Kim Whan-ki's "24-VIII-65h South East" was sold at over 500 million won during an auction last year. / Korea Times file



By Kwon Mee-yoo



Modern Korean art masters and their monochrome paintings are getting attention internationally.



A 1979 painting "From Point" by Lee U-fan (1936-) was sold at 1.67 biliion won (about $1.6 million), which exceeded the estimate between $1.1 to 1.3 million, at Christie's Hong Kong on May 24. It was the highest price for a Korean painting at the spring auction. Lee, known for his "dansaekhwa" (monochrome painting), held a retrospective at Guggenheim Museum in New York in 2011.



A total of 45 pieces from Korean artists were offered at the Hong Kong auction and 36 of them were sold with a total of 4.5 billion won. Another pioneering abstract master Kim Whan-ki's 1958 painting "Untitled" was sold at 480 million won and "Lotus Flower" at 385 million won.



An official from Christie's office in Korea said most of the works were traded at higher prices than estimates. "Collectors from various regions showed interest in Korean modern and contemporary art," the official said.



Abstract art from modern Korean artists are reviewed in art auctions in Hong Kong and other cities. Among them, monochrome paintings are considered undervalued and noted international art institutions shed new light on them.





Kim Whan-ki's work is auctioned off at 550 million won at K Auction's Seoul headquarters, December 2013. Korean art market is expected to rebound from the long slump began in 2008.



Art critic Yoon Jin-sup, who researched Korean dansaekhwa, said Korean monochrome painting is different from Western monochrome art. "Western monochrome, represented by Robert Ryman and Ad Reinhardt, is centered on visual impact, while Korean monochrome is more of repetitive action and self-discipline," Yoon said.



Kukje Gallery, one of the top galleries in Korea, introduced Korean dansaekhwa artists such as Jung Sang-hwa at Frieze Masters Art Fair in London and Art Basel in Miami Beach last year and garnered interests. The gallery is preparing for a major monochrome exhibit in September, including works of Park Seo-bo, Yun Hyong-keun and Jung Chang-Seb as well as Lee U-fan.



Such rediscovery of Korean modern art is likely to influence local art market in a positive way. As the Hong Kong auction collected some 100 billion won, Korean art market is expected to rebound from the long slump began in 2008.



Lee Ok-gyeong, CEO of Seoul Auction, has great expectations for the summer auction. "Over 80 percent of artworks were auctioned off during spring auction in March. It was the highest rate since 2007 and the revived international art market in the United States, Europe and Hong Kong influenced Korean collectors in a positive way," Lee said.



Three major Korean auction companies will hold their summer auctions later this month with some 600 pieces with a total estimate over 15 billion won, including about 30 artworks that are estimated over 100 million won.



Seoul Auction will auction 183 artworks from 140 Korean and international artists on June 17. The auction is centered on Korean modern art and "Jumping Rope" by Korean painter Park Su-keun (1914-1965) has the highest estimate of between 630 million and 950 million won. Other highlights of the auction will be Kim Whan-ki and Lee U-fan's paintings. Pablo Picasso's watercolor "Woman with a Hat" will be auctioned with an estimate up to 500 million won.



K Auction, scheduled on June 18, is also headlined by top modern Korean artists Kim Whan-ki and Lee U-fan. Kim's "Sounds of Spring" is expected to be sold around 600 to 900 million won.