[Graphic News] Art auctions rebound in 2025, led by Chagall

According to the Korea Art Price Appraisal Association and Artprice, the domestic art auction market’s transactions last year totaled around 140.5 billion won ($95.3 million), a 25.4 billion won increase from the previous year. Annual transaction values had steadily declined from 329.4 billion won in 2021 but rebounded for the first time in 2025.

In total, 18,339 works of art were exhibited at auction, with 9,797 sold, resulting in a 53.42 percent successful bid rate, the highest in three years. Two years ago, the rate was 46.4 percent.

KAPAA appraisal committee head Kim Yeong-seok said the market’s growth in 2025 was driven by the late artist Marc Chagall, whose total sales exceeded 16.7 billion won, the highest among all artists. Chagall also claimed the highest single-artwork prices in November at Seoul Auction’s major sale, with works sold for 9.4 billion won and 5.9 billion won, taking both first and second place in a single auction. Kim noted that while the market rebounded, sales remain concentrated among “blue-chip” artists, emphasizing the need to discover new talent.