`Chun Doo-hwan Premium`

Globally renowned auction companies such as Christie’s and Sotheby’s reveal the “provenance” of articles for sale in the auction catalogue. Provenance meaning the chronology or custody of an art work can equivalent to the “resume of an art work.” This plays an important role in evaluating the value and authenticity of art work. While the price of works owned by a prominent collector will go up, works with unclear provenance may not be put up for auction.

“My name is Charles Saatchi and I am an Artoholic.” This is a title of the book written by Charles Saatchi, a British tycoon in advertising. He is also a big shot in the modern art collection who rocketed Damien Hirst, a British artist, to stardom. The new artists that he introduced through the Young British Artists (YBAs) have emerged as prominent artists on the global art scene. Despite controversies over whether he is a modern version of the Medici or a speculator, many unknown artists still dream their works to be included in the Saatchi collection because of his great discernment for the choice of arts.

Some of the old Korean paintings and writings have the stamps of owners. These stamps tell what kind of owners used to have the work. A stamp of a discerning collector raises the value of the artwork. Regarding the modern art, Hong Ra-hee, the director of Leeum Museum, is considered the most influential in the Korean art community. Gallery owners are delighted at seeing her in their exhibits because they believe that the rumor that she was there or bought the works contributes to raising artists’ awareness.

The collection of former President Chun Doo-hwan sold off at K Auction last Wednesday and at Seoul Auction this Wednesday. The 201 pieces of the art collection sold at the two offline auctions brought about 5.34 billion won. Given the art market having stagnated since 2008, many observers say the fact that Chun’s family owned the collection becomes a premium. It would be worth to watch that the auction of the former president’s collection may trigger the art market beyond the first goal of tax redemption.

Editorial writer Goh Mi-seok (mskoh119@donga.com)