Nara and Kusama Both Surpass 10 Billion KRW... What Seoul Auction’s 36.7 Billion KRW Sale Achieved

Seoul Auction's recent Contemporary Art Sale in Seoul made history as the first domestic auction in South Korea to sell two works for over 10 billion KRW each on the same day. Yoshitomo Nara’s large-scale portrait "Nothing about It" (2016) set a new record for the highest price ever achieved at a South Korean art auction, selling for 15 billion KRW ($11.2 million). Yayoi Kusama’s "Pumpkin" (2015) followed closely, fetching 10.45 billion KRW ($7.8 million), contributing to a total sale volume of 36.7 billion KRW.

These results signal a significant maturation of the South Korean art market and its ability to absorb ultra-high-priced international contemporary art. While the two top lots accounted for nearly 70% of the total sale value, the auction maintained a healthy sell-through rate of over 70%, indicating sustained demand. The successful sale of these blue-chip works suggests that domestic auction houses are becoming viable competitors to global giants like Christie’s and Sotheby’s for high-level consignments and international collector participation.