Korea's largest art house sells off 73 pct of catalog in Hong Kong

SEOUL, Nov. 30 (Yonhap) -- South Korea's largest art auction house sold 73
percent of all artworks offered during its recent auction in Hong Kong, K-Auction
said Monday, despite the lingering impact of the Wall Street-sparked financial
turmoil on the Asian economy.

K-Auction sold 28 artworks from the 40 on the block during the Nov. 29 Asian
Auction Week in Hong Kong, including U.S. pop artist Andy Warhol's "Marilyn,"
which was sold for about US$150,000, the art house said in a press release.
Although many art dealers in Korea and neighboring countries have been turning
their eyes to relatively cheaper pieces following the outbreak of the global
economic downturn last year, local auction houses have managed to remain afloat
by offering "safer investment" materials.
K-Auction and Korea's second largest Seoul Auction managed to sell off 60-70
percent during its auctions this year.
K-Auction also said it will put on sale 197 artworks, including a landscape
painting by renowned Korean artist Lee Jung-seop, in an upcoming Seoul auction on
Dec. 9.
The bidding for the painting by Japan-studied Lee, who died in 1956, will start
at 450 million won, or about $380,000.
Items offered by the Seoul-based art house will also include calligraphy by the
late Samsung Group founder Lee Byung-chul, the art house said.
hayney@yna.co.kr
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