Korean art market rebounds in first half, but growth remains concentrated: report

South Korea's art market nearly doubled in value in the first half of this year, but growth was driven more by sizeable sales than a broader recovery, according to a report by the Korea Art Authentication and Appraisal Institute. Combined sales at seven domestic auction houses reached 110.8 billion won ($75,700) in the January-June period, up 99.05 percent from the same period last year, the report showed on Monday. The number of lots offered, however, fell 11.03 percent during the period from 9

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Frequently Asked Questions

What drove the growth in South Korea's art market?

The growth was primarily driven by sizeable sales rather than a broader recovery.

How much did the combined sales reach in the first half?

Combined sales at seven domestic auction houses reached 110.8 billion won.

What was the percentage increase in sales compared to last year?

Sales increased by 99.05 percent from the same period last year.

Did the number of lots offered increase or decrease?

The number of lots offered fell by 11.03 percent during the period.