SEOUL AUCTION CO.,LTD.
Previous company name
Seoul Auction House Co.,Ltd.
Name change date
The company is Korea’s oldest, most established and leading auction house, holding more than one major auction per quarter. Founded in 1998, the company has multi-purpose auction spaces based on a design by world-famous French architect Jean Michell Wilmotte consisting of auction salesrooms, galleries and warehouses for storing art work.
As an auction house, the company does not represent specific groups of artists. However, as Korea’s oldest and leading auction house, art works by well-known artists, pursued by international collectors such as Kyoung-Tack Hong, Tschang-Yeul Kim, UFan Lee, Dong-Yoo Kim, So-Young Choi, etc, can be easily found amongst its sales. The company also offers art works by Western modern and contemporary artists as well as other Asian contemporary artists. Its strong sourcing power is due to its close and long-term relationships with collectors and artists. This made it possible for the company to set the Korean Auction record–PARK SOOKEUN’s sold for $4,766,000 in May 2007.
Based on obtained global network, verified system and outstanding manpower, firm has high brand power and penetrated into Hong Kong, one of the world top 3 art markets in the world. Firm’s profitability is at very good level, while securing good earning structure, based on stable biz base. Firm maintains stable financial structure, as capital is appropriated with paid in capital increase thru public offering and full repayment of existing borrowings. Firm’s continual growth is expected, due to high growth potential in the domestic art works auction market compared to overseas market, and improvement in domestic income level and popularity of cultural life. Firm is likely to continue stable growth base with expansion of market share in Hong Kong market along with diversification of auction items such as furniture and wine. Fierce competition between firms is possible, in view of market fluctuation deriving from economic fluctuation, dispute of false art works, tax issues, and new entry and commission competition; trend depending on variables needs to be noted.
Description and history
An auction house, holding more than one major auction per quarter
GANA ART GALLERY CO.,LTD.
US SIC Code
JONGNO-GU, SEOUL 110-846
City province or state postal code
Country address: KOREA REPUBLIC OF
Website url: www.seoulauction.com