Law to promote transparency in Korean art scene takes effect

An installation view of the inaugural Galleries Art Fair in Suwon that ran from June 27 to 30 (Courtesy of the Galleries Association of Korea)

Those who purchase art in South Korea can ask for a certificate that guarantees the authenticity of the work, while artists will be guaranteed royalties every time their work is resold in the art market, according to the newly enacted Art Promotion Act.

The Art Promotion Act and its enforcement decree partly went into effect Friday, according to the Ministry of Culture, Sports and Tourism.

While people could ask for a type of document that identify that the artwork is authentic when purchasing them, the newly enacted act provides a legal right to demand a certificate that warrants its authenticity from the artist or art professionals that includes the date and place of purchase, according to the ministry.

Artworks that belong to the government will be “properly” managed based on the new act, changing their classification from “commodities” or “goods” to “artwork.” The ministry announced that an entity will be launched to manage artworks owned by the government and public art.

The National Assembly passed the bill of Art Promotion Act on on June 30, 2023, in an effort to promote Korean art and seek transparency in the art market.

The so-called “resale right” that enables artists to receive royalties every time their artwork is resold, will take effect starting 2027.

The ministry will issue a plan that provides details on promoting the art scene every five years based on opinions from art experts, commercial players and museums. The first package of plans will be released later this year.

By Park Yuna(yunapark@heraldcorp.com)