Arario Gallery becomes new owner of the Space building

Arario Gallery became the new owner of the historic Space building, according to the Space Architecture Group on Monday.

The gallery paid 15 billion won ($14 million) to purchase the early modern work of architecture that is likely to be reviewed for registration as a cultural heritage site.

The price was the lowest estimate for the building when it was put up for auction last week, which failed to attract bidders. The gallery bought the building on the condition that the building wasn’t damaged.

The gallery, which owns three branches in Seoul, Cheonan and Beijing, is expected to use it as a gallery space.

(wylee@heraldcorp.com)