Korean Scroll Sells for $825,000 at Auction

Christie’s auction house, a world-renowned art auction company, had Korean art works and paintings up for auction on September 18.

“Auction number 435, I have a hanging picture scroll with writings of Jeong Sa-yong, a literary man from the Joseon Dynasty (16th century). The starting price is $ 480,000 (450 million KRW),” said Christopher Burge, a famed auctioneer. When he started a bidding process, bidders raised their auction paddles while Christie’s staffers were busy answering the phones. They informed Burge of the bids from all around the world.

“$500,000, $550,000, $600,000…”

When Burge repeated the bidding prices in his rhythmical British accent, a tinge of tension was tangible in the auction house air.

“We have $ 800,000. This is the last call. Anyone else?"

One of the staff raised his hand as a bidder from abroad raised the bidding price.

“I have 825,000 (780 million KRW). Anyone willing to bid higher than this? Sold.”

As the auction proceeded so speedily, it took less than two minutes for the scroll to be sold. When “Gyehoido,” another scroll with a picture of a gathering of scholars who won first place in the state exam, was sold for around 800 million won, people gave an exclamation of admiration.

On the same day, contemporary artist Lee Woo-hwan’s “From Seon” was sold at $361,000. His 1987 painting, “With Winds,” was not sold even though a bidder offered $550,000, as the owner of the picture asked to start the bidding at $600,000.

There were 57 Korean art works up for auction that day, amounting to some two million dollars in sales. Prices varied, from around $1,000 to hundreds of thousands of dollars.

Kim Hye-gyeong, Christie’s Korean art expert, said, “The popularity of Korean art, both ancient and modern, is growing.” As Christie’s auctions are streamed live in real-time, anyone can participate in bidding as long as he or she has an account with Christie’s regardless of location.

kong@donga.com