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| Lee Ho-jae, chairman of Gana Art, Seoul Auction and the Gana Foundation for Arts and Culture |
Gana Art, Seoul Auction chairman honored for support for Korean artists
By Kwon Mee-yoo
Lee Ho-jae, chairman of Gana Art, Seoul Auction and the Gana Foundation for Arts and Culture, received the Montblanc de la Culture Arts Patronage Award in September, in recognition of his support for Korean artists and promotion of Korean art to the world.
"I am not used to being awarded," Lee, 63, said in an interview with The Korea Times last month. "However, this one is for patronizing art, so I thought it would be an opportunity to reflect on my life and relationships with artists I've worked with. After all, this award is an inspiration for further efforts."
To commemorate Lee's award, Gana Art Center is holding an exhibition titled "Companionship: 30 Years with Gana Art" through Oct. 15. The list of participants includes veteran artists Kim Byoung-ki, Lim Ok-sang, Sa Seok-won, Oh Su-fan and Han Jin-seop, who worked with Lee for a long time.
Lee founded Gana Gallery in 1983, when he was 29. He was the youngest gallery owner in the art district of Insa-dong back then.
"I have worked with these artists for over 30 years," Lee said. "I founded Gana Gallery. It was difficult to deal with established artists as a new gallery owner, so I looked for young, little-known artists who have now become older artists. Much time has passed and many things have changed."
Lee tries to find artists who are on his wavelength.
"I don't have the insight to discover a work of genius, but did my best to work with the right artists," Lee said. "Some of them shot to stardom, while others took time. It is still an ongoing process."
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| An installation view of "Companionship: 30 Years with Gana Art" in commemoration of Lee Ho-jae's receipt of the Mont Blanc Award / Courtesy of Gana Art Center |
He also opened the first art auction company in Korea, Seoul Auction, in 1998, to boost the transparency of the Korean art market.
"The size of the art market is relatively small," Lee said. "After the boom around the 1988 Seoul Olympics, the Korean art market went into a long recession in the '90s. Art trading became almost extinct and I introduced the auction system as a way to raise the art market which was too private. An auction is a transparent way of art trading."
In the first few years, business was bad, with yearly auction sales less than 10 billion won ($8.8 million). But the market has grown to 100 billion won now.
"Collectors are a very important part of the art market as they support artists by purchasing artwork," Lee said. "We have to create a more encouraging atmosphere, making collectors proud of their purchase."
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| Seoul Auction is the first of the kind in Korea, established in 1998 by Lee Ho-jae. |
Seoul Auction also holds sales in Hong Kong, introducing Korean art to international collectors. The works of Kim Whan-ki broke have broken many records in Seoul Auction's Hong Kong sales, heightening the artist's value.
"We ventured out to Hong Kong 10 years ago," Lee said. "In auctions, the most important person is the highest bidder, the one who wins the artwork. As international buyers from Hong Kong and China came into the game, the market started to change. The recent boom of Dansaekhwa (Korean monochrome painting) boosted the price of Korean art and now it is going through a price adjustment. However, customers who recognized the value of Korean art are interested in this market."
Lee sees further commercial possibilities in Minjung Art, a political and populist art movement in Korea from the 1980s. " Minjung Art did not win marketability in Korea, but there is a demand on figurative art internationally," Lee said. "Minjung Art is a good example of social realism and I think it stands a chance in overseas auctions. In the history of modern art in Asia, Korean artists pioneered abstract, minimalism painting and autogenously developed Minjung Art. We have to promote this rich tradition and this is something a gallery or an auction company has to do."
As part of efforts, Seoul Auction will open a space in Hong Kong to host auctions and special exhibitions.
"The price of an artist's work is national pride," Lee said. "It is important to make internationally renowned museums and institutions collect Korean art, and galleries and auctions play a key role in the process. The exhibition space will better promote Korean art in Hong Kong, where international art collectors gather."
