Korea’s antique art market is facing a serious crisis. While contemporary artworks fetch prices in the tens of billions of won and dominate auction headlines, antique works carrying the breath of Korean ancestors are being neglected, trapped by controversies over authenticity and excessive regulation. Experts agree that protecting the true value of Korea’s cultural heritage requires innovation in market circulation and fundamental reform of outdated legal systems.
◇ Price collapse and market polarization… national treasures losing competitiveness
According to the antique art industry, some 11th to 12th century Goryeo celadon pieces traded in the Nagwon-dong gallery district of Seoul are now being sold for as little as 200,000 to 300,000 won per item. This shocking reality stands in stark contrast to contemporary artworks that command tens of billions of won based on their investment value.
Park Mi-ye, owner of the antique shop Seokhwang, said, “During the COVID period, antique prices were cut in half. They have only just recovered to previous levels, but business is still very difficult,” adding, “Although more foreign tourists are visiting, regulations prevent those visits from turning into actual purchases.”
The industry points to two major causes of stagnation: the decline in economic value and the fixation of negative perceptions. Antiques that were once found in nearly every household have been pushed aside due to changes in housing structures and lifestyle trends. At the same time, repeated media focus on forgery controversies has undermined trust in the entire market. Meanwhile, government support has been concentrated almost entirely on contemporary art, further weakening the sustainability of the antique sector.
◇ The paradox of export bans… isolation of the market and decline in value
One of the biggest obstacles is the strict regulation banning overseas export. Under current law, cultural heritage produced before 1945 is, in principle, prohibited from being taken abroad. While intended to protect heritage, this policy ironically blocks Korean antiques from participating in the global market and ultimately diminishes their value.
Jang Ok-soon, whom we met at an antique market, said, “Even Gaya pottery from the 6th to 7th century, which should be highly valued, is commonly priced at just 100,000 to 200,000 won.”
In 2024, the Korea Heritage Service eased the standard for export prohibition from “items produced more than 50 years ago” to “items produced before 1945.” Nevertheless, the market response remains cold. Industry insiders argue that prohibiting export solely based on production year does not serve national interests. By selectively allowing overseas circulation based on value and suitability, global collectors would gain interest in Korean antiques, elevating their international standing.
Japan’s cultural heritage management system offers important lessons. An industry expert explained, “In Japan, merchants and scholars cooperate in evaluating artifacts, and both participate when the state acquires cultural assets. It is a flexible system. Korea also needs to move beyond outdated institutional standards and establish a systematic management structure for antique artworks.”
◇ The absence of appraisal systems and outdated regulations block K-Heritage growth
The lack of a credible appraisal system also hinders market transparency. Korea currently operates under a divided structure, where academia focuses on theory while merchants rely on practical experience. Without national standards for valuation, private appraisals lack credibility, increasing uncertainty and instability in the market.
The Korea Heritage Service has declared 2026 as the “First Year of K-Heritage Globalization,” announcing plans to foster related industries into a 100 trillion won market over the next five years. The strategy includes excavation, preservation, and global dissemination of cultural heritage, as well as content production using AI and digital technology and the enactment of a National Heritage Industry Promotion Act.
However, experts stress that structural reform of the antique art market must accompany such outward expansion. Hong Seon-ho, president of the Korea Traditional Art Convergence Promotion Institute, said, “Training professional appraisers who integrate academic theory with field experience must come first to strengthen the internal capacity of the cultural heritage industry,” adding, “Only with legal support, such as selectively permitting overseas export, can Korean antiques move beyond museum glass cases and into the global art market.”
Reported by News Culture M.J._mj94070777@nc.press
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