[ARIRANG NEWS] Korean auctions going online amid pandemic | South Korea News – KoreaAgain

[ARIRANG NEWS] Korean auctions going online amid pandemic | South Korea News – KoreaAgain

코로나로 온라인 미술품 경매 활성화 호조

Auction houses are having a tough time holding events due to COVID-19.
So, they’re turning online, or using hybrid systems to allow customers to view items and bid in safety.
Kim Bo-kyoung sheds light on this trend.
COVID-19 is forcing auctions online.
According to a paper by the Korea Art Authentication and Appraisal Research Center, domestic auction companies in the first six months of the year sold only half as much through regular on-site auctions as they did in the same period of the previous year.
Meanwhile, the sales through online auctions for the same period increased by around 30-percent.
“I believe online auctions will be boosted more as people nowadays can check the artwork through high resolution images and lots of safety devices are made for buyers.”
Major auction companies such as K Auction say they are now doing online auctions more often due to the pandemic.
K Auction used to hold a premium online auction every two months, but now holds it once every two weeks.
“Although the auction itself happens online, people can come to the preview exhibition during the auction period and take a look at the artwork. Not many people visit so it is quiet and safe for viewers.”
K Auction has also introduced an innovative way to let people easily bid at live auctions.
Previously, people could only bid in major live auctions through letters, calling or bidding at the auction site.
For this September’s live auction however, they could use an online live bidding system that allows bidders to participate while watching a live-streamed broadcast.
“The result was quite nice. Out of the total successful bids, 20-percent of the buyers bid by the online live system and 40-percent were successful. Even one client overseas successfully bid on some artwork through this system.”
The expert also said the trend of more auctions taking place online is making it easier for newcomers to take part in the auctions.
Kim Bo-kyoung, Arirang News.

2020-10-06, 22:00 (KST)

#auction #online #pandemic

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