[Power K Woman] "Art Auctions Are a Symphony of Data and Sensibility, Women's Intuition Drives the Market"

"An Unexpected Phone Call and a 16-Year Journey"
Becoming an Auctioneer
"Femininity as a Key Driver in the Art Market"
Industry Characteristics from a Gender Perspective
"From the Bean Sprout Market to the Global Stage"
The Current State of the Korean Art Market
"A Delicate Balance of Data and Sensibility"
The Artistry of Art Auctions and the Strategy of Selection and Focus during Adjustment Periods
"The Communication Philosophy of a Female Leader"
Empathy and the First Step in Delicate Organizational Management
"A Life Where Anyone Can Enjoy Art in Daily Life"
Pursuing the Popularization of the Art Market
▶About Sohn Icheon, Director at K Auction

Son Icheon, Chief Auctioneer of K Auction, is being interviewed by Asia Economy at the K Auction exhibition hall in Gangnam-gu, Seoul. Photo by Heo Younghan

Sohn Icheon, Director and Senior Auctioneer at K Auction, who has worked in the domestic art auction industry for 16 years, diagnosed that the Korean art market is standing at a crossroads of structural change after a period of stagnation. She stated, "Art auctions are not simply about trading artworks; they are a comprehensive art form where data analysis and artistic sensibility are exquisitely balanced," and emphasized, "In particular, the delicate intuition and communication skills unique to women have demonstrated distinctive competitiveness in this market."

Director Sohn shared her dramatic experience of joining the auction industry by chance after applying to be a gallery exhibition planner, and vividly recounted the dynamic changes in the Korean art auction scene.

"An Unexpected Phone Call and a 16-Year Journey" - Becoming an Auctioneer

-It is said that your entry into the art auction business was quite dramatic.

▲I realized through my own experience that life truly does not go as planned. While studying art planning in graduate school at Hongik University, I applied for a curator position at Gallery Hyundai. One day, I received a call from K Auction. I had never applied to K Auction, but they asked me to come in for an interview. Later, I found out that someone at Gallery Hyundai had found my resume interesting and recommended me to K Auction, which was an affiliate at the time. That is how I joined K Auction as a PR manager in August 2009, and debuted as an auctioneer in June 2010. I became an auctioneer in less than a year after joining the company.

-Were you afraid to transition from PR manager to auctioneer?

▲When CEO Kim Soonung suggested, "Why don't you try auctioneer training?" I honestly replied, "Me?" but decided to give it a try. On my first auction stage, I realized that an auctioneer is not simply someone who calls out bids, but rather a conductor who must be fully aware of all information about the artworks and clients. Looking back, I think that moment was the decisive turning point that allowed me to continue working in the art world.

Director Sohn explains that an auctioneer is not simply someone who calls out bids but a "conductor" who must read all the situations on site. He emphasized, "The delicate sensitivity and intuition unique to women exert great power in tense situations." Photo by K Auction

"Femininity as a Key Driver in the Art Market" - Industry Characteristics from a Gender Perspective

-How do you analyze the phenomenon of women's remarkable performance in the domestic and international art auction industries?

▲If you look at the entire art field, the majority of artists are overwhelmingly male, whereas the players in the art market are mostly women. It's a truly fascinating phenomenon. In the auction industry, women's performance is indeed prominent. Even at Seoul Auction, there is Kim Hyunhee, an auctioneer with more experience than me, and many other female auctioneers are also very active. I believe this is not a coincidence, but due to structural reasons.

-What are those structural reasons?

▲To be realistic, the income structure of the art industry makes it economically challenging for a primary breadwinner to support a family solely through this work, and this plays a part. More fundamentally, however, the core competencies required by the market align with women's strengths. Auction and gallery work ultimately involve explaining the value of artworks to clients and meeting people. Gallerists build relationships by communicating with artists, and auctioneers also communicate with clients and elicit emotional empathy. In such relationship-centered work, women's abilities are far superior.

-Are there any special strengths unique to female auctioneers at auction sites?

▲An auctioneer is not simply someone who calls out bids, but a conductor who must read every situation on site. You need the sensitivity to detect subtle reactions and eye movements, and the charisma to inspire trust even in tense moments. The delicacy and intuition unique to women are powerful assets in such situations. In fact, my voice is not what people typically think of as feminine, but I believe this has worked to my advantage by adding weight to my presence as an auctioneer.

Senior Auctioneer Lee Icheon, Director of K Auction, is talking about the preview works up for auction at the K Auction exhibition hall in Gangnam-gu, Seoul. Photo by Huh Younghan

"From the Bean Sprout Market to the Global Stage" - The Current State of the Korean Art Market

-How do you assess the size of the Korean art market?

▲Let me offer an interesting comparison. During lunch, another team director and I looked into how much the Korean art market accounts for in the overall industry. The market peaked at 1 trillion won in 2022. However, excluding global art fair revenues, the actual market size was estimated at about 700 billion won. The Korean bean sprout market is worth 600 billion won, and the tofu market is about 850 billion won. Pulmuone, the top company in the domestic bean sprout and tofu market, recorded 3 trillion won in sales last year. This comparison highlights just how small the art market is in Korea. This is not meant to belittle the market, but rather to show that the Korean art market is still very small in scale.

-You said, "Art auctions require both data analysis and artistic sensibility." Could you elaborate?

▲Sensibility ultimately requires a deep understanding of the artwork. You need to be able to feel and interpret the work, explain it in words, and convey its emotional value to the client. On the other hand, in the auction market, data means "price." To determine this price, highly objective data is required. You need to consider the prices of similar works traded domestically and internationally, size, current market conditions, the artist's market position, and more to set the price. Art auctions are the field where these two processes happen simultaneously.

-It sounds similar to describing the stock market.

▲Interestingly, the art market is very similar to the stock market. It moves with macroeconomic trends and is influenced by market psychology. The crucial difference, however, is that in the stock market, 100 shares of Samsung Electronics all have the same value, but in art, even 100 works by the same artist can have completely different values. This makes it even more challenging. You have to understand those subtle differences yourself, and those differences are ultimately about the artistic merit of each work... No one teaches you this. You have to study, experience, and accumulate this knowledge yourself. That's why this is a field where both logic and intuition, data and sensibility, must work together.

"A Delicate Balance of Data and Sensibility" - The Artistry of Art Auctions and the Strategy of Selection and Focus during Adjustment Periods

-You mentioned that the art market is currently in an adjustment phase. What is the current situation?

▲In 2024, the total auction amount is about 110 billion won, which is almost the same as in 2020. The market was halved by COVID-19 in 2020, then tripled in 2021, but has since declined and returned to the same level as during the pandemic. Ultimately, the art market moves with macroeconomic trends, so the economy needs to be good. Right now, there are many uncertainties, such as the Trump administration's tariff issues and the Israel-Iran war. Tariffs remain unstable, and overall trade and exchange rates are not stable.

-What is K Auction's response strategy in this situation?

▲We have chosen a "selection and focus" strategy by streamlining online auctions and strengthening our major auctions. The expansion of online auctions occurred when the market was strong. At that time, we had prepared in advance, and when the market improved, that preparation became the foundation for growth. However, in a recession like now, the market cannot expand online. So, from a long-term perspective, we are focusing on major auctions rather than online auctions.

Son Icheon, Chief Auctioneer of K Auction, is being interviewed by Asia Economy at the K Auction exhibition hall in Gangnam-gu, Seoul. Photo by Heo Younghan

"The Communication Philosophy of a Female Leader" - Empathy and the First Step in Delicate Organizational Management

-As a female leader guiding a team, what is the most important communication method for you?

▲I always try to think from others' perspectives and put that into practice. There is a 15- to 20-year age gap between me and the younger members of my team, and even a 10-year gap between me and the CEO. In front of the CEO, I can't always say everything I want to say. To my team, I am simply their boss. So I constantly reflect on how I behaved, and how I would have felt as a junior, and try to consider my juniors' positions more.

If the content is the same, I try not to communicate separately but to speak in front of everyone whenever possible. To minimize communication errors, I try to create a sense of community and ensure all communication happens within it. I believe that, even if I have to be criticized, necessary things must be said, but at the same time, there needs to be a balance to ease things when possible.

-Do you have any advice for juniors aspiring to become auctioneers or enter the art world?

▲In the past 16 years at K Auction, fewer than 10 auctioneers have debuted. Being an auctioneer is one of the rewarding positions you can experience while working in the auction industry, but it should never be your sole goal. Above all, perseverance is essential, and you shouldn't just do what you're told?you need the ability to find things to do on your own. You must have a perspective that sees the whole picture, understand the overall context, and take the initiative to act independently.

Senior Auctioneer Lee Ichun, Director of K Auction, posed briefly during an interview with Asia Economy at the K Auction exhibition hall in Gangnam-gu, Seoul, where preview works for the upcoming auction were displayed. Photo by Huh Younghan

"A Life Where Anyone Can Enjoy Art in Daily Life" - Pursuing the Popularization of the Art Market

-Do you have any personal goals or visions for the future?

▲Looking at foreign auctions, there are people who conduct auctions with style even in their sixties. The aura of people like Olive Barker or Helena Newman comes from the confidence, composure, expertise, and trust they have built over many years in their positions. I sometimes wonder if I could become someone like that.

-What is your ultimate hope for the Korean art market?

▲I hope that art auctions and purchasing artworks will become not the exclusive domain of a few, but a routine cultural experience for many more people. The tension, immersion, and new perspectives gained from participating in auctions and encountering artworks are truly special experiences. I hope more people can enjoy the experience of discovering new worlds through art, and that art becomes a part of everyday life. Through this, I hope everyone will have the opportunity to gain new perspectives and inspiration in their daily lives.

▶About Sohn Icheon, Director at K Auction

She holds both bachelor's and master's degrees in Journalism and Broadcasting from Hankuk University of Foreign Studies, and completed a graduate program in Art Planning at Hongik University. After working in the marketing team at an IT company, she changed her career path after realizing the public appeal of art during a language study trip in the United States at the Art Institute of Chicago. She joined K Auction as a PR manager in 2009, debuted as an auctioneer in 2010, and is currently active as both Senior Auctioneer and PR Director. In 2012, she set a new domestic auction record with "Toewooiseonsaengjinjeok" at 3.4 billion won, and later broke the record twice more with Kim Whanki's works at 5.4 billion won (2016) and 6.55 billion won (2017). She has worked in the art auction industry for 16 years and is dedicated to popularizing the art market.