Art Promotion
What Does Korea’s Art Promotion Act Mean for Artists, Galleries, and Collectors?
On July 26, Korea’s Art Promotion Act and its enforcement decree partially came into effect, with all measures expected to be fully implemented in 2027. This landmark bill, passed by Korea’s National Assembly last year on June 30, 2023, regulates the country’s art industry and establishes a comprehensive framework for the systematic promotion and development of Korea’s art market. Specifically designed to protect artists’ rights and economic interests, the Act ensures that artists receive a fair share of resale profits. Additionally, art buyers are granted the legal ability to request warranties for their purchases, a policy introduced to enhance market transparency and accountability.
Here are some of the major impacts on artists, sellers, and buyers of art in Korea.
