"Good Thing We Built It Back Then"... Value of Hampyeong's 162kg Pure Gold Golden Bat Statue Soars Amid Gold Price Surge

27 Billion Won in Taxpayer Money Spent on Production in 2008
Controversy Over Public Spending Amid Limited Impact on Tourism
Pure Gold Price Hits Record High of 1,034,000 Won per Don

The "Golden Bat Statue," a landmark sculpture in Hampyeong-gun, Jeollanam-do, which was once at the center of controversy over "wasteful spending of taxpayer money" at the time of its creation, is being re-evaluated as a high-value asset amid a surge in gold prices. As the domestic price of gold surpassed 1 million won per don (3.75g) of pure gold (24K) for the first time in history, the asset value of the Golden Bat Statue is now estimated to have increased nearly tenfold compared to its original production cost.

The Golden Bat Award was created following the confirmation of the actual habitat of the golden bat, previously thought to be extinct, in caves around Daedong-myeon, Hampyeong-gun in 2007. The Asia Business Daily

On January 27, Yonhap News reported that the Golden Bat Statue, a representative sculpture of Hampyeong in Jeollanam-do, is once again drawing attention as domestic gold prices continue to hit record highs. According to the Korea Gold Exchange, as of the previous day, the price of one don of pure gold in Korea reached an all-time high of 1,034,000 won. After surpassing the 1 million won mark for the first time on January 21, the price has continued to rise, driven by increases in international gold prices and a preference for safe assets amid global financial market uncertainties.

The Golden Bat Statue is a sculpture made using 162 kg of pure gold and 281 kg of silver, created in 2007 after the discovery of the actual habitat of the golden bat-previously thought to be extinct-in caves around Daedong-myeon, Hampyeong-gun. While the statue was designed as an ecological symbol of the region, recent surges in gold prices have highlighted its tangible asset value, elevating it beyond its role as a mere tourist attraction.

The sharp increase in gold prices has had a direct impact on the estimated value of the Golden Bat Statue. The statue features six golden bats made of pure gold, spreading their wings and taking flight atop a circular silver structure. At the time of production, the material cost of pure gold was about 2.7 billion won, but based on current gold prices, the value of the 162 kg of pure gold used is estimated at approximately 38.67 billion won.

The Golden Bat Award features six golden bats made of pure gold spreading their wings and taking flight atop a circular silver structure. At the time of production, the material cost based on the price of pure gold was approximately 2.7 billion won. The Asia Business Daily Database

Although there was once debate over its fiscal efficiency due to limited impact on tourist numbers, there is now a growing recognition of the public sculpture’s value as a tangible asset in light of rising gold prices.

An official from Hampyeong-gun stated, "The Golden Bat Statue is not just a sculpture, but an asset embodying the ecological value and symbolism of the region. With the recent surge in gold prices, it is realistically difficult to consider creating additional sculptures, so we are focusing on the safe management and utilization of the existing asset."