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| Chung Kyung-ja's "Honolulu," left, was offered at the Seoul Auction last month. On the right is Chun's 1993 painting of a market in Granada, Spain. / Yonhap |
Art market thriving despite series of counterfeit issues
By Kwon Mee-yoo
A series of travel sketches of the late artist Chun Kyung-ja, submitted for Seoul Auction's summer auction on June 29, was suspected of being counterfeit and pulled from the auction soon after. An art critic claimed that the sketches pieced together artworks in Chun's catalogue published in 1995 titled "CHUN, KYUNG JA."
Chun's "Travel sketches" was composed of 16 drawings with an autograph letter. The auction explained that Chun gifted the sketches to an acquaintance named Mr. Park in 1983, in celebration of his 50th birthday.
An anonymous art critic told Yonhap News Sunday that the sketches are similar to multiple paintings and sketches in the catalogue, mainly created during Chun's travels.
The attorney of Chun's bereaved family is keeping an eye on the issue. "If a major art auction company in Korea puts counterfeits on sale, it is fraud and we will take action," said Bae Keum-ja, the family's representative.
However, Seoul Auction admitted it acknowledges the forgery issue, but withdrew the painting because there were different opinions regarding its authenticity, not because it is a fake.
"Many artists use the same image repeatedly and it does not mean this is a forged one because there are other sketches or paintings employing similar imagery," a Seoul Auction official said. "We wanted to do additional appraisal to clear doubts, but the owner withdrew the intention of selling and retrieved the painting. An auctioneer cannot authenticate an artwork against the collector's will."
Despite a series of counterfeiting scandals involving top Korean artists, the art market in Korea has enjoyed a commercial boom in the first half of the year.
"Untitled 27-VII-72 #228" by abstract painter Kim Whan-ki (1913-1974) was sold for 5.4 billion won ($4.7 million), setting a new record for the highest price ever paid for a Korean artwork during K Auction's summer auction in June. Chun's 1994 painting "Tina of Melancholy" was sold for 800 million won ($670,000) at Seoul Auction also in June.
Three major art auction companies in Korea ― Seoul Auction, K Auction and I Auction ― generated sales totaling 89.8 billion won ($78 million) in the first half, which is a 43 percent jump from the same period the previous year.
Kim Yoon-seob, head of the Korean Arts Management Institute, said low interest rates are related to the boom in the art market.
"The lasting low interest rates made more cash flow into the art market," Kim said. "Works by major artists such as Kim Whan-ki are considered safe investments."
