In July 2025, Korea’s two leading art auction houses, K Auction and Seoul Auction, held their offline sales. Both recorded sell-through rates around 70%, showing a numerical recovery compared to the first half of the year. However, the structure of the artists presented and the transaction patterns remained repetitive.
High-value, premium works were limited in availability, and there were no initiatives to introduce or promote new-generation artists who could lead the future art market. Instead, the auctions focused on safe, well-known names and mid-priced, lesser works.


 
K Auction
Total Hammer Price: 4.7 billion KRW (approx. 3.41 million USD)
Sell-through Rate: 68.4%
Top Lot: Kim Whanki’s Jar at 900 million KRW (approx. 652,000 USD)

Held on July 23, K Auction's offline sale included 104 lots, of which 6 were withdrawn just before the auction. Out of the remaining 98 lots, 67 were sold, resulting in a sell-through rate of 68.4%. The modern and contemporary art section saw 73 lots with 52 sold (71.2%, 4.2 billion KRW / approx. 3.04 million USD). The traditional Korean painting section recorded a 60% sell-through with 15 out of 25 lots sold, totaling approximately 400 million KRW (approx. 290,000 USD).

The top-selling work was Kim Whanki’s Jar, hammered down at 900 million KRW (approx. 652,000 USD), 50 million KRW below the initial estimate. Park Seo-bo’s Ecriture No. 080831 sold for 400 million KRW (approx. 290,000 USD), and Yun Hyong-keun’s Untitled fetched 230 million KRW (approx. 167,000 USD). Lee Bae’s Brushstroke 4-75 started at 85 million KRW and sold for 125 million KRW (approx. 91,000 USD). Another Untitled work by Kim Whanki started at 60 million KRW and was sold for 92 million KRW (approx. 67,000 USD).

Works by Chung Sang-hwa, Lee Kang-so, Chun Kwang-Young, and Jonas Wood mostly sold near or below their starting prices. Lee Ufan’s 150-sized piece Correspondence was withdrawn before the auction began. Although some competition was observed, many lots sold at adjusted or minimum starting prices.

In the Korean traditional art section, all six works by Unbo Kim Ki-chang were sold. Real Estate Office was hammered down at 1.2 billion KRW (approx. 870,000 USD) after starting at 35 million KRW. Chrysanthemum and Bottle of Sake / Orchid and Vase was sold for 13 million KRW (approx. 9,400 USD), and Park Rae-hyun’s piece fetched 110 million KRW (approx. 80,000 USD) from a starting price of 42 million KRW.

Overall, the auction centered on mid-sized, mid-value works by familiar artists. Price adjustments and conservative curation helped secure stable results, but no new artist segments or market-expanding strategies were observed.


 
Seoul Auction
Total Hammer Price: 3.3 billion KRW (approx. 2.39 million USD)
Sell-through Rate: 71.0%
Top Lot: Lee Ufan’s Dialogueat 670 million KRW (approx. 486,000 USD)
 
Held on July 22, Seoul Auction’s Contemporary Art Sale featured 77 lots, 8 of which were withdrawn. Of the 69 presented, 49 were sold, marking a sell-through rate of 71.0% and a total hammer price of 3.3 billion KRW (approx. 2.39 million USD). This marked the first time since May 2024 that Seoul Auction exceeded a 70% sell-through rate, and the first time in 14 months that the unsold rate fell below 30%.
 
The auction featured a themed “Blue Section” composed of blue-toned artworks, accompanied by dress code events and gift giveaways at the venue. While 10 out of 28 lots in the Blue Section went unsold, the auction overall maintained stable results by minimizing unsold lots.

The top-selling work was Lee Ufan’s Dialogue, which sold for 670 million KRW (approx. 486,000 USD). Jang Uk-jin’s The Road started at 80 million KRW and sold for 135 million KRW (approx. 98,000 USD). Chun Kyung-ja’s Landscape surpassed its high estimate and sold for 89 million KRW (approx. 64,500 USD). Ugo Rondinone’s piece was hammered at 250 million KRW (approx. 181,000 USD), while Yoo Young-kuk’s Twilight sold for a reduced price of 400 million KRW (approx. 290,000 USD). Andy Warhol’s Flowers fetched 63 million KRW (approx. 45,600 USD).

Two ceramic works by Lee Ufan started at 12 million and 11 million KRW, and sold for 20 million and 18.5 million KRW (approx. 14,500 USD and 13,400 USD). Works by Kim Whanki, Yun Hyong-keun, and Yoshitomo Nara were withdrawn prior to the auction. High-value lots were generally limited, and adjusted starting prices contributed to the overall sell-through success.
 


Repetition in Curation, Absence of Strategy for Future Market Artists

Both K Auction and Seoul Auction adopted conservative curatorial strategies aimed at aligning with current market demand. However, the artists featured remained largely familiar, and no initiative to discover or promote artists capable of leading the next generation of the art market was observed.

As both sellers and buyers prefer lower risk in a slow market, the auctions reinforce a cyclical structure reliant on established names, further delaying structural transformation.


 
Conclusion

Despite improved sell-through rates, the July auctions appear to reflect calculated curatorial adjustments and reduced supply rather than a meaningful recovery in market demand.

What the Korean art market needs now is not simply numerical rebound, but long-term strategies to identify and promote artists who can redefine the next decade of collecting. Without clear direction during market downturns, the industry will remain stuck in a repetitive loop, unable to escape stagnation.