Real Estate Pre-sale Rights Offered at Art Auction... Seoul Auction's 'The Palace 73' Starting Price 16 Billion Won

Seoul Auction June '179th Art Auction'
First Ever Real Estate Pre-sale Rights Offered in Art Auction

For the first time in the history of domestic art auctions, a real estate pre-sale right has been listed in an art auction.

The Palace 73 (THE PALACE 73) exterior featured in Seoul Auction's June auction. ⓒRICHARD MEIER, Photo by Seoul Auction

Seoul Auction announced on the 13th that at the June auction held on the afternoon of the 25th at the Seoul Auction Gangnam Center in Sinsa-dong, Gangnam-gu, Seoul, a pre-sale right for one officetel unit (exclusive area 261.30㎡) of 'The Palace 73,' scheduled to be constructed in Banpo-dong, Seocho-gu, Seoul, will be auctioned.

Starting at 16 billion KRW, The Palace 73 is a residential facility designed by American architect Richard Meier, who won the Pritzker Prize, known as the "Nobel Prize of Architecture," and constructed by Samsung C&T Corporation. Among the total 73 units, the interior of the auctioned officetel will be handled by Meier Partners, the architectural firm founded by Meier, and Seoul Auction will provide art consulting.

Seoul Auction stated, "This is the first time a real estate pre-sale right has appeared in an art auction." They added, "Considering the rarity and artistic value of the item, as it applies the architectural philosophy of world-renowned architect Richard Meier to the space, the item holds more than just real estate value," and explained, "We will continue to discover and introduce more diverse products where art lovers can encounter and enjoy art."

A total of 110 items with a low estimated total value of about 7.8 billion KRW will be featured in this '179th Art Auction.'

Kim Chang-yeol, 1929-2021, 'Water Drop ABS Nº 2', oil on hemp cloth, 198.8×123.5cm, 1973 [Photo by Seoul Auction]

In the modern and contemporary art section, 'Water Drop ABS Nº 2' (estimated at 1.1 billion KRW) created in 1973 by Kim Chang-yeol, who held his first solo exhibition with water drop works in Paris, France, will be exhibited. The beauty and brilliance of the water drops stand out with a strong presence even on a large canvas.

Also, 'Untitled' (estimated at 30 million to 50 million KRW) from Park Seo-bo's 'Genetic Period' works in 1969, and 'Untitled' (estimated at 90 million to 150 million KRW), a 200-ho sized figurative painting depicting the cityscape of Seoul in the 1950s by Lee Se-deuk, will find new owners.

A 6-ho sized work titled 'Hat' by Japanese artist Yayoi Kusama, featuring a large hat painted on a black and yellow background, is listed with an estimated price of 1 billion KRW.

In the antique art section, a late Joseon Dynasty brush case titled 'Baekja Cheongja Jinhwa Tu-gak Gosa Inmulmun Brush Case' will be showcased. This brush case features ancient figure patterns in a cut-out form and is recorded as part of the collection of Jang Taek-sang, who served as Prime Minister, in the 'Joseon Gojok Dobo' published by the Government-General of Joseon. A collection of letters (ganchal) from the calligrapher Kim Jeong-hui, his younger brother Kim Myeong-hui, Kim Sang-hui, and their father Kim No-gyeong will also be available.

The June auction items of Seoul Auction can be viewed at the Seoul Auction Gangnam Center from the 14th until the day of the auction.