KOREAN ANTIQUE FURNITURE MARKET TRENDS.

Since the inception of this blog, we have consistently monitored auctions featuring Korean furniture. Geographically, the majority of these sales take place in the USA, Europe, and Korea. Concurrently, we also review the inventories of dealers specializing in Asian furniture.

As dealers, we established a gallery in Bangkok, Thailand specializing in Asian furniture, with a notable preference for Korean furniture. Consequently, we were able to track the market’s evolution from the 1980s to 2018.

The recognition of Korean furniture by Westerners is a recent development. In the 20th century, the first pieces emerged on the market, reaching their peak at the end of the 20th century (1980 – 2000).

In the 21st century (2000 to the present day), tastes and trends gradually shifted, leading to a substantial decline in demand for this type of furniture. This largely explains why prices are currently decreasing.

An examination of the pieces offered by galleries today reveals stagnant prices and the challenge for many of them to acquire original 19th-century pieces.

Regarding auctions, only the most reputable establishments (such as Sotheby’s and Christie’s) occasionally present “one-off” pieces, often lacquered and capable of fetching relatively high prices. In other cases, the pieces available at auction were generally acquired in the mid-20th century by individuals passing through or living in Korea. In general (80% of cases), they are largely restored pieces of 20th-century furniture with little appeal to the true collector. Currently, there is also a profound lack of knowledge about this type of furniture among many experts, as well as very low demand, which explains the low estimates.

THE MARKET FOR ANTIQUE KOREAN FURNITURE 1980 – 2023.

In the late 1980s to early 1990s, American and European expatriates based in Asia were purchasing Oriental antiques in large quantities. Japanese furniture was in vogue at the time, and the Chinese furniture market also experienced a boom. In contrast, the export of Korean furniture was relatively subdued, primarily catering to local demand (expatriates).

However from 2000, the subsequent generation, their children, did not seem inclined to surround themselves with Asian antiques. Similarly, young Koreans either lacked the space for antiques or preferred “new” modern pieces.

In Korea, the majority of available pieces were extensively restored, or their designs were adapted for contemporary use. The rare original pieces from the 19th century were often priced beyond the budget of foreign customers unfamiliar with this type of furniture.

At the same time, the reproduction market was undergoing significant growth. Wood, being too expensive, was gradually replaced by plywood or MDF, particleboard covered with veneer. Yellow brass hinges, thin and machine-cut, became common alternatives.

A preview of the pieces presented by various galleries is available on the following website: TROCADERO.

AUCTIONS RESULTS.

The pieces presented below are just a few examples of the furniture available at past auctions. A more comprehensive list of auction results is available on our website in the following post: Korean Furniture Auctions.

We have classified the furniture based on condition and age:

• Recent furniture (20th century): Largely restored or rebuilt.
• Older pieces: Late 19th and early 20th-century furniture.
• Collector pieces.

RECENT FURNITURE.

These pieces are frequently crafted in the 20th and 21st centuries, often through extensive restoration or rebuilding using old materials. They tend to lack appeal for discerning collectors and might be deemed as decorative rather than valuable. Descriptions of these items are frequently inaccurate, particularly regarding their dating.

OLDER PIECES. LATE 19th EARLY 20th CENTURY.

The pieces presented here are older and have generally not undergone any alterations, aside from simple cleaning, at least. The hinges appear to be original. However, estimates are relatively low, reflecting a limited demand.

COLLECTOR PIECES.

Most of the pieces on display are scholar’s items, small lacquered boxes, as well as furniture that is hard to find these days, either related to religious rites or adorned with exquisite materials such as mother-of-pearl or stingray. They are dated 18th to 19th century. Exceptional pieces with provenance or unique features have commanded premium prices, indicating a willingness among buyers to invest in top-quality items. Authenticity and condition remain crucial factors driving value.