REVIEW. KOREAN ANTIQUE FURNITURE AUCTIONS IN 2024

AUCTIONS IN THE WEST.

This study is based on the examination of approximately 300 Korean pieces presented at various auctions around the world. We deliberately excluded furniture considered contemporary as well as those we classified as reproductions or items made for the decorative market.

The first part focuses on sales by various establishments, primarily based in the United States and Europe, and does not include renowned auction houses such as Sotheby’s and Christie’s, as well as Korean auction houses, which often feature higher-end pieces. The primary sources of information are auction platforms such as LiveAuctioneers, Invaluable and BidSquare

Of the total pieces analyzed, 69% are late-period furniture (20th century), while 31% could be considered higher-value pieces (19th century). Additionally, 32% of the lots were unsold.

Breakdown of analyzed pieces:

• Bandaji (26.3%) represent the largest category.
• Clothing storage furniture, such as Jang and Morijang, account for 24.6%.
• Boxes, including cosmetic boxes, wedding boxes, document boxes, and silver cigarette boxes, make up 15.6%.
• Tables, soban, and lacquered low tables comprise 7.5%.
• Nong chests make up 6.5%.
• Small accessories also account for 6.5%.
• Coin chests represent 4.7%.
• Rice chests constitute 2%.
• Various other items, including medicine chests, early 20th-century pieces, doors, windows, palanquins, and lamps, account for 6.3%.

Regarding the estimates and sales results, they confirm a noticeable decline in demand over several years and, at times, a lack of knowledge about the pieces, which are often significantly undervalued by experts, as evidenced by erroneous descriptions.

Large clothing and storage furniture pieces tend to have low valuations and results:

• Bandaji: $100–$300. Very few pieces between $500-$1,000.-
• Morijang: $140–$300
• Jang: $300- $400.-
• Nong: $500 and over.

Smaller items, such as various document or cosmetic storage boxes or small cabinets, achieve average values ranging between $550 and $1,000. Lacquered low tables are valued at $700–$1,500, while soban tables are estimated at $700.

BANDAJI.

MORIJANG

JANG & NONG.

A comprehensive list of these auctions can be found at: Korean furniture auctions.

KOREAN PIECES PRESENTED TO RENOWNED AUCTION HOUSES.

Sales of Korean art at Christie’s and Sotheby’s are integrated into Japanese Art or Asian Art in general. Unlike in the past (until the late 20th century), specialized Korean art sales no longer exist. This appears to be due to the difficulty of finding enough pieces. High-end items, acquired by the first foreign visitors to Korea in the late 19th to early 20th century, seem to have already been entirely redistributed. Indeed, These auctioneers mainly seek antique pieces (pre-19th century), which are nowadays very rare on the market.

For the year 2024, we recorded 7 pieces, mainly consisting of lacquered furniture or objects. Two of them did not find buyers.

These items were sold for amounts ranging from US$4,000 to US$20,000, with a record sale of a lacquered bell stand purchased for US$50,400.

A comprehensive list of these auctions can be found at: Korean pieces presented to renowned auction houses.

AUCTIONS IN KOREA.

The Korean art auction market in 2024 has experienced a notable downturn, continuing the decline observed in 2023. In the first half of 2024, the total transaction amount of the eight major domestic auction houses, including Seoul Auction and K Auction, reached approximately 91.7 billion KRW (US$ 62,994,140.30), marking a 13% increase from 2023’s 81.1 billion KRW (US$ 55,712,374.90). However, this figure represents a significant drop compared to the 144.6 billion KRW (US$ 99,334,271.40) recorded during the art market boom of 2022.

The most affected sector is that of traditional art, which includes Korean furniture. In 2024, the major auction houses have focused on contemporary art sales, for which demand is much higher—a sign of the evolving market demand.

The pieces presented are of higher quality than those available in the West, and collectors tend to seek smaller items such as scholar’s furniture, lacquered furniture, and small objects.

K Auction, Seoul, Korea

We have listed around 50 items presented at auctions by K Auction. Unsold items represent 46%. Most of the sold pieces were purchased at the low estimate.
Clothing storage furniture such as Bandaji, Jang, and Nong accounts for 30%, with few finding buyers, often for values below US$ 2,500.

Most of the pieces that garnered interest were scholar’s furniture and objects, including small desks, Mungap or stationary chests, inkstone boxes, pencil boxes, and document boxes, with average values ranging from US$ 3,000 to 5,000.

Medicine chests, which were less frequently presented, were mostly sold for around US$ 4,500 to 5,000 per piece.

Other items presented included tables, soban, coin chests, shelves and mother-of-pearl furniture.

Seoul Auction. Seoul, Korea.

A total of 99 pieces of furniture were auctioned by Seoul Auction in 2024. Of these, 60% remained unsold.

We recorded 24 clothing chests, including bandaji (estimated at $1,400–$8,000), jang (estimated at $700–$5,500), and nong (estimated at $700–$2,100), most of which remained unsold.

The main demand is for scholar’s furniture and items, including mungap or stationery chests, desks, book chests and shelves, and document boxes, with estimate around Mungap ($400 – $500), desk ($450 – $2,000), document boxes ($1,000 – $3,000) and bookchests or shelves (respectively $3,000-$6,000 and $500).

Note the record sale of a series of 13 wooden geese sold for $24,700.

A comprehensive list of these auctions can be found at: Auctions in Korea.

In conclusion, the state of Korean antique furniture auctions in 2024 reflects a challenging yet evolving market. Western auctions continue to face a decline in demand, with many items significantly undervalued and a large portion of pieces remaining unsold. The absence of specialized Korean art sales at major auction houses like Sotheby’s and Christie’s highlights the difficulty in sourcing high-quality, pre-19th-century items. Meanwhile, in Korea, although there is a slight increase in overall transaction volume, the focus has shifted towards contemporary art, further decreasing interest in traditional pieces such as furniture. The items that perform better are smaller, high-quality pieces, like scholar’s furniture and lacquered objects, which continue to attract buyers, albeit at relatively low prices compared to their cultural value. The downturn in the market calls for greater recognition and expertise to preserve the legacy and value of Korean antiques, particularly in international auctions.