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Watch for growth in Korean art investment funds in 2008
Feb 2008 - In its analysis of culture trends for 2008, the Korean Times has reviewed what was popular and what had worked in the culture scene in 2007 and finds the emergence of art investment funds as growing in 2008. As global interest in Asian contemporary art, especially Chinese art, continues, the spotlight is soon expected to turn to Korean artists. Many wealth Koreans are seeing the value of investing in artworks. Last June, abstract painter Lee U-fan's work "From Point " sold for $1.94 million at Sotheby's Contemporary Art sale in New York, the highest ever for a Korean artist abroad. Several art investment funds have already been established such as the Seoul Art Fund and the Star Art Fund as well as ain increase in the number of commerical galleries moving into this space. Equally important, nternational art events, Gwangju Biennale nd Busan Biennale, are expected to draw more attention to Korea's art scene and artists.
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