High-value Artwork by Lee Ufan Discovered During Special Prosecutor's Search
'From Point' Series Recognized for Its Meditative Artistic Value
Piece from the Series Sold for 2.2 Billion Won at Auction in 2021
During the search and seizure conducted by the special prosecutor investigating Kim Keonhee, a high-value artwork by artist Lee Ufan was discovered, drawing significant attention.
Recently, the special prosecutor's team reportedly secured one piece from Lee Ufan's 'From Point' series during a search and seizure at the home of Han, the mother-in-law of Kim Keonhee's brother, Kim Jinwoo. The artwork is estimated to be worth around 2 billion won on the current market, and an authenticity certificate was also found. If it is confirmed that this artwork was effectively provided as a bribe, there is a possibility that bribery charges could be brought.
Lee Ufan (age 89) is regarded as a master of contemporary Korean art and is considered the living Korean artist whose works hold the highest value. In June 2021, Lee's 'From Point' (1975) was sold at Seoul Auction for 2.2 billion won, setting a personal record for the artist. This record was surpassed in August of the same year when 'East Winds' (1984) was sold for 3.1 billion won.
The 'From Point' series is characterized by squares and circles formed by repeated rotations of blue or vermilion dots. It is one of the painting series first introduced by Lee in Tokyo in 1972 and was produced as a series until 1984. Beyond its simple visual composition, the series is highly valued for its artistic merit as a meditative painting that captures the passage of time, bodily movement, and the record of action. Currently, works from this series are held by the Lee Ufan Museum, Leeum Museum of Art, and various private collectors both in Korea and abroad.
High-value artworks are frequently used for asset accumulation
It is also being revisited that 'From Point,' one of Lee Ufan's representative works, was previously involved in a violation of the Public Official Election Act case concerning Democratic Party lawmaker Lee Sangsik.
Lee Sangsik and his spouse were brought to trial on charges of underreporting the market value of artworks, including Lee Ufan's 'From Point,' as 1.78 billion won instead of the actual total value of 4 billion won during the asset declaration process in the last general election.
In the first trial, Lee Sangsik was sentenced to a fine of 3 million won, which would have resulted in the loss of his parliamentary seat. However, on appeal, the fine was reduced to 900,000 won, allowing him to retain his position. Under the Public Official Election Act, a confirmed fine of 1 million won or more results in the loss of a parliamentary seat.
At the time, Lee Sangsik and his spouse explained in a press statement that "the price of Lee Ufan's works and other artworks has surged three to four times over the past five years." However, prosecutors determined that this was not due to market fluctuations but was an attempt to use artworks for asset accumulation, and the court also found them guilty of making false statements.
The special prosecutor is currently investigating whether the artwork in question and other items were provided as bribes in exchange for favors.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
