Herald artday, a subsidiary of the Herald Media group, will open its second online auction this month. It will roll out about 100 artworks by acclaimed South Korean artists, including Lee U-fan, Kim Tschang-yeul, Suh Seok and Lee Dai-won.

The biggest advantage of the auction is the affordable price. Starting prices will be as much as 70 percent below the market price. Organizers said that it would be a safe opportunity for first-time buyers as well as art aficionados to take home genuine artwork at an attractive price.

Those who are interested can check out the works at the preview exhibition which runs from Dec. 16 to 21 at beyond museum in Cheongdam-dong, southern Seoul, before making their bids. A lecture on art investment will be offered on Dec. 16 along with English-language tours. The auction will start to close at 5 p.m. on Dec. 21, with 10 pieces sold every 10 minutes.

At the company’s first auction held in October, 84 percent of the items were sold, setting a record for an online art auction. Total sales were over 427 million won, also exceptional for an online auction.

Among the works, a 1976 piece by Lee U-fan titled “From Line,” which was showcased to the public for the first time through the auction, was sold for 180 million won, which is the highest amount ever reached in an online auction so far.

Herald artday is considered to have set a new example for high-quality online auctions, since it introduced major works by established artists while most online auctions so far have offered limited items by little-known or up-and-coming artists, or only small works by a few established ones.

For more information on the auction, call (02) 3210-2255 or visit www.artday.co.kr.

By Park Min-young (claire@heraldcorp.com)