Art Busan achieves record-high sales and number of visitors

[Photo provided by Art Busan]

The 10th Art Busan, an art fair annually held in South Korea’s southern port city of Busan, has set a record high sale of more than 35 billion won ($30.9 million) and number of visitors at 80,000.

The event’s organizer said on Monday that at least 15 galleries succeeded in selling more than 1 billion won worth art pieces from May 13 to 16 and the number of visitors surpassed 80,000 including 1,800 VIPs who joined on the first day. BTS leader RM and actor Lee Min-ho who are known as art aficionados also came to visit on the day.

Seoul Auction Hong Kong Gallery SA+ that participated in the exhibition for the first time sold Marc Chagall’s “Le Bouquet” for $2 million, the most expensive artwork sold at the fair. The gallery also sold works of renowned artists such as Lucio Fontana and George Condo. Liun Gallery in Seoul sold Kim Hwan-ki’s oil painting “Untitled” for 1.1 billion won.

During a preview session on the first day, Swiss Ambassador to South Korea Linus von Castelmur, bought a total of six pieces including the one of Korean artist Na Jeom-soo.

[Photo provided by Art Busan]

“Die Reihen Geschlossen” by German artist Georg Baselitz was bought by a businessman in Busan for around 1.85 billion won. The seller, Thaddaeus Ropac which also succeeded in selling other high- priced pieces including British sculptor Antony Gormley’s work at the exhibition, is set to open its first Asian branch in Hannam-dong in Seoul.

Local player Kukje Gallery said it sold most of the works it displayed including ones by Jenny Holzer, Yang Hae-gue and Yoo Young-kuk. Seoul’s g.gallery sold all seven new pieces of George Morton Clark on the preview session and seven works of Michael Scoggins.

The organizer had to limit the number of daily visitors as part of virus control measures but total sales generated by participating galleries reached 35 billion won, a record high for a local art exhibition. “Art Busan’s efforts to raise the standard of the fair and active participation of galleries resulted in the unprecedented success,” said Byun Won-kyung, CEO Art Busan.

[ㄏ Maeil Business Newspaper & mk.co.kr, All rights reserved]