Hyundai Motor to provide museum with W12b sponsorship

Visitors look at artworks displayed at the Gallery Art Zone in the National Museum of Modern and Contemporary Art. (Hyundai Motors)

Hyundai Motor Co., the nation’s largest automaker, will sponsor the National Museum of Modern and Contemporary Art in order to help globalize Korean modern art, the company said Thursday.

The company plans to sponsor 12 billion won ($11.3 million) over 10 years ― the first long-term company sponsorship in Korea and also the largest amount Hyundai has ever offered.

The sponsorship will entail more than average museum sponsorships by supporting local exhibitions of well-known artists as well as the work of rising artists, according to the company.

Hyundai Motor and MMCA together will select one notable artist each year that holds global competitiveness and provide up to 900 million won to cover all aspects of the artist’s publicity and promotion, including a large-scale art exhibition. They plan to spend 9 billion won out of the 12 billion won to this end.

The remaining 3 billion won will be used to sponsor rising or promising artists and provide them with the opportunity to exhibit their work at the Gallery Art Zone within the MMCA, the company said.

“This sponsorship is aimed at developing a new form of growth where cultural art and industry may improve simultaneously,” said a Hyundai Motor official.

By Kim Joo-hyun (jhk@heraldcorp.com)