Seoul Auction, Korea's leading art auction house, will hold its Modern & Contemporary Art sale on November 28 at the Mandarin Oriental Hong Kong, presenting about 50 works by leading Western, Korean, Japanese and Chinese artists with a total estimate of $25 million. The top lot of the sale is Smooth Egg with Bow by leading American artist Jeff Koons. This monumental piece is from the artist’s acclaimed 'Celebration' series and is appearing at auction for the first time.
There will also be a group of works by the Japanese artist Yayoi Kusama. Highlights include Statue of Venus Obliterated by Infinity Nets, one of the most important works in Kusama's 'Infinity Nets' series which should draw strong interest from collectors.
The sale also features works by established Korean artists including Lee Ufan's From Line. This year the late artist won international recognition as the Guggenheim Museum held the first retrospective of his work in the USA.
The highlight of the Chinese section of the sale is Zeng Fanzhi’s Mask Series No. 15 (1997), a rather unusual piece what mixes the rawness of Zeng's earlier meat series with a solitary masked figure.
 Established in 1998, Seoul Auction has grown rapidly, both locally and globally. According to the Korean Art Research Centre, Seoul Auction was the most successful auction company in Korea in 2007, taking a 50% market share, equivalent to auction sales worth US$96.4 million. In the same year, eight out of the ten artworks with the highest bidding price in Korea were auctioned through the company. These included masterpieces from renowned Korean artists like Park SooKeun, Kim Whanki and Lee UFan. Works from prominent Western artists, such as Andy Warhol and Gerhard Richter, were among the top ten sales. This impressive performance made Seoul Auction eleventh in the world by value of auction sales in 2007.  Photo by Chung Hee-cho / The Korea Herald During the past decade Seoul Auction has been developing and leading the Korean art market, and more than a hundred auctions have been held. The sales volume in 2007 tripled from the previous year, reaching US$96.4 million. In 2008, Seoul Auction’s 10th anniversary, the company announced plans to set up a Hong Kong operation, to expand business across the Asian art market. About the AccountRFA was appointed to build awareness of Seoul Auction’s inaugural international sale in Hong Kong and introduce Korean art to the Hong Kong market in the period between August and October 2008. The program comprised four elements, including a 4-day media familiarization trip to Seoul, a pre-announcement press release, pre-auction press conference and items review, and on-site media relations during the auction and wrap-up results dissemination. The media outreach program coordinated by RFA was extremely successful with high visibility of Seoul Auction branding, corporate messaging, and Korean art introduction achieved in news, art and culture, business and lifestyle publications. Extensive coverage with advertising equivalent value of more than HK$3 million was achieved, fulfilling the communication objective of raising the profile of Seoul Auction among international auction houses and establish positive perception of its value and credibility in Hong Kong. Following its full establishment of a Hong Kong operation, Seoul Auction will continue to work with RFA in its upcoming activities. | |
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