【South Korea】The Value of Jewels in the Wardrobe: Confirmed Through Domestic Auctions Too [The Protagonist of Luxury Goods]

A movie poster for ‘The Thieves’ (left). A scene from the movie ‘The Thieves’ where Kim Hye-soo obtains the ‘Sun’s Tears’. [Movie screen capture]
A diamond hammered down for 30 billion won at Sotheby’s, suddenly vanishing from a glass case during an exhibition in Tokyo, a stolen diamond presumed to be in Hong Kong… The 2012 film ‘The Thieves’ features a diamond called the ‘Sun’s Tears’. It is a 318-carat yellow diamond necklace.
To steal the missing ‘Sun’s Tears’, ten top thieves from Korea, including Macao Park (played by Kim Yun-seok), Popeye (Lee Jung-jae), Pepsee (Kim Hye-soo), Yenicall (Jun Ji-hyun), Chewing Gum (Kim Hae-sook), and Zampano (Kim Soo-hyun), band together. A perilous plan unfolds to seize the legendary diamond ‘Sun’s Tears’, believed to be hidden in a Macau casino…
While the movie is largely fiction, Sotheby’s is a venerable auction house founded in London, UK, in 1744. The company that forms the other pillar of the auction world alongside Sotheby’s is Christie’s. Christie’s, an auction house that began in London, UK, in 1766, conducts over 450 auctions annually across 80 categories, including fine art and jewels. Sotheby’s and Christie’s account for approximately 90% of the global fine art auction market.
In reality, numerous jewels have been sold at Sotheby’s or Christie’s auctions for prices far exceeding 30 billion won. At a Christie’s auction held in Geneva, Switzerland, in 2017, a flawless, D-color (the highest grade) 163.41-carat diamond was hammered down for about 37.8 billion won. A Christie’s auction in Geneva in November 2018 featured a nearly depleted, rare pink diamond. This 18.96-carat diamond, known as the ‘Pink Legacy’, was hammered down for 57.4 billion won, setting a record for the highest auction price ever and becoming a major topic.

Historical artifacts have also appeared on the auction market. A diamond and pearl pendant belonging to Marie Antoinette, Queen of France and wife of King Louis XVI, was hammered down at a Sotheby’s auction in 2018 for 40 billion won, 18 times its pre-sale estimate. The Marie Antoinette jewels sold at that time had been passed down to her daughter and granddaughter, remaining unseen by the public for over 200 years. The ‘provenance’ determined a value 18 times higher than the estimate.

While the two auction giants, Sotheby’s and Christie’s, boast histories of over 250 years, Korea’s history in this field is brief. The history of the Korean auction market officially began with the establishment of Seoul Auction in 1998 and K Auction in 2005. Despite being just over 20 years old, the growth trajectory has been steep.
K Auction conducts auctions not only for fine art but also for jewelry. Let’s examine the current state of the jewelry auction market through K Auction.

K Auction advocates being ‘a platform for reasonably enjoying art and culture’. Its corporate goal is ‘to contribute to the development of Korean culture and arts through the formation of a healthy art market’. From works suitable for novice collectors to famous domestic and international works fetching over 5 billion won at major auctions, artworks across all price ranges are continuously setting new Korean auction records.
Looking at major works hammered down at K Auction so far, artist Kim Whan-ki’s work ‘Goyo 5-IV-73 #310’ achieved a then-record price of 6.55 billion won at an auction in April 2017. Marc Chagall’s work ‘Les Maries du Cirque’ was hammered down for 1.7 billion won, and Vincent van Gogh’s work ‘Lying Cow’ for 2.95 billion won.
K Auction is a pioneer in the online auction sector. In 2006, it was the first in the industry to introduce online auctions, building a mobile-optimized system and conducting about 47 online auctions annually. In April 2017, a masterpiece by artist Oh Se-yeol started at 6 million won and, after 86 bids, was hammered down for 50 million won. The 86 bids were the highest number of online auction bids in Korea.
Not only fine art and antiques but also wine has been auctioned. In 2014, following an exhibition by artist Lee Ufan at the Palace of Versailles in France, a Lee Ufan label wine, commissioned by Château Mouton Rothschild (winery) making him the first Korean to undertake such a label work, was offered. Other artists who have done label work for them include Andy Warhol, Chagall, and Picasso. In 2016, Chief Auctioneer Son Yi-cheon conducted an auction for a gala dinner paired with the Lee Ufan label wine and other wines. Chief Auctioneer Son was also the one who led the hammering down of Kim Whan-ki’s work for 6.55 billion won, the highest price at the time.
Most notably, auctions for jewelry set with precious gems, as well as luxury goods like Hermès, Chanel, and Rolex, are now frequently held in Korea.

K Auction began its jewelry auctions in earnest from March 2019. Currently, K Auction is the only domestic auction house conducting jewelry auctions. Compared to the active jewelry auctions at Christie’s or Sotheby’s over the past 250 years, it can be said to be in its infancy.
Any K Auction member can consign jewelry products. Upon receiving a consigned gem, K Auction’s jewelry experts proceed with appraisal, identification, and valuation at credible institutions. Recent jewelry auctions have featured numerous pieces set with diamonds, emeralds, sapphires, rubies, pearls, and other gems.

Auctioneers, often called the conductors of the fierce auction scene, sometimes attract attention by personally wearing K Auction’s jewelry pieces when conducting auctions. Auctioneer Yang Seung-ah created a sensational brooch styling by wearing two ruby butterfly-shaped brooches together on the lapel of her pink suit. At the major auction scene in May, the dazzling earrings worn by Chief Auctioneer Son Yi-cheon and a flower brooch set with diamonds and five sapphires also became a topic.

K Auction’s luxury lineup is also diverse. Representative works for the June auction include Hermès Kelly and Evelyne bags, a Rolex Submariner watch, a Piaget Polo jewelry watch, and a Chanel Lion Ring. Consigned works can be viewed through offline previews at the K Auction exhibition hall in Seoul before the auction and through online previews on the K Auction website. Visiting the Seoul K Auction exhibition hall allows one to check the consigned works and their condition, and even try on the jewelry. Detailed information can be found on the K Auction website.
It is common for news about jewelry setting record prices, like Marie Antoinette’s diamond and pearl pendant hammered down for 40 billion won, to grace the pages of major foreign news outlets. In contrast, the performance of domestic jewelry auctions is still relatively modest, and jewelry consigned to domestic auctions has never made the front pages of domestic news. However, the foundation has now been laid for news about Korea’s jewelry auction market to become a topic. No matter how brief its history, having a jewelry auction market is vastly different from not having one at all. Perhaps a sequel to ‘Sun’s Tears’ could be encountered not at a Sotheby’s auction, but at K Auction.