[비즈한국] Starting on the 26th, individuals or entities providing art-related services, such as galleries, auctions, and appraisals, must register with the head of their local municipal government.
The enforcement decree of the Art Promotion Act, which stipulates the 'Art Service Business Registration System,' was approved at a cabinet meeting on the 21st. Consequently, the system will go into effect on the 26th. The six designated business sectors are: gallery businesses, art auction businesses, art consulting businesses, art rental and sales businesses, art appraisal businesses, and art exhibition businesses.
Despite art pieces frequently reaching prices in the billions of won, concerns regarding transparency have consistently been raised. Instances where a small group of insiders controlled prices and transactions within their own "league," or where companies used art to create slush funds, have occurred frequently.
The newly implemented 'Art Service Business Registration System' focuses on preventing such "underground transactions" and strengthening the "transparency" of the art market. To achieve this, it imposes obligations on art service providers, such as maintaining records of art distribution, disclosing hammer prices, and using standardized appraisal certificate forms. Businesses that violate these requirements or operate without registration will face penalties, including fines or suspension of business.
A one-year grace period will be in effect until July 25, 2027, during which the imposition of fines or business suspensions will be deferred. The Ministry of Culture, Sports and Tourism announced that during this grace period, it plans to actively guide and educate the industry on registration procedures and necessary precautions in cooperation with relevant organizations.
Jeong Hyang-mi, Director General of the Culture and Arts Policy Office at the Ministry of Culture, Sports and Tourism, stated, "The Art Service Business Registration System will build consumer trust in the art market and serve as a foundation for the Korean art market to grow to the next level," adding, "We plan to actively implement specialized policies and support projects tailored to the characteristics of each sector based on data from the registration system."