Sixth, artists must create the best artwork.
In the global art market, there's a term known as "eight figures" (over $10 million, but less than $100 million). It signifies that impactful artworks are traded at prices exceeding $10 million. When you visit various art fairs, many works often represent the pinnacle of contemporary art. These artworks can lead to an instant plunge into an unavoidable black hole upon purchase, so caution is advised. Collectors should see many great paintings above all else. This helps develop discernment between excellent and less remarkable works. At one point, I started to turn away from domestic art fairs. The reason was that the number of standout artists decreased over time, while the proportion of artists sensitive to popular taste and trends increased.
During my tenure as leader of a cultural foundation, I learned one thing. My chairman predicted the explosive expansion of the Chinese art market and paved the way to bring works by China's leading figures to Korea. The method involved supporting the artistic activities of these figures and promising to build individual memorial halls for them in Jeju. Additionally, we sponsor some of the best artists among the graduates of China's five major art academies, numbering in the thousands. Some of them have been selected as top artists leading China's cultural arts, causing their work prices to skyrocket. This foresight is what one would call a keen judgment. The best way to select great artists is to cultivate insight by appreciating excellent works over a long period and purchasing them. Furthermore, having art experts or maintaining good relationships with galleries can be helpful. Great artists constantly move forward with every stroke they paint. If any artist remains unchanged and simply replicates past works, it harms both the artist and collectors.
Seventh, artists must have collectors and sponsor groups.
It's best for full-time artists to focus solely on artistic activities. However, for this to happen, they need stable income, which comes from having sponsor groups or collectors who purchase their work appropriately. Sponsor groups or collectors don't just materialize; they must understand my work over time and develop a liking for it. The most crucial aspect here is to maintain authenticity in one's work and have expectations for its growth. This way, they can like the artist and consider purchasing their work.
Witnessing a collector or sponsor group choose an artist who grows from a rookie to a yellow-chip artist and eventually becomes a blue-chip artist in the art market is a tremendous source of happiness and joy for them. Ultimately, a good artist is one who brings happiness to collectors through an increase in wealth and assets. Proving that my artwork can be monetised is crucial for my self-validation as an artist. Some artists may have a negative view of selling their paintings. However, in addition to the craftsmanship or "artisan spirit," artists also need the "merchant spirit" that brings material and spiritual benefits to those who buy their art. Otherwise, it's better to keep my paintings in the attic or warehouse for my personal viewing only. However, once my artwork enters the art market, I need to understand when collectors who purchase it will be happy and fulfill their needs.
How to Choose Good Artwork for Collectors
If it hasn't been long since you entered the art world and you have a limited understanding of the art market, think about the most basic methods you can use.
There may be a desire for art, but you may hesitate to buy expensive paintings right away. Here are some tips to consider:
First, use major gallery exhibitions.
When major galleries in Korea like Gana Art Center, Kukje Hyundai, and Gallery Hyundai hold exhibitions, it's an opportunity to buy excellent paintings selected after rigorous preparation and validation processes. When I prepared to move to Mo Gallery as its representative in 2007, a planned exhibition of Jung Sanghwa's works was underway there. I remember his works were about 30,000 dollars at that time. Subsequently, Jung Sanghwa's works, which became popular with the monochrome trend, increased by more than tenfold, showing high competition rates at major auctions. By carefully examining exhibitions and seeking help from art directors, you can build a flawless collection without trial and error.
I especially liked exhibitions such as those at Roh Gallery in Seoul in the past because I could purchase excellent paintings at very low prices. Even now, Park Hyung-jin's "Dasook" artwork, which I couldn't buy late at the Roh Gallery exhibition in 2006, still holds a deep place in my heart. Introduce the artist's work and story behind the work.
My Dog, 2F, 2006, Private Collection
I first painted Dasook in '95.
I painted her again in '96... and in '98 as well...
She would occasionally reappear as a supporting character whenever she crossed my mind.
Dasook was a very splendid model for me.
After a long time forgetting about her,
I painted Dasook again.
Comparing it with my previous painting,
it's somewhat different now.
Back then, I would paint Dasook after seeing her,
but now, am I painting the Dasook that exists in my heart?..
Strangely, tears come to my eyes
when I think about Dasook...
Secondly, utilize the records of major auction houses.
By analysing the auction data from Seoul Auction and K Auction over the past 10 years (assuming the analysis data exists), you can clearly determine which artists are popular and whose prices are rising. Simply examining the list of the top 100 artists ranked by sales at Seoul Auction or narrowing it down to the top 10 artists can reveal who is highly regarded and whose value is increasing among collectors. Categorising the artworks and then reviewing the list can offer a more nuanced assessment of the artists. Furthermore, you can also explore market evaluations of modern and contemporary artists, as well as emerging talents, making auction house data highly valuable when used effectively. One limitation is that relying solely on past sales data can make it challenging to identify emerging artists and distinguish those who have limited exposure at auctions.
Therefore, it's advisable to also read various art-related magazines, engage in art cafes, and attend diverse art fairs to refine your discernment. Additionally, maintaining regular contact with galleries enables you to access up-to-date information about the market and artists. The bidding activity at auctions serves as an indicator that can forecast the economy several months or even a year ahead, providing valuable insights for economic projections. Auctions are often regarded as the pinnacle of market economies within capitalism. Their appeal lies in their somewhat inelastic pricing dynamics, which somewhat diverge from the direct correlation between supply and demand. One drawback is that the Korean auction market is significantly influenced by Seoul Auction and K Auction, both operated by major galleries. Given their monopoly over the primary and secondary markets, there's a potential for price distortion and their dominance may be overly substantial, which is important to bear in mind.
Lee Inseok
CEO, Lelian Co., Ltd.
Chairman, GIC (Global Image Care) Medical Mission Organization
Development Advisory Board Member, Dankook University
ⓒ 2023. TANT All rights reserved.
Sixth, artists must create the best artwork.
In the global art market, there's a term known as "eight figures" (over $10 million, but less than $100 million). It signifies that impactful artworks are traded at prices exceeding $10 million. When you visit various art fairs, many works often represent the pinnacle of contemporary art. These artworks can lead to an instant plunge into an unavoidable black hole upon purchase, so caution is advised. Collectors should see many great paintings above all else. This helps develop discernment between excellent and less remarkable works. At one point, I started to turn away from domestic art fairs. The reason was that the number of standout artists decreased over time, while the proportion of artists sensitive to popular taste and trends increased.
During my tenure as leader of a cultural foundation, I learned one thing. My chairman predicted the explosive expansion of the Chinese art market and paved the way to bring works by China's leading figures to Korea. The method involved supporting the artistic activities of these figures and promising to build individual memorial halls for them in Jeju. Additionally, we sponsor some of the best artists among the graduates of China's five major art academies, numbering in the thousands. Some of them have been selected as top artists leading China's cultural arts, causing their work prices to skyrocket. This foresight is what one would call a keen judgment. The best way to select great artists is to cultivate insight by appreciating excellent works over a long period and purchasing them. Furthermore, having art experts or maintaining good relationships with galleries can be helpful. Great artists constantly move forward with every stroke they paint. If any artist remains unchanged and simply replicates past works, it harms both the artist and collectors.
Seventh, artists must have collectors and sponsor groups.
It's best for full-time artists to focus solely on artistic activities. However, for this to happen, they need stable income, which comes from having sponsor groups or collectors who purchase their work appropriately. Sponsor groups or collectors don't just materialize; they must understand my work over time and develop a liking for it. The most crucial aspect here is to maintain authenticity in one's work and have expectations for its growth. This way, they can like the artist and consider purchasing their work.
Witnessing a collector or sponsor group choose an artist who grows from a rookie to a yellow-chip artist and eventually becomes a blue-chip artist in the art market is a tremendous source of happiness and joy for them. Ultimately, a good artist is one who brings happiness to collectors through an increase in wealth and assets. Proving that my artwork can be monetised is crucial for my self-validation as an artist. Some artists may have a negative view of selling their paintings. However, in addition to the craftsmanship or "artisan spirit," artists also need the "merchant spirit" that brings material and spiritual benefits to those who buy their art. Otherwise, it's better to keep my paintings in the attic or warehouse for my personal viewing only. However, once my artwork enters the art market, I need to understand when collectors who purchase it will be happy and fulfill their needs.
How to Choose Good Artwork for Collectors
If it hasn't been long since you entered the art world and you have a limited understanding of the art market, think about the most basic methods you can use.
There may be a desire for art, but you may hesitate to buy expensive paintings right away. Here are some tips to consider:
First, use major gallery exhibitions.
When major galleries in Korea like Gana Art Center, Kukje Hyundai, and Gallery Hyundai hold exhibitions, it's an opportunity to buy excellent paintings selected after rigorous preparation and validation processes. When I prepared to move to Mo Gallery as its representative in 2007, a planned exhibition of Jung Sanghwa's works was underway there. I remember his works were about 30,000 dollars at that time. Subsequently, Jung Sanghwa's works, which became popular with the monochrome trend, increased by more than tenfold, showing high competition rates at major auctions. By carefully examining exhibitions and seeking help from art directors, you can build a flawless collection without trial and error.
I especially liked exhibitions such as those at Roh Gallery in Seoul in the past because I could purchase excellent paintings at very low prices. Even now, Park Hyung-jin's "Dasook" artwork, which I couldn't buy late at the Roh Gallery exhibition in 2006, still holds a deep place in my heart. Introduce the artist's work and story behind the work.
My Dog, 2F, 2006, Private Collection
Park Hyung-jin's writing
I first painted Dasook in '95.
I painted her again in '96... and in '98 as well...
She would occasionally reappear as a supporting character whenever she crossed my mind.
Dasook was a very splendid model for me.
After a long time forgetting about her,
I painted Dasook again.
Comparing it with my previous painting, it's somewhat different now.
Back then, I would paint Dasook after seeing her, but now, am I painting the Dasook that exists in my heart?..
Strangely, tears come to my eyes when I think about Dasook...
Secondly, utilize the records of major auction houses.
By analysing the auction data from Seoul Auction and K Auction over the past 10 years (assuming the analysis data exists), you can clearly determine which artists are popular and whose prices are rising. Simply examining the list of the top 100 artists ranked by sales at Seoul Auction or narrowing it down to the top 10 artists can reveal who is highly regarded and whose value is increasing among collectors. Categorising the artworks and then reviewing the list can offer a more nuanced assessment of the artists. Furthermore, you can also explore market evaluations of modern and contemporary artists, as well as emerging talents, making auction house data highly valuable when used effectively. One limitation is that relying solely on past sales data can make it challenging to identify emerging artists and distinguish those who have limited exposure at auctions.
Therefore, it's advisable to also read various art-related magazines, engage in art cafes, and attend diverse art fairs to refine your discernment. Additionally, maintaining regular contact with galleries enables you to access up-to-date information about the market and artists. The bidding activity at auctions serves as an indicator that can forecast the economy several months or even a year ahead, providing valuable insights for economic projections. Auctions are often regarded as the pinnacle of market economies within capitalism. Their appeal lies in their somewhat inelastic pricing dynamics, which somewhat diverge from the direct correlation between supply and demand. One drawback is that the Korean auction market is significantly influenced by Seoul Auction and K Auction, both operated by major galleries. Given their monopoly over the primary and secondary markets, there's a potential for price distortion and their dominance may be overly substantial, which is important to bear in mind.
Lee Inseok
CEO, Lelian Co., Ltd.
Chairman, GIC (Global Image Care) Medical Mission Organization
Development Advisory Board Member, Dankook University
ⓒ 2023. TANT All rights reserved.