Art

Art of the deal: South Korean millennials swap stocks for art – Al Jazeera English

Published

2 years ago

June 20, 2022

Incheon, South Korea – Kim, 35, did not explicitly object when his wife started investing in art three years ago – but he had his reservations.

“I told her that I’m fine as long as you want it,” the video game designer, who asked to be identified by his last name only, told Al Jazeera.

“But I was secretly thinking, why not just invest that money into stocks or something?”

But as time passed, Kim began to appreciate how art could offer an escape from the COVID-19 pandemic and the monotony of work. Last year, he joined her in collecting fine art.

Kim is part of a young generation of art collectors who are shaking up South Korea’s art market, which has been long dominated by collectors aged in their 60s and above.

Rise of young collectors

Galleries and auction houses experienced a surge in art collectors in their 30s and 40s during the pandemic, according to a report released last year by Korea Arts Management Service (KAMS).

K-Auction, an auction house in Seoul’s upscale Gangnam district, reported that more than half of winning bidders last year were in their 40s or younger.

Thanks to the influx of younger buyers, South Korea’s art market grew almost three-fold last year, according to KAMS, reaching an estimated value of 920 billion won ($714m).

The sudden growth has been widely attributed to revenge spending after the end of pandemic restrictions, but some young collectors have also found their new hobby to be unexpectedly lucrative.

“One close friend of ours made a nine to ten-fold profit on a single art piece,” Kim said, admitting that hearing such success stories contributed to his decision to start his own collection.

“It is tough to give up collecting after hearing this sort of story, although I started collecting for the love of art.”

Kim said that the growing difficulty of purchasing real estate – traditionally the most popular investment option in South Korea – due to soaring prices and strict lending controls also contributed to his newfound interest in art.

Park June-soo, manager of KIAF Seoul, South Korea’s biggest art fair, sees the generational shift as a natural result of the desire to stand out from the crowd in the age of social media.

“In the beginning, it was a flock of youngsters posting pictures of themselves at hot exhibitions on Instagram in like, 2016 or 2017,” Park told Al Jazeera.

“Then some began to buy art pieces and share the pictures of them on the wall of their house.”

Lim Sang-jin, who runs an online community of art collectors, says young South Koreans are teaching themselves about art instead of relying on traditional sources of knowledge such as local galleries [Courtesy of Lim Sang-jin]

Lim Sang-jin, the operator of an online community of art collectors, said more people are turning to art in search of something “classy”.

“Purchasing a good piece of art requires much more than having enough money,” Lim told Al Jazeera. “Now people are showing off their taste with art, rather than luxuries.”

Park said the centre of gravity in the market began to shift away from high-priced works by celebrated names towards more affordable pieces by young and up-and-coming artists about three years ago.

“There is even a saying that it is better to buy six artworks worth five million won each than a single 30 million won piece,” he said.

For some younger collectors, part of the appeal is being able to identify with artists that are around their own age.

“The works of the masters are great indeed, but I found that I relate more to the works of the artists of my contemporaries,” Noh Jae-myung, a 31-year-old collector, told Al Jazeera.

Noh, who works in the education sector, is a prime example of how the new generation of art collectors differs from those who came before.

“There were already too many experts on conventional modern art,” Noh said. “I thought it was kind of a losing game even before the beginning. So I wanted to be different.”

Right from the beginning of his art collection seven years ago, Noh focused on urban art, which was unfamiliar in the South Korean art market at the time.

“Other collectors often told me, ‘Why spend that much on those artists? You should buy these artists,’ when I first started,” Noh said.

Noh’s determination appears to have paid off. Urban art is now one of the most popular genres in the market, and some items in his collection have seen their value rise as much as 20 times.

As it has in other areas of life, the rise of social media has also affected how many young collectors navigate the vast world of art.

“Most young collectors study art collecting via Instagram and YouTube,” art educator Lee So-young told Al Jazeera.

Art educator Lee So-young says young collectors are using Instagram and YouTube to learn about art [Courtesy of Lee So-young]

Lim, the operator of the online community for art lovers, said that young collectors rely less on local galleries to find promising artists and artworks.

“Now people study on their own a lot,” he told Al Jazeera.

“Some send a DM to other collectors, asking where they bought the artworks and how much they paid.”

Young collectors are also seen as more open to reaching out to galleries overseas due to their greater exposure to Western culture and English.

The art collecting boom at home has given a boost to South Korea’s position in the global art market.

Last year, South Korea overtook Germany as the fifth-biggest contemporary art auction market, according to Art Basel’s Art Market 2022 report.

Seoul is also increasingly vying for the title of Asia’s premier art hub, as Hong Kong’s international stature dwindles amid political censorship and pandemic-related travel restrictions that have no end in sight.

World-renowned galleries including Perrotin and Lehmann Maupin have opened or expanded galleries in Seoul during the last two years, while influential art fair Frieze will launch its first Asian event in Seoul with KIAF Seoul in September.

Park, the manager of KIAF Seoul, expects the event to be a watershed moment for Seoul as Asia’s new art capital.

“South Korea’s art market size is expected to grow beyond one trillion won ($800m) this year,” he said.

“If Seoul manages to eclipse Hong Kong as the hub, the market size of which is estimated to be about four trillion won ($3bn), there will be much more room for future growth.”

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Art

Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

Published

15 hours ago

September 13, 2024

Harry Miller

In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

Art

Ukrainian sells art in Essex while stuck in a warzone – BBC.com

Published

2 weeks ago

September 2, 2024

Harry Miller

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Ukrainian sells art in Essex while stuck in a warzone BBC.com

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Art

Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

Published

4 weeks ago

August 18, 2024

Harry Miller

The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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