[THE INVESTOR] The French cultural platform Pompidou Centre is set to open a Seoul branch in March 2017 in a move that could help revitalize the Korean economy that is increasingly becoming more diverse.
However, there are also doubts and concerns surrounding the plan due to the rumored royalty payment, which is expected to reach 1.5 million euros (2 billion won). The amount would be paid annually to the Paris Pompidou Centre.
The Korean art industry is questioning whether the branch’s contribution to the local economy and markets would be enough to make the royalty worthwhile.
Established in 2010, the Pompidou Center is seen to be one of the driving forces behind Paris’ tourism economy. At the same time, some of its branches -- such as the Metz branch -- are noted to have served to decentralize France’s Paris-oriented art culture, and invigorating industries in areas outside of Paris.
“(Pompidou Metz) has encouraged local hotels and shopping malls to boost their business and enabled the city to earn an annual profit of 60 million to 80 million euros,” Emma Lavigne, director of the Centre Pompidou-Metz and art historian said in an interview with Korean media.
The director also revealed that approximately 12.5 million euro worth of annual management funding is provided by the city. “Despite the fact that we are trying to sell as many tickets as possible and bring in corporate funds, it is crucial to receive financial support from the city because exhibitions are costly to hold.”
Despite the success in France, skeptics are doubtful about how Pompidou Seoul would perform, mostly due to differences between the Korean and French markets. They also raised concerns about the relationship between Pompidou’s France headquarters and the Seoul branch.
“Such a foray is inevitable as the Korean art market builds its global reputation, but as these galleries are also interest groups, it means they may retract their business depending on profitability,” said Kim Dal-jin, the head of Kimdaljin Art Research and Consulting.
By Jung Min-kyung(
mkj1105@heraldcorp.com)
