Korean art market to benefit from new regulations

The recent regulatory changes will open doors for Korean artists who primarily sold their works domestically. I expect to see new auction records for those artists soon, says Jiyeon Jung, who co-founded the New York-based Jung & Co Art Advisory.

This change in regulation is expected to boost the Korean art market by increasing global visibility for Korean artists and facilitating trade with overseas buyers," says Tanya Baxter of the eponymous advisory.

The easing of regulations will likely lead to increased market activity drawing more foreign buyers and galleries to Korean artists, and also enable more Korean artists to participate in global exhibitions and increase their visibility.

The Art Promotion Act introduces multiple measures including an artist's resale right that will be effective from 2027 and will last for 30 years after an artist's death.

Read at The Art Newspaper - International art news and events