A History of Art Auctions
Let’s take a look at the way art auctions have changed over the years
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Today we’re going to look at some of the origin stories of the modern art auction both in Korea and internationally. It’s interesting to see how auctions have changed from in-person to digital events. Even famous auction houses like Sotheby’s that used to only auction off books are now moving into the metaverse and eyeing NFTs. Things happen fast, even in the art world. Please read on for more information!
A History of Art Auctions
The Etymology of the Word “Auction”
The word auction comes from the Latin word auctiō meaning “an increase.” It has been used to refer to selling items at increasingly higher prices since the 1590s in the English-speaking world.
A Brief History of Auctions
The history of art auctions, specifically, began in the mid-18th century in London, England. Samuel Baker, who was a bookstore owner in London, founded Sotheby’s in 1744, which was the starting place for today’s art auctions. He thought about having an auction while looking for a way to buy and sell 457 books all at once.
Sotheby’s has been holding auctions regularly since 1796. While Baker originally held an auction for ancient books, since 1827, Sotheby’s has held auctions for art, jewelry, and antiques. Today, Sotheby’s buys and sells about 60 types of used goods, including books, art, wine, and jewelry, amounting to thousands of goods sold. In addition, Sotheby’s expanded beyond offline auctions, and in 2000, tried an international auction through the Internet for the first time. Sotheby’s also offers additional trusts, property, and appraisal services. Even today, it is known as one of the world’s best art auction houses and continues to grow.
A second world-famous auction house besides Sotheby’s is called Christie’s. Christie’s, which held its first auction in 1776, initially dealt with miscellaneous goods, focusing mainly on jewelry, but later held art auctions focusing on paintings. Christie’s also offers a wide range of items and has hundreds of branches around the world that hold more than 800 auctions a year.
Art lovers can find Sotheby’s or Christie’s in London, New York, Hong Kong, and other large cities. They are currently creating a curriculum to educate those in the art auction field. They hope to teach art auction professionals art history and train them to recognize the difference between forgeries and genuine art.
A History of Korean Art Auctions
Art auctions in Korea were actually started by the Japanese during the Japanese occupation. The official start date is based on an auction organized by the Korean Antiquities Association in 1971. Later, an auction company was established in 1998 under the name Seoul Auction Co., Ltd. Its main businesses include art auctions, sales, brokerage, and secured loans. It was the first art auction company listed on the KOSDAQ.
