Mandatory Reporting for Art Appraisal and Art Service Businesses
Appraisals for Market Value and Authenticity Must Follow Ministry Formats
Administrative Notice Open Until the 25th
Official Implementation on July 26 Next Year
The Ministry of Culture, Sports and Tourism announced on the 1st that it will conduct an administrative notice until the 25th for the draft enactment of the "Notice on Art Appraisal Certificates" and the "Notice on Certificates of Authenticity for Artworks," which include requirements such as mandating the provision of certificates of authenticity in art transactions.
Certificate template substituting for an authenticity certificate. Ministry of Culture, Sports and Tourism
Previously, on July 25, 2023, the Ministry enacted the "Art Promotion Act," making it mandatory to report art appraisal businesses and art service businesses. As part of measures to ensure transparent appraisals, the Act stipulates that appraisal certificates must be issued in a format announced by the Minister of Culture, Sports and Tourism, and that penalties may be imposed for issuing false certificates.
The draft "Notice on Art Appraisal Certificates" released for administrative notice divides the appraisal certificate format into "authenticity appraisal certificates" and "market value appraisal certificates." Detailed information such as basic information about the artwork and the basis for the appraisal must be specified. Through this, the Ministry plans to standardize information related to art appraisals. The measure also serves as a safeguard for secure transactions, especially as demand increases for systems such as payment of taxes in kind with artworks and art-secured loans.
The draft "Notice on Certificates of Authenticity for Artworks" specifies the rights of art buyers, including the right to request a certificate of authenticity when one cannot be issued.
The "Notice on Art Appraisal Certificates" and the "Notice on Certificates of Authenticity for Artworks" will take effect on July 26, 2026, in line with the implementation of the art service business reporting system under the Art Promotion Act. The Ministry plans to gather additional opinions through administrative notice starting one year prior to the effective date, finalize the drafts, and officially announce them. In addition, based on the finalized drafts, the Ministry will develop and distribute practical guidelines for preparing art appraisal certificates to increase acceptance in the art field and ensure effective operation of the system.
Shin Eunhyang, Director of Arts Policy at the Ministry, stated, "We hope that the enactment of these notices on art appraisal certificates will improve perceptions of art appraisals and expand the market," adding, "The Ministry will continue to support the training of professional appraisers and the establishment of basic appraisal data so that art appraisals can be further activated and specialized."
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