Hong Kong is emerging as a key market for Korean art. The works of new Korean artists are given pride of place at auctions in Hong Kong, where hammer prices have become a yardstick for prices elsewhere. Some Korean art collectors who can’t buy Korean works at home fly to auctions in Hong Kong instead.

As the size of auction grows, global art collectors and dealers are gathering in Hong Kong. Yoichiro Kurata, head of top auction house Shinwa Art, said, “With its low taxes, Hong Kong is a good place to do business in art.” Staffers with Christie’s said Asians account for 70 percent of buyers of Korean art and Europeans and Americans for 30 percent.

Christie’s Hong Kong was where Korean contemporary art made its global auction debut in the fall of 2004. “Young Korean artists who had been ignored in the domestic market came into the spotlight when their art sold for high prices at Hong Kong auctions,” a staffer with Seoul Auction said. “It seems that Hong Kong auction businesses aim to control auctions of Asian art in the global market.”

Eric Cheng, senior vice president of Christie’s Hong Kong, said the auction house is increasing the number of Korean works since they have sold well.

Posted: 05|29|07 at 7:10 am. Filed under: Auction News.