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A credible reference point: The Korean Fine Arts Association is a well-recognized institution in the Korean art world. Therefore, the appraisal reflects a professional valuation based on the artist’s career, artistic quality, and market context at the time.
Functioned as a starting price: The appraisal likely served as a formal minimum price for Hoon Jung Lee’s works during that period, providing collectors with a pricing guideline and potentially influencing the artist’s own sales practices.
Limitations: The appraisal reflects market conditions of 2015. Nearly 10 years have passed since then, during which time the artist’s career, creative output, and the broader art market have evolved. Hence, it is inappropriate to use this appraisal as a fixed benchmark for current pricing.
2. Key Factors Driving the Artwork’s Value Increase
When assessing the current value of Hoon Jung Lee’s works, collectors should take into account several factors:
Status as a veteran artist with 50 years of experience:
A five-decade-long career is evidence of mastery, a fully developed artistic language, and continuous creative output. His long-term commitment to a distinctive style—particularly his use of "aerial perspective"—represents a strong, recognizable brand.
Rising scarcity as a 74-year-old artist:
In the art market, the works of deceased artists often gain significant value due to their rarity. At 74, the artist remains active, but his age suggests limited future supply, which increases the scarcity and potential investment value of his existing works.
Growth of the overall art market:
Since 2015, the domestic and international art markets have seen steady growth. Prices for works by established artists have surged, and interest in art as an investment has grown. This trend likely includes mid-career and senior artists like Hoon Jung Lee.
3. Suggested Price Range from a Collector's Perspective
Considering the above factors, the current price per size 1 canvas for Hoon Jung Lee’s work can be reasonably estimated as follows:
Minimum Price:
The 2015 appraisal (₩1.5 million) serves as a baseline. Considering inflation and the artist’s career development over the past decade, a minimum price of at least twice that amount is justified.
Fair Price (Conservative Approach):
Adjusting for inflation and career progression, a reasonable range would be ₩2.5 million to ₩3 million per size 1 canvas. This range would appeal to collectors seeking a relatively safe acquisition.
Aggressive Investment Price (Considering Future Value):
Collectors anticipating the artist’s increasing rarity and potential "posthumous premium" may consider a price range of ₩3 million to ₩5 million or more per size 1 canvas.
The value of each piece may vary significantly depending on:
Period of creation (early vs. late works)
Artistic quality and completeness
Exhibition history (solo/group shows, award-winning pieces)
Provenance (whether it was owned by a notable collector)
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