South Korea’s department stores tap into expanding art market

Lotte has recently launched an artwork sales exhibition.

South Korea’s department store businesses have been jumping into the opportunities offered by the recent expansion of the art market by selling artwork themselves, Korea Bizwire reported.

For instance, Lotte Department Store opened up its galleries not just for exhibitions but also for selling artwork. It is looking to launch ‘Art Lotte,’ an artwork sales exhibition, as a regular event held twice every year. It also introduced an online gallery on its department store app.

At the same time, Galleria Department Store is currently operating a comprehensive art store at the luxury hall in Apgujeong-dong, southern Seoul to showcase and sell artwork from a variety of galleries.

Shinsegae Department Store in the posh Gangnam district also underwent renovations last August of last year to open up "Art Space," a permanent artwork exhibition and sales platform showcasing some 120 paintings and objects on the store’s third floor.