Second Art Investment Contract Securities to Be Issued
"Cymbidium Yellow on Red" from the Flower Series
Total Public Subscription Amount: 830 Million KRW
Artipio, a subsidiary of Yes24, announced on April 25 that it will proceed with the issuance of its second round of art investment contract securities, using works by renowned American contemporary artist Alex Katz as the underlying asset.
The underlying asset of the investment contract securities is Alex Katz's 2020 work "Cymbidium Yellow on Red," with a total public subscription amount of 830 million KRW. After undergoing review by the Financial Supervisory Service, the subscription is scheduled to take place from May 26 to June 9.
This piece is part of Katz's late-career "flowers" series and is a large oil painting (183.5×122.3cm) on linen canvas. The work features a close-up of an orchid (cymbidium) against a red background, with strong emphasis on the shadows of the flowers to create a sculptural sense of volume, and intense immersion achieved through the tension between flatness and color fields. The piece is regarded as a painterly realization of the "sensation of the present moment" that Katz has pursued throughout his life.
Artipio purchased this work for 777 million KRW at the Seoul Auction's fall auction in 2024, and stated that it thoroughly verified the authenticity and condition of the piece by securing a certificate of authenticity and a condition report. Katz's work, along with the iPad drawing by David Hockney, which served as the underlying asset for the first round of subscriptions, will be exhibited at the Herald Gallery in Herald Square, Yongsan-gu, Seoul, starting May 26.
Alex Katz is a leading artist known for his modern reinterpretation of figurative painting. Since the 1950s, he has been active in the New York art scene, establishing a unique style distinct from the then-popular abstract expressionism. He has recently received renewed attention through a retrospective at the Guggenheim Museum and the award of a National Medal of Arts, and in Korea, he captured the attention of local art enthusiasts with a flower-themed exhibition at Thaddaeus Ropac Seoul in 2021.
An Artipio representative stated, "Alex Katz is an artist who expresses the essence of color, form, and composition in a concise and profound manner, and is considered one of the blue-chip artists who combine artistry with popular appeal. By issuing securities based on Katz's works, which are loved both in the United States and in Korea, we aim to increase public access to high-value artworks and provide customers with an opportunity to diversify their investment portfolios from a mid- to long-term perspective."
Anyone can participate in the subscription. Through the mobile app, subscriptions can be made for 10,000 KRW per share, up to a maximum of 30 million KRW.
Anyone can participate in the subscription through the Artipio mobile app, with a minimum of 10,000 KRW per share and a maximum of 30 million KRW. All investors who participate in the subscription will receive a Yes24 gift certificate, and a drawing will be held to award a one-year Leeum Museum of Art membership and a New York cheesecake from Chosun Deli.
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