Owner of Korea's most expensive artwork ever sold is unmasked

Arts & Design

Published: 12 Jul. 2022, 15:54 Updated: 12 Jul. 2022, 17:07

Owner of Korea's most expensive artwork ever sold is unmasked

"Universe 5-IV-71 #200" (1971) by Kim Whanki [CHRISTIE'S]

The owner of the most expensive Korean artwork ever sold has finally been revealed.

Kim Woong-ki, chairman of apparel exporter Global Sae-A Group, bought “Universe 5-IV-71 #200” (1971) by Kim Whanki (1913-1974) for some 13.2 billion won ($10 million) at Christie’s Hong Kong Autumn Auction in November 2019.

At the time the identity of the buyer was not disclosed and there were speculations that the paintings new owner was a non-Korean entrepreneur.

However, Global Sae-A put an end to those rumors Tuesday when it revealed its chairman, who is known to be one of Korea's biggest art collectors, was in fact the buyer, and that it will be opening its own gallery called S2A in Gangnam District, southern Seoul.

Kim Woong-ki, chairman of Global Se-A Group [JOONGANG DB]

“We didn’t have a chance to reveal the buyer after the auction,” an official for Global Sae-A Group told the Chosun Ilbo. “We decided to announce it when we opened our gallery.”

“Universe” is considered one of Kim Whanki’s masterpieces that represents Korean abstract painting. His largest piece and only diptych, the painting is a single work that is comprised of two canvases. It also highlighted Kim as a pioneering figure of dansaekwa, or Korean monochrome paintings.

Both canvases measure 127 centimeters (50 inches) in length and 254 centimeters in height. The entire piece is 254 centimeters squared.

The Christie's auction marked the first time for the painting to go up for sale. It was previously owned for over 40 years by Doctor Matthew Kim, who was close to the artist as a friend, sponsor and family doctor, along with his wife.

S2A will open its doors on Wednesday. A number of significant Korean modern artworks owned by chairman Kim and a special exhibition of 93-year-old Japanese artist Yayoi Kusama will be on view.

An official from the gallery said while "Universe" will not be on display initially, there is a possibility for it go on view at a later date.

BY SHIN MIN-HEE [shin.minhee@joongang.co.kr]