Young generation takes big part in new type of art investment

Four out of 10 investors who buy small shares of iconic artworks through online platforms in South Korea are young generations, a local auction house said Monday.

Among customers who have purchased a share of a single piece of art worth at least 10 million won ($8,100) at a time, 40 percent were in their 20s and 30s, according to Sotwo, an online art investment platform run by Seoul Auction Blue.

Sotwo allows individuals to buy shares of specific artworks from 1,000 won and lets them gain proceeds when the artwork is resold.

The company said their young buyers have invested in some acclaimed paintings by big-name Korean artists, including Lee Ufan, Kim Whan-ki and Park Seo-bo.

For example, the portion of investors in their 20s and 30s who participated in the collective purchase of a piece by Lee Ufan reached 50 percent. The number of 30-somethings, in particular, accounted for 43 percent of the total investors.

Sotwo said it is part of the trend that young people are interested in diversifying their investment portfolios and investing in the field that had been previously only available to the wealthy.

Against this backdrop, other local auction houses, such as Seoul Auction and K Auction, have also engaged in the new platform business. (Yonhap)