The total amount of successful bids for domestic art auctions decreased by 25 percent...the lowest level in five years

Sales in the domestic art auction market this year were only 75% last year, the lowest level in the last five years, the report showed.

This year, the total amount of online and offline auctions by 10 art auction companies, including Seoul Auction and K Auction, was about 115.1 billion won, the lowest level since 2020.

The total number of entries was 22,900, the small winning bid was 16, and the winning bid rate was 46.4%, which was also the lowest since 2020.

By artist, Kim Hwan-ki's work was traded worth about 7.37 billion won, ranking first in the total amount of successful bid.