Digital art hits 200 million KRW range... Kim Whanki conquers the NFT art market [Art & Money]

The most expensive piece in Korea, 'Cosmos' (Universe), is fully illuminated

Auction house produces first NFT of Kim Whanki's work

Three editions sold for a total of 730 million KRW, including 290 million KRW

Set a record for the highest price in the domestic NFT edition segment

'Red Illumination' and 'Where, What...' are also awaiting NFT conversion

High expectations for the object beyond a flat surface, a moving piece

[Oh Hyun-joo, Culture Specialist Reporter, Edaily] The time when Korean artwork prices exceeded 10 billion KRW was November 2019. It was when Kim Whanki's illuminations finally blazed up. While there were many international artists like David Hockney, Pablo Picasso, and Jeff Koons whose works fetched hundreds of billions of KRW on the market, Kim Whanki was the first to reach the 10 billion KRW range in the Korean art scene. Even if one complained about it being 'a party of their own money,' since it couldn't be afforded from one's own bank balance, it was necessary to see what 'high price' was set, regardless of whose work it was. Kim Whanki's illuminations achieved this. The piece was the blue illumination 'Universe' (Universe 5-Ⅳ-71 ＃200·1971), which was exhibited at the Christie's Hong Kong auction. Intense bidding followed, and it was ultimately sold for 1.31875 billion KRW (88 million HKD), exceeding the starting price of 6 billion KRW (40 million HKD) by double.

This record overturned the 'Highest Sold Korean Artworks Ranking,' which had been updated about 1.5 years earlier in May 2018. Kim Whanki's red illumination '3-Ⅱ-72 ＃220' (1972), which sold for 8.53 billion KRW (62 million HKD, Seoul Auction Hong Kong Auction), dropped to second place. The ranking below it was also quickly reorganized. Kim Whanki's other red illumination 'Untitled' (1971), which sold for 7.2 billion KRW (47 million HKD, Seoul Auction Hong Kong Auction, May 2019), moved to third place, and Kim Whanki's other blue illumination 'Calm 5-Ⅳ-73 ＃310' (1973), which sold for 6.55 billion KRW (K Auction, April 2017), moved to fourth place.

This is a time when the art market revolves around Kim Whanki. When Kim Whanki's illuminations swept the 'Top 10 Highest Sold Korean Artworks Ranking,' giving only one spot to Lee Jung-seop's 'Cow' (undated·9th·4.7 billion KRW), the art market was dominant. However, as the art market subsequently faced a downturn and was compounded by COVID-19 the following year, the affection for Kim Whanki's illuminations also wavered. Although the art market experienced a boom last year, screaming 'Oh, surprise!', it was difficult to expect an 'open wallet' for 'Kim Whanki Illuminations,' which serves as a barometer of the spending of 'big players.' As a result, the 'Highest Sold Korean Artworks Ranking,' dominated solely by Kim Whanki, has remained unchanged for over two years.

Nevertheless, there is a reason why 'Kim Whanki' has been brought up again after such a long time. It is because an unprecedented 'love call' for Kim Whanki's illuminations has been pouring in since early this year. Specifically, for NFT works processed from the original artwork.

Is it the effect of the 1.32 billion KRW original work... even the three 200 million KRW range NFTs reached 'highest price'

The first work was released to the world and achieved 'another highest price' at the auction. This is Kim Whanki's 'Universe,' produced as three NFT editions by XXBLUE, a subsidiary of Seoul Auction Blue, and offered in the 'Upbit NFT' auction. In the auction, which ran for 24 hours starting on the 24th, the 'Kim Whanki NFT' (Official Name: NFT: Digital Media Reproduction: KIM Whanki_Universe 05-Ⅳ-71) started at a bid of 56 Ether (200 million KRW) and increased the bids, with all three being sold. One sold for 77 Ether (approx. 290 million KRW), and the other two sold for 58.5 Ether (approx. 220 million KRW) each. The digital image copyrights for all three amount to 194 Ether (approx. 730 million KRW). This set a record for the highest price not only for the original work but also for 'domestic NFT editions.'

The original work, valued at 1.32 billion KRW, and 'Universe,' valued at 200 million KRW as a digital NFT, is already considered one of Kim Whanki's masterworks. It is not only the largest scale illumination (254×254㎝) painted by the artist at the peak of his skill but is also one of only two pieces (each 254×127㎝). Thanks to a collector who cherished it for over 40 years since purchasing it directly from the artist, the condition of the work was excellent.

The 'Universe,' transformed into an NFT, includes delicate digital work where the 100,000 dots in the artwork are individually separated. The countless blue dots unique to the artist have been reborn as a digital moving art, swirling into a circle. Seoul Auction Blue, LOCUS, the CGI provider collaborating on the 'NFT Content Business,' and LG Electronics, which developed the media to implement it, participated in this work. As a result, the three sold NFT artworks will be displayed on a 65-inch LG OLED Evo TV and handed over to the buyer.

The 8.5 billion KRW 'Red Illumination,' and the symbolic 'Where, What...' are also pending

It is not just 'Universe.' In addition to the red illumination '3-Ⅱ-72 ＃220' (1972), which ranked second in the previously released 'Korean Artwork Sold Ranking' and 'Kim Whanki Highest Price Ranking,' the fourth-ranked 'Calm 5-Ⅳ-73 ＃310' (1973) has also been named as a candidate for NFT. This is in the 'Kim Whanki Hypercube NFT Project,' one of the ArtMarket NFT platforms, ArtTOKEN. ArtTOKEN's NFTs are characterized by a three-dimensional sense that goes beyond a flat moving piece. It creates what is called a hypercube booth. This is a space that reflects infinitely using aluminum mirrors, and ArtTOKEN stated, 'When you enter it, you will have an experience as if interacting directly with the artist through a living object painted on the canvas.'

The key lies in multimedia VFX (Visual Effects) technology. Experts, including Lee Ki-hyung, a VFX director from Weta Digital, a New Zealand film technology company involved in the production of movies like 'The Lord of the Rings,' 'Avatar,' and 'Avengers,' participated. The finished work is scheduled to be released around June.

Kim Whanki's iconic masterpiece, 'Where, What... Shall They Meet Again 16-Ⅳ-70 166' (1970), which is beyond the scope of mere appraisal, has also declared its 'NFT status' early this year. It was the first piece mentioned when Doh Young-tae, CEO of Gallery Hyundai, announced his entry into the NFT business last month. The work will be unveiled on the NFT platform ETNAH through Eight (AIT), a company founded exclusively for NFTs. Specific details regarding price and format are kept under wraps.

The background of 'Kim Whanki Works Reborn as NFTs' is the Whanki Foundation and Whanki Museum. The Whanki Foundation and Whanki Museum, known for being meticulous and never wasting even a single image in art management, not only approved the copyright usage but also participated in the collaboration. Seoul Auction Blue found significance in the 'First Korean Kim Whanki NFT Artwork,' stating, 'We officially received exclusive copyright usage for 'Universe' from the Whanki Foundation.' Furthermore, ArtTOKEN stated, 'We are preparing the Kim Whanki Hypercube Project with the Whanki Museum,' and Eight stated in its opening announcement, 'We will produce an NFT work based on 'Where, What... Shall They Meet Again' in collaboration with the Whanki Foundation.'

Oh Hyun-joo Reporter (euanoh@edaily.co.kr )

Source: Edaily (https://m.edaily.co.kr/ ) https://n.news.naver.com/article/018/0005175579