Responding to Demand with Market Changes like 'Misulpum Mullapje'
26 Years and 200,000 Cases of Data... Building a Highly Reliable Service
Seoul Auction, an art auction company, announced on the 25th the launch of a new Art Market Appraisal Committee for accurate valuation of artworks.
Seoul Auction explained that following the disclosure of the first case of the art payment-in-kind system last month (a system allowing inheritance tax to be paid with cultural assets or artworks of significant artistic value) and the growing importance of professional art valuation, there has been increasing demand from collectors for objective and systematic market appraisals, leading to the organization of the Market Appraisal Committee.
The Market Appraisal Committee is composed of experts in various fields with deep understanding of art history and the art market, ranging from traditional art to modern and contemporary, as well as overseas art. The committee aims to present objective artwork prices by confirming the condition of works through physical inspection and utilizing over 200,000 auction transaction data accumulated since Seoul Auction’s founding in 1998, along with internal archive materials.
The auction transaction data held by Seoul Auction is recognized for its reliability to the extent that it is currently used as a major reference by other companies’ market appraisal services in the industry. Above all, Seoul Auction is evaluated to possess credible price data, having been selected as a specialized art sales institution by the National Tax Service and the Korea Deposit Insurance Corporation.
A Seoul Auction official stated, "With the implementation of the art payment-in-kind system, the status of artworks is being redefined within the institutional framework as assets beyond mere artistic value," adding, "As art-related financial products and systems are expected to expand further, we plan to set a new standard for art valuation through credible market appraisal services."
Requests for market appraisal services can be submitted via Seoul Auction’s website or email. After completing the appraisal request form and submitting related materials such as a list of works and images, a final price is determined through physical inspection and market analysis, and a detailed report with supporting evidence is provided.
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