South Korea Eases Art Export Restrictions and Enhances Market Transparency
Jason Yim / Published December 23, 2024 08:35 PM
Jason Yim
Courtesy of Freepik, mrsiraphol
South Korea’s art market is entering a transformative phase, supported by significant legislative changes aimed at boosting international trade and market transparency. The Korean government has introduced two landmark measures: a revised Korean heritage law and the Art Promotion Act. Together, these initiatives are expected to facilitate global circulation of Korean art and address longstanding concerns about authenticity and fair practices within the domestic market.
The revised heritage law eases restrictions on exporting post-war Korean artworks, a move that experts believe will invigorate the global appeal of the nation’s art. Between 2018 and 2023, nearly 200 artworks were blocked from leaving South Korea under previous regulations. Art adviser Jiyeong Jun, founder of Jung & Co Art Advisory, noted that the updated law could significantly expand opportunities for South Korean art to reach international audiences.
The Art Promotion Act introduces robust measures to enhance transparency in the art market. Art sellers are now required to provide warranties guaranteeing the authenticity of artworks and submit detailed annual sales reports. In a groundbreaking move, the Act will also enforce an artist resale right beginning in 2027, ensuring that artists benefit from the subsequent sales of their works. This initiative aligns with international practices and underscores the government’s commitment to fostering sustainable growth within the industry.
Another key component of the Art Promotion Act is its focus on market integrity. By addressing issues of authenticity and transparency, the government aims to build confidence among both domestic and international collectors. The enforcement of these measures, however, remains a challenge, with observers closely watching how effectively the regulations will be implemented.
In addition to these efforts, the government is working to develop tools such as a carbon emission calculator for art production to align the industry with global sustainability goals. This reflects an increasing emphasis on ESG (Environmental, Social, and Governance) principles within the cultural sector, further positioning South Korea as a leader in innovative and responsible art market practices.
The new regulations are expected to provide South Korea’s art market with the momentum it needs to thrive in an increasingly competitive global environment. By addressing barriers to international trade and enhancing market transparency, these legislative changes could mark the beginning of a new era for Korean art on the world stage.
Sayart / Jason Yim, yimjongho1969@gmail.com
Courtesy of Freepik, mrsiraphol
South Korea’s art market is entering a transformative phase, supported by significant legislative changes aimed at boosting international trade and market transparency. The Korean government has introduced two landmark measures: a revised Korean heritage law and the Art Promotion Act. Together, these initiatives are expected to facilitate global circulation of Korean art and address longstanding concerns about authenticity and fair practices within the domestic market.
The revised heritage law eases restrictions on exporting post-war Korean artworks, a move that experts believe will invigorate the global appeal of the nation’s art. Between 2018 and 2023, nearly 200 artworks were blocked from leaving South Korea under previous regulations. Art adviser Jiyeong Jun, founder of Jung & Co Art Advisory, noted that the updated law could significantly expand opportunities for South Korean art to reach international audiences.
The Art Promotion Act introduces robust measures to enhance transparency in the art market. Art sellers are now required to provide warranties guaranteeing the authenticity of artworks and submit detailed annual sales reports. In a groundbreaking move, the Act will also enforce an artist resale right beginning in 2027, ensuring that artists benefit from the subsequent sales of their works. This initiative aligns with international practices and underscores the government’s commitment to fostering sustainable growth within the industry.
Another key component of the Art Promotion Act is its focus on market integrity. By addressing issues of authenticity and transparency, the government aims to build confidence among both domestic and international collectors. The enforcement of these measures, however, remains a challenge, with observers closely watching how effectively the regulations will be implemented.
In addition to these efforts, the government is working to develop tools such as a carbon emission calculator for art production to align the industry with global sustainability goals. This reflects an increasing emphasis on ESG (Environmental, Social, and Governance) principles within the cultural sector, further positioning South Korea as a leader in innovative and responsible art market practices.
The new regulations are expected to provide South Korea’s art market with the momentum it needs to thrive in an increasingly competitive global environment. By addressing barriers to international trade and enhancing market transparency, these legislative changes could mark the beginning of a new era for Korean art on the world stage.
