Seoul Auction announced its financial results for the period from January to June 2023. Total sales during this period amounted to 1.96 billion won, and operating profit was 70 million won. Compared with the same period last year, sales increased by about 94%, although net profit showed a loss of 2.7 billion won; nevertheless it improved by 1.3 billion won compared with the previous year.
The main driver behind this increase in revenue was the strong performance from both online and offline auctions for fine‑art pieces. Seoul Auction’s first‑half auction volume reached 64.3 billion won, which is 94% of last year’s annual auction volume. The focus on high‑priced works meant that the average price per item rose by roughly twice, which also contributed to the improvement in results.
Online auctions grew noticeably as well. In the first half‑year online auctions generated a total volume of 3.6 billion won, an increase of 31% compared with the same period last year. Seoul Auction said that its combined online and offline auction volume for just seven months exceeded last year’s full‑year total.
A spokesperson at Seoul Auction said, “Since the second half of last year we have proactively secured major artists’ works and, in order to connect with overseas collectors, launched a re‑auction around January and introduced premium‑pricing strategies such as previews. This has been the core reason for the rise in results.” She added that “we plan to continue premium auctions focused on Blue Chip works also in the second half of this year, and through online and zero‑based auctions we aim to bring in new collectors and expand the value chain of fine art.”