Fine Art Auction on the InternetAuction, an Internet auction company, is going up-market by putting fine art on the auction block. The company will put up for sale the work of 103 artists from 15 countries whose works were on display at the Seoul International Art Fair. Among the works on offer is that of Park Bo-sun, professor emeritus at Hongik University, with expected bids starting at 108 million won, potentially the highest price for an Internet-based auction on the Korean peninsula.
People can participate in the auction by paying 10,000 won and using the 10 computers at the Seoul Arts Center where the Art fair is being held. The bidding is to be done in 'real-time.' One Auction spokesperson says their event will highly contribute to the "greater appreciation and accessability of art" because the commission fees they are levying will only be about 20 percent compared to the existing mark-up of art galleries and art dealers.
by Lee Chul-ho