While people＊s interest in investment is increasing day by day, interest in art works is increasing especially among the MZ generation. This is because art investment can be made with small money.
Art works are exempt from acquisition, registration and retention taxes while the surviving artist is also exempt from transfer tax. While the art investment market is growing, Art Han Global is attracting attention by introducing the art dealing platform Art Chain.
|▲ Art Han Global / Gallery Art Han CEO John Sim|
Art Han Global takes the lead in creating an ecosystem where artists, customers, and brokers are satisfied
Gallery Art Han opened in 2021 in Gwanggyo, Suwon. Last year, it was expanded and relocated to Apgujeong, and this year, it was renovated again and reopened in a 661 square meter space in Homaesil-dong, Suwon.
Art Han is working as an art distribution and brokerage agency that creates and leads a cultural and artistic ecosystem where artists, customers, and intermediary galleries who supply artworks can all coexist.
With the principle of ‘win-win’ as its core business value, Art Han has a differentiated management philosophy and innovative system for the popularization and development of culture and arts.
The company strives to discover and support outstanding artists, grow them into global stars, and add satisfaction to collectors who own their works.
Outstanding artists such as Park Bang-young, Moon Joo-ho, Kim Jung-so, Cha Kyung-jin, Kim Ho-sung, and Kim Nam-ho are working as artists in residence at Art Han.
Gallery Art Han CEO John Sim said “I’m a former artist who started thinking about how to overcome the difficulties of people doing art in a business way, so around 2020, I started planning an art project. Since then, I have grasped the current state of the industry, found ways to improve and complement it, and launched Art Han’s unique business model in 2021.”
Park Ji-hwan, director of Gallery Art Han, is a long-time spiritual supporter of Sim and was the organizer of the Doosan Museum of Art in 1991. Park is a mythical figure in the art world who has also achieved complete success as an artist. He took the lead in promoting culture and arts through the construction of Jeonju Hanok Village, and also distinguished himself as a planner, such as planning the musical opera “Hebei Breads”. With more than 40 years of experience in the art industry, he fell in love with Sim’s dream of “becoming a person who can exert a positive influence on society,” so he became involved in the business and is discovering and managing artists himself at the moment.
Sim said “I have an eye for the works taught by Park and a special know-how to discover artists, and I help them to devote themselves to their work by solving their living difficulties through an exclusive artist contract. Being able to communicate with Park from time to time to build a worldview and receive coaching to inspire artists is a perpetual perk for artists at Art Han. Our goal is to promote Korean art to the world and further create national interests by advancing artists who have grown through our system beyond the domestic market to art fairs and exhibitions on an international scale.”
Art investment platform ‘Art Chain’ increases investment satisfaction with the highest rent in the industry
As people’s interest in art investment grew, Gallery Art Han introduced the art brokerage platform ‘Art Chain’ with the motto of ‘win-win’.
Sim said “Some of the companies that claim to be art investments have had a lot of troubles, such as cheating on settlement payments, non-payment of wages, non-payment of commissions, and resales. We tried to build a system to remedy this absurdity, and after a period of six months, we came up with the ‘Art Chain’ that we have today. Art Chain pays up to 1% of the proceeds from the operation (investment) of the work to the customer every month. It can be from small to large investments, and you can get an annual return of 12%. In addition to the maximum 36% profit on the three-year term of the contract, the customer will be paid the full amount minus any resale brokerage fee in the event of a market profit.”
When a customer purchases a work, Art Han manages the work on its behalf. Art Han re-entrusts the works purchased by customers, provides rental services to individuals, companies, groups, shopping malls, and stores, and maximizes revenue generation through additional businesses using various channels such as dramas, movies, exhibitions, and construction company linkages.
Sim said “The revenue from the art supplementary business is only a fraction of the core business. We invest in discovering artists and artworks and increase their market value. There are very few galleries in the country that have this capability. Our ultimate revenue is the global art market. We will bring in foreign currency through the linkage of culture and arts and tourism and grow it into a national interest project that will be responsible for Korea’s future income source.”
With more investment in the arts, Sim advises that you need to take the time to study art.
Sim advised “Investors should take a cautious approach by assessing the company’s vision, competence and credibility in the art market, as it can be harmed by the wrong investment. If there is an artist or work of art that resonates with you, it will be helpful to read its worldview and values, to contrast your own evaluation with its reputation, and to study art history and techniques in your spare time.”
We will contribute to the public interest as a social enterprise, such as the creation of a ‘cultural street’
Gallery Art Han plans to increase its cultural competitiveness by discovering new artists who can also be recognized overseas. The gallery has a big vision in terms of public interest and paints a big picture of combining cultural competitiveness with tourism to make it a new income of the future of Korea. To this end, the gallery plans to expand its branches nationwide and cooperate with local governments to create “cultural street.” Their ambition is to create a unique cultural street in each region, make it a hot place in the region, and promote it to the world to commercialize tourism and blossom a new cultural renaissance.
Sim said “We want to grow Gallery Art Han into a world-class gallery. We will do our best to combine cultural competitiveness and tourism to make it a promising future industry of our country.”
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