.

These days, the phrase “reinterpretation of the old” frequently appears. Various hobby classes are held in senior communities. Naturally, old things based on memories come up during these times. Like the term “Halmaennial,” new meanings are given through the MZ generation. Interestingly, in 2019, Innocean Worldwide released an analytical report titled “A reinterpretation of Vintro encompassing all generations.” Retro refers to nostalgia for past systems or traditions, while vintage refers to things that have value despite their age, and these two are said to be merging. At that time, they predicted, “The Vintro craze will spread further throughout our society.” Four years later, we now live in a taste society that anyone can enjoy regardless of generation. Famous cafes on social networking services (SNS) adopt old-fashioned names like ‘OOdang’ or ‘OOsanghoe,’ using old signboard fonts and antiques to recreate that era. Not only are old school uniforms and discontinued foods making a comeback, but Dalgona candy sets, old figurines, and milk bottles are also popular.

Francis Bacon spoke of four things that improve with age: well-seasoned firewood, aged and ripe wine, trustworthy old friends, and the writings of venerable authors worth reading. Seniors are usually collectors of at least one of these. As they age, they inevitably have items imbued with time?things they cannot throw away, memories they want to keep, or things that require maturation. Consequently, the world of collections shared with seniors is broad. It can include Pu-erh tea, liquor, traditional knots, jars, buttons, and cups. These items have stories and have aged over time.

For people living in the present, weary from the accelerating pace of change and growing anxieties about the future, old things might be a familiar form of rest.

Lee Boram, CEO of Third Age