With competitive bidding continuing without a single unsold lot through Lot 9, one of the most notable works was Moka Lee’s The Lark That Lost Its Smile, presented as Lot 8. Born in 1996, Moka Lee enjoys strong demand among younger collectors, though her works are relatively scarce in the market. As a result, the mere appearance of her work at auction drew significant attention.
Moka Lee first gained recognition after winning the ASYAAF DDP Prize in 2019 and entered the international stage through participation in Art Basel Hong Kong’s “Discoveries” section in 2023. In 2024, she was included in Artsy’s list of emerging artists to watch, attracting growing attention from overseas collectors.
Her market value has also been forming rapidly. In November last year, her work I’m Not Like Me sold at Phillips Hong Kong for approximately KRW 300 million—three to four times its estimated price. In this auction as well, active telephone bidding from overseas reflected strong international interest. The work, which started at KRW 3.9 million, ultimately sold for KRW 22 million—more than five times its starting price—recording the highest premium of the day.
While Lee Ufan’s Dialogue (Lot 42, size 300) achieved the highest price at KRW 950 million, another standout figure in the auction was Kim Tschang-Yeul. His work Water Drops, offered as Lot 44, began at KRW 84 million and, following competitive bidding, sold for KRW 290 million, achieving a 3.4 times premium. It also attracted international interest. His large-scale folding screen work Recurrence, featured on the catalogue cover, sold for KRW 100 million.
However, Kim Tschang-Yeul’s Sunflower did not sell. Created during an earlier period of formal experimentation prior to his well-known Waterdrops series, the work held both rarity and art historical significance, yet bidding remained limited. Nevertheless, its appearance in a public auction was seen as a meaningful test of market demand for works from this period.
Jung Tae-hee, senior auctioneer at Seoul Auction, commented, “Sunflower was a key work that set the tone in the early part of last year’s retrospective at the National Museum of Modern and Contemporary Art and marked its first appearance on the auction market. Although it did not sell, its presentation is significant in that it introduced works beyond Kim Tschang-Yeul’s Waterdrops series to the market and may serve as a benchmark for future price formation.”
Picasso Premium Reflected, Strong Performance in Classical Painting
A highlight in the latter part of the modern and contemporary section was works by Pablo Picasso. Lots 80 to 82 featured consecutive works by the artist, drawing intense bidding competition. Lot 80, Wood-owl’s Head, Face with Green Nose (A.R.581 & 585, 2pcs), started at KRW 9 million and sold for KRW 28 million.
Lot 81, Laughing-eyed Face (A.R.608), opened at KRW 30 million and achieved a 2.83 times premium, selling for KRW 85 million. Lot 82 was also sold for KRW 12 million. Due to their limited availability, these works attracted active telephone bidding from overseas collectors.
The classical art section, a long-standing strength of Seoul Auction, also saw fierce competition. An Jung-sik’s Flowers and Birds sold for KRW 15.6 million after starting at KRW 4.4 million. Byun Kwan-sik’s Fish Playing in Rippling Waves, depicting fish swimming in water, has gained increased demand following the inclusion of a similar work in the “Lee Kun-hee Collection.” It started at KRW 41 million and sold for KRW 72 million.
Additionally, the ceramics category, which had recently seen a number of unsold lots, showed strong performance. Lot 130, a White Porcelain Ink-painted Ring-shaped Water Dropper, sold for KRW 15 million, while a White Porcelain Blue-and-White Bowl with Longevity Motif opened at KRW 18 million and sold for KRW 27 million.
Jung added, “The February auction saw strong momentum not only in the modern and contemporary section but also in classical art. While the sales rate has not rebounded to above 80%, maintaining the 70% range is significant from a fundamental perspective. If this trend continues into March, when major international art events take place, it will provide a clearer indication of the overall direction for the first half of the year.”
