In September 2025, K Auction and Seoul Auction both held regular sales, producing meaningful results despite a sluggish art market. Both houses put Korean modern masters at the forefront, stimulating demand from collectors, and some works drew intense competition and high prices.

K Auction: Lee Jung-seop’s Cow and Child Fetches KRW 3.52 Billion (approx. USD 25.5M)

At the September 24 sale at K Auction’s Gangnam headquarters, Lee Jung-seop’s Cow and Child(1954) became the highlight of the evening. Bidding opened at KRW 2.5 billion (approx. USD 1.8M) and climbed to a final hammer price of KRW 3.52 billion (approx. USD 25.5M). The painting had been purchased by the late Jeong Ki-yong, former head of Woon Gallery, at Lee’s 1955 solo exhibition at Mido Department Store and remained in his collection for 70 years until it appeared at auction for the first time.

Lee’s ‘Cow’ series survives in only about ten known examples, most of which are held by museums and institutions, making their appearance at auction exceptionally rare. In 2018, another Cow sold at Seoul Auction for KRW 4.7 billion (approx. USD 3.4M), setting the artist’s auction record. While this September’s result did not surpass that benchmark, it reaffirmed the resilience of blue-chip masterpieces by Korean modern masters.
 
The same sale also saw Park Soo-keun’s Mountain sell for KRW 1.2 billion (approx. USD 0.87M), underscoring continued collector confidence in the greats of modern Korean art. The auction featured a wide range of works by Kim Whanki, Lee Ufan, Yun Hyong-keun, Park Seo-bo, Chung Sang-hwa, and Kim Tschang-yeul, alongside pieces by international names such as Yayoi Kusama and David Hockney. In total, 223 lots were offered, with preview exhibitions and social media campaigns fueling strong pre-sale interest.


 
Seoul Auction: KRW 4.81 Billion (approx. USD 3.5M) in Sales, Rebounding After Five Months

On September 23, Seoul Auction held its 186th sale at the Gangnam Center, realizing a total of KRW 4.81 billion (approx. USD 3.5M) with a sell-through rate of 61%. It was the first time in five months that the house’s sales volume surpassed KRW 4 billion (approx. USD 2.9M), offering a sign of recovery in a subdued market.

The top lot was Lee Ufan’s Dialogue, which sold for KRW 850 million (approx. USD 0.62M). Park Seo-bo’s Ecriture No. 950815 achieved KRW 350 million (approx. USD 0.25M), while another Lee Ufan canvas from his From Line series fetched KRW 360 million (approx. USD 0.26M). Together, these modern masters anchored the sale.
 
The auction also included a Korean traditional art section, with highlights such as a Joseon-period white porcelain jar and Hong Se-seop’s Animal Painting, some of which exceeded their presale estimates.

Another notable feature was the launch of Seoul Auction’s new luxury session, “The Prestige Sale: Icons of Luxury”. High-end Jacob & Co. watches such as the ‘Opera Godfather’ and ‘Casino Tourbillon’ were offered, representing an attempt to expand beyond fine art into lifestyle collecting categories. However, this experiment saw mixed results, with some items failing to sell or withdrawn before the sale.
 


Market Analysis: Premium for Masters and Experiments in Diversification

Three key themes emerged from September’s results:
 

1. The enduring premium of blue-chip masters

Works by canonical figures such as Lee Jung-seop, Park Soo-keun, Lee Ufan, and Park Seo-bo continue to anchor the market. Rarity and quality remain decisive, with collectors willing to compete aggressively for exceptional examples.
 

2. Signs of a modest rebound

Seoul Auction’s sales recovery indicates a slight uptick in collector appetite, coinciding with the September art week surrounding Frieze Seoul and Kiaf. Still, K Auction has not disclosed its total sales or sell-through rate, making it difficult to conclude that the broader market has recovered.
 

3. Experiments in category expansion
Seoul Auction’s luxury section and inclusion of Korean traditional art, alongside K Auction’s broader international lineup, reflect attempts to diversify the buyer base. Yet short-term results were mixed, reaffirming that the strongest driver of sales remains the supply of high-quality works by masters.
 


Conclusion

The September 2025 Korean art auctions can be summarized as a “selective recovery centered on blue-chip masters.” K Auction captured attention with the rare appearance of Lee Jung-seop’s Cow and Child, while Seoul Auction delivered improved sales figures and a modest rebound after months of sluggish performance.

Still, overall sales volumes remain far from past highs. How the auction houses secure fresh masterpieces and broaden their collector base will be critical in determining whether the market’s current stability evolves into sustained recovery.

References

• 서울옥션 (Seoul Auction)
• 케이옥션 (K Auction)