Art Market in Doldrums as Auction Bids Plunge

The Korean art market is reeling from the economic crisis, with the highest bid prices at domestic art auctions plunging 38.2 percent last year. So Jin-su, professor at Kangnam University and manager at an art market researcher, on Monday released a report on Korea’s art market in 2008, which said the sum of the highest bids at domestic art auctions was W119.1 billion (US$1=W1,314) last year, down 38.2 percent from W192.6 billion in 2007. The art market that has seen a downward trend since the end of 2007 after two years of a boom, and prices of art works, especially those sold at auction, have plunged. The report said the sum of the highest bid prices at Seoul Auction plunged to W69.6 billion last year from W96.4 billion in 2007. At K Auction, it halved from W69.6 billion to W35.8 billion. So said, “The economic crisis will continue to affect the art market this year, which responds quickly to economic downturns but slowly to economic recovery.”

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Visions Art is a premium gallery for Modern and Contemporary Art. Established in 2001 in Mumbai, advising private and corporate collectors on predominantly Indian Contemporary Art. Since 2003, the gallery opened up its new space in heart of south Mumbai, India. The permanent gallery space is designed as a private art space where both changing and its permanent collections are shown. The gallery’s program draws upon a diverse range of disciplines and intellectual perspectives while maintaining a clear progressive thread. Supporting mid-career and historic figures, as well as launching emerging artists. The gallery represents works by artists who are considered to be at the forefront of Indian contemporary art and is constantly looking to establish a roster of the more progressive artists from India and abroad. Indianartnews.info is a news post blog providing a viewers updates on the latest news and events related to indian art from across the world

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