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American artist Tara Subkoff’s art performance, sponsored by TGS Group, is conducted at a gallery in Los Angeles, on Feb. 18. (TGS Group) |
South Korean retail and finance company TGS Group said Thursday it has opened a boutique-style community center in Cheongdam-dong, southern Seoul, to introduce young artists and their artworks, and nurture experts in art investment.
The new facility comes after TGS launched a new unit, named ArtFin, last month to start an art-related investment business, a burgeoning investment sector. ArtFin comes from the words "art" and "fintech."
TGS said it pins high hopes on the recent investment fever for artworks, especially among the younger generation.
ArtFin also will work with TGS Finance, a finance subsidiary, to launch loan programs using art assets, saying it aims to improve accessibility to the art market by lowering the entry barrier for a wider audience.
As part of its efforts, TGS last month opened a non-fungible token marketplace for C-Cash, the company’s own hybrid cryptocurrency. All artworks displayed and traded by ArtFin are sold in the form of irreplaceable NFTs at the C-Cash marketplace.
TGS was also one of the official sponsors of Tara Subkoff, an American actor and fashion designer.
By displaying both NFTs and real artworks in one space, the company said it plans to elevate asset value as well as maximize visitor experience.
