The fourth chapter of 《Korea Art Market 2025》 examines structural changes in Korea’s art auction sector. The report characterizes 2025 as “a turning point from auctions centered on simple sales to auctions centered on discourse and narrative.” While total sales volume has slowed, the high-end market is giving way to the mid-tier range, and significant qualitative changes are emerging in bidder profiles and artwork supply channels.

Scale Remains Uncertain, but Structural Reconfiguration Accelerates

According to the report, Korea’s major auction houses recorded a year-on-year decline in total sales, yet signs of recovery and structural realignment appeared simultaneously. Total auction sales reached approximately KRW 46.1 billion in the second half of 2024, rising to about KRW 56.4 billion in the first half of 2025—an increase of 22%.
 
Meanwhile, the share of ultra-high-value works (over KRW 1 billion) declined, while sales of mid-range works priced between KRW 100 million and 500 million increased. Rather than signaling market contraction, this shift is interpreted as a restructuring process—a movement away from speculative buying and toward more stable, long-term collecting. The report views this trend as evidence that speculative high-end demand is receding and a more sustainable collector base is expanding.

Auctions Evolve from Sites of Sale to Sites of Narrative

Another shift highlighted by the report is the changing intention of auction participants. Many respondents now regard auctions not simply as venues to purchase high-priced works, but as opportunities to explore artwork narratives, evaluate artistic value, and connect with collections.

Participation by Millennial and Gen Z collectors continues to rise. These collectors place greater emphasis on artist talks, collection context, and event-based experiences prior to purchase decisions. The question is no longer “Who bought it?” but “What is the work?” This shift has transformed auctions into storytelling platforms that contextualize an artist’s career and the internal logic of a work, rather than merely sites of price competition. The report concludes: “Auctions are no longer arenas of transaction but hubs of value and relational networks.”

The report summarizes these transformations into three major structural changes:

1. Reconfiguration of Price Bands

The portion of ultra-high-priced works has diminished, while mid-tier works (KRW 100 million–500 million) now occupy a larger share. This shift reflects a retreat from speculative buying and a growing emphasis on long-term collection building.


2. Changes in Bidder and Collector Demographics

Participation by MZ-generation and experience-oriented collectors is rising. These groups prioritize engagement over acquisition; narrative exploration, event participation, and shareable moments at the auction site increasingly influence their collecting decisions.


3. Diversification of KPI Metrics

Instead of assessing performance solely through total sales volume, new KPIs—such as bidding participation rates, re-bidding rates, social media mentions, and post-auction event participation—are becoming crucial. The auction sector is entering an era where experience and relationship-building matter as much as short-term financial results.


 
Tasks for a Sustainable Auction Ecosystem

The report proposes three key tasks for ensuring long-term sustainability in Korea’s auction market.

1. Enhancing market access for emerging and mid-career artists and small-to-mid-sized auction houses

A market overly concentrated in high-value works risks shrinking diversity among artists and auction operators. The report calls for greater support—such as subsidized participation fees, dedicated mid-tier sections, and stronger representation of emerging artists.


2. Strengthening linkages with urban and global cultural infrastructures

Auctions must evolve from one-off events into platforms integrated with urban cultural and tourism ecosystems. This requires expanded models such as collector lounges, exhibition-linked programming, residencies, and partnerships with local cultural institutions.


3. Establishing data-driven systems and transparency

To compete internationally, Korea’s auction sector needs systematic accumulation and disclosure of bidding and sale data. The report emphasizes reducing dependence on foreign platforms and building a domestic data infrastructure—essential for safeguarding the autonomy and long-term competitiveness of Korea’s art market.
 


Conclusion

《Korea Art Market 2025》 concludes: “In 2025, auctions have evolved beyond simple marketplaces where artworks change hands; they have become discursive spaces where artists, collectors, and the market form relationships.”

As cities shift from commerce-driven to experience-driven environments, audiences move from consumers to participants. Auctions, too, are transitioning from the “language of transaction” to the “language of relation.” To build a sustainable ecosystem, the auction sector must continue expanding into a platform where art, industry, and urban culture intersect.