Seoul Auction, Joint Venture HiPN Rapid Growth... "Leading the Art Market"

Seoul Auction announced on the 18th that its joint venture ‘hypeN,’ established together with Kakao affiliate Grip Company and related company Seoul Auction Blue, will hold an online planned auction in March. Since its launch in March last year, hypeN has rapidly grown, surpassing 1,200 active artists, 13,000 registered works, and 500 cumulative art sales within just one year.

hypeN is a next-generation art trading platform jointly established by the three companies. Last year, the three companies launched hypeN with the goal of building a customer-participatory art ecosystem beyond the existing art market transaction structure. Starting next month, hypeN plans to upgrade the platform from a primary transaction platform where artists directly register and sell their works to a C2C (consumer-to-consumer) model that enables direct transactions between collectors.

From today until the 24th, hypeN will hold the March planned auction online titled ‘Collectors Market - Nth Transaction Market for hypeN Collectors.’ This auction features a total of 17 prints by leading domestic and international artists known for their artistic value and marketability.

A company representative said, “The success in activating the platform within one year of its launch proves that we can transform the paradigm of art trading,” adding, “This planned auction will provide a foundation for collectors to acquire works without burden and start their own collections.”

He continued, “Starting next month, we plan to launch a direct art trading service between collectors and target the C2C art trading market. Through this, not only artists but also collectors will participate as trading entities, which is expected to simultaneously lead to the diversification of the art market structure and the activation of transactions,” and added, “We will advance into a C2C art platform where both artists and collectors can trade easily and conveniently, and where collectors’ proactive participation shapes the platform.”

Meanwhile, the March planned auction by hypeN will include works such as Park Seo-bo’s ‘Myobeop No.060224,’ Yoon Byung-rak’s ‘Autumn’s Fragrance,’ Kim Whanki’s ‘5-VI-72#226,’ as well as Choi Young-wook’s ‘Karma’ and some off-market print works. Detailed information about the planned auction can be found on hypeN’s official website.