Incheon, South Korea – Kim, 35, did not explicitly dispute when his wife began investing in art three years ago, but she had her doubts.
“I told him I’d be fine as long as you wanted to,” Al Jazeera told the video game designer, who only asked to be identified by his last name.
“But I was secretly wondering why not just invest that money in stocks or something?”
But over time, Kim began to realize how art could provide an escape from the COVID-19 pandemic and the monotony of work. Last year he joined him in collecting fine arts.
Kim is part of a young generation of art collectors shaking up the South Korean art market, which has long been dominated by collectors 60 and older.
Rise of young collectors
According to a report published last year by the Korea Arts Management Service (KAMS), the number of art collectors aged 30-40 in galleries and auction houses increased during the pandemic.
K-Auction, an auction house in the gorgeous Gangnam district of Seoul, said more than half of last year’s bidders were 40 years of age or younger.
According to KAMS, the South Korean art market nearly tripled last year to an estimated 920 billion won ($ 714 million) due to an influx of younger buyers.
The sharp increase since the end of the pandemic restrictions has been widely associated with revenge spending, but some young collectors have also found their new hobby unexpectedly lucrative.
“One of our close friends made nine to ten times as much money from a work of art,” said Kim, admitting that hearing such success stories helped her decide to create her own collection.
“After hearing such a story, it’s hard to give up collecting, even though I started to love art.”
Kim said his growing interest in art was also fueled by growing difficulties in buying real estate – traditionally South Korea’s most popular investment opportunity – due to rising prices and tight credit controls.
Park June-soo, the head of KIAF Seoul, South Korea’s largest art fair, sees the change of generations as a natural result of the desire to stand out in the age of social media.
“In the beginning, it was a herd of young people who posted pictures of themselves at hot Instagram shows like in 2016 or 2017,” Park Al Jazeerale told.
“Then some started buying works of art and sharing their pictures on the wall of their house.”
Lim Sang-jin, operator of the online community for art collectors, said more people were turning to art to look for something “classic.”
“Buying a good work of art requires much more than enough money,” Lim Al Jazeerale told him. “Now people show their taste in art, not luxury.”
Park said the center of gravity began to shift about three years ago from high-priced works by famous names to more affordable works by young and future artists.
“There is even a saying that it is better to buy six works of art worth five million won than a single 30 million won,” he said.
For some younger collectors, part of the allure is that they can identify with artists of their own age.
“The works of the masters are really great, but I discovered that I am more involved with the work of my contemporary artists,” Noh Jae-myung Al Jazeerale, a 31-year-old collector, told me.
Well, working in the education sector is a prime example of how the new generation of art collectors differs from the previous ones.
“There were already too many experts in traditional modern art,” Well said. “I thought it was kind of a losing game before it started. So I wanted to be different.”
Right from the beginning of his art collection seven years ago, Well focused on urban art, which was unfamiliar to the South Korean art market at the time.
“Other collectors often told me, ‘Why spend so much on these artists?’ You should buy these artists, “when I started,” Well said.
Well’s perseverance seems to have borne fruit. Urban art is currently one of the most popular genres on the market, and the value of some of the items in his collection has risen by as much as 20 times.
As in other areas of life, the rise of social media has affected how many young collectors navigate the vast art world.
“Most young collectors learn about art through Instagram and YouTube,” art teacher Lee So-young Al Jazeerale told me.
Lim, an online community operator for art lovers, said young collectors rely less on local galleries to find promising artists and works of art.
“People are learning a lot now,” he told Al Jazeera.
“Some send DMs to other collectors, asking where they bought the artwork and how much they paid.”
Young collectors are also considered to be more open to galleries abroad, as they have more exposure to Western culture and English.
The domestic art collection boom has boosted South Korea’s position in the global art market.
Last year, South Korea surpassed Germany as the fifth largest contemporary art auction market, according to Art Basel’s 2022 art market report.
Seoul is also increasingly competing for the title of Asia’s main arts center, as Hong Kong’s international reputation is declining due to political censorship and pandemic travel restrictions that have no end in sight.
World-famous galleries, including Perrotin and Lehmann Maupin, have opened or expanded their galleries in Seoul in the past two years, while the influential art fair Frieze will open its first Asian event in Seoul in September with KIAF Seoul.
Park, head of KIAF Seoul, hopes the event will be a watershed moment for Seoul as Asia’s new art capital.
“The size of the South Korean art market is expected to grow to more than a trillion won this year ($ 800 million),” he said.
“If Seoul can overshadow Hong Kong as a center with an estimated market size of about four trillion won ($ 3 billion), there is much more room for future growth.”
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What is the South Korean stock market called?
Korean Stock Exchange (KRX)
How do I invest in South Korean stocks? The easiest way to invest in the entire South Korean stock market is to invest in a broad market index. This can be done at low cost using ETFs. In the South Korean stock market, you will find 3 indices monitored by ETFs. Alternatively, you can invest in the Asia-Pacific and Emerging Markets Indices.
Does South Korea have a stock market?
KOSPI is a large stock market index that tracks the performance of large companies located in South Korea.
Can I buy South Korean stocks?
To invest in the Korean securities market, a foreigner must open an account to trade in shares or bonds. Orders can then be placed by telephone, telex, fax, PC or in writing.
Can a foreigner own a company in South Korea?
Foreigners can start a business in Korea (including starting a business) by acquiring new or existing shares under the Foreign Investment Promotion Act or by establishing a local branch or liaison office in Korea, as required by the Foreign Exchange Act.
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Starting a business in South Korea is difficult at first, but it can be easy to maintain.
Do South Korean companies hire foreigners?
One of the fastest ways to find many companies at once is to attend a job fair. There are two main job fairs every autumn. One is for South Korean foreign residents and the other is specifically for South Korean international students.
Can a foreigner live in South Korea permanently?
South Korean Permanent Resident Visa Requirements The F-5 type visa is a South Korean permanent residence visa. To receive it, you must meet the following requirements: Invest at least KRW 600 million (USD 500,000) in a Korean company and hire five or more locals.
Can I buy stock in hybe?
18. 2020, opening at a price of KRW 270,000 (USD 218.74) per share, which was later renamed HYBE Co., Ltd. However, as the stock is only traded through The Korea Composite Stock Price Index (KOSPI), international fans cannot invest as easily as South Koreans can. However, it is possible to invest.
Is HYBE under Bighit? Bighit Entertainment, a former underdog in the K-pop world, recently changed its name to HYBE, and BTS fans couldn’t be more confused about the possible consequences. He not only explained the company’s intentions behind the change, but also the real meaning of HYBE.
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How to buy YG Entertainment shares
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How can I buy Korean stock in USA?
To invest in the Korean securities market, a foreigner must open an account to trade in shares or bonds. Orders can then be placed by telephone, telex, fax, PC or in writing.
Is HYBE publicly traded?
| A peculiar name | í • ˜ì ´ë¸Œ |
|---|---|
| Type | Public |
| Traded as | KRX: 352820 |
| Industry | Entertainment technology |
| Genre | Dance R&B hip-hop |
