November Auction Highlights: Picasso Portrait Appears at a Korean Auction for the First Time

A portrait painted by Pablo Picasso will be auctioned in Korea for the first time this November. It is expected to sell for around USD 2.32 million. Market watchers are paying special attention to the upcoming sale, especially since Picasso’s Femme a la montre (1932) sold for $139.3 million at Sotheby’s New York on November 8, 2023. That painting was the second most expensive Picasso work ever sold; the first was Les Femmes d’Alger (Version ‘O’) (1955), which sold for $179.4 million at Christie’s New York in 2015.

In addition, work by Park Seo-bo, who died last month, continues to be exhibited at auction. Korea’s two largest auction companies, K Auction and Seoul Auction, both featured Park’s works at auction in November.K Auction held an auction on November 22 at its headquarters in Sinsa-dong, Seoul, with a total of 91 items together worth about $7.04 million. The high-profile auction featured Jeff Koons’ Encased – Five Rows. The artist placed basketballs and soccer balls in a glass box to create this work, which was estimated at $1.20 million to $1.50 million; the work failed to sell. Another work using mirrors, Jeff Koons’ favorite material from his early career, titled Cow (Lilac): Easy Fun, was estimated at $380,000 to $540,000 and also failed to find a buyer.

Six paintings by Park Seo-bo went up for auction. An early work, Écriture No. 48-75-77 (estimate: $460,000 to $1.10 million), sold for $820,000. Ufan Lee’s work titled With Winds (estimate: $700,000 to $930,000; sold for $920,000) and five other pieces sought new owners at auction.

In addition, works by Kim Tschang-yeul, Ucchin Chang, Kun-yong Lee, Chong Hak Kim, and Bae Lee were exhibited. The overseas art section featured editions by renowned artists, including Ayako Rokkaku’s Untitled (estimate: $44,000 to $180,000; sold for $67,000), Robert Indiana’s HOPE (Red/Yellow) (estimate: $120,000 to $270,000; did not sell), Yayoi Kusama’s Pumpkin (YT) (estimate: $53,000 to $92,000; did not sell), and Roy Lichtenstein’s Two Paints: Dagwood (estimate: $45,000 to $76,000; sold for $45,000).

Seoul Auction will hold an auction at Gangnam Center on November 28 with 103 lots, together worth approximately $9.67 million, including a portrait of a woman painted by Picasso. Tête de Femme au Chignon (1935) is exhibited with an estimate of about $2.23 million. This work is painted from a double viewpoint, and Picasso’s Cubist technique is well revealed. It uses neutral tones and colors such as brown and gray, and there is a difference in brightness, color, and saturation, so the Cubist element stands out.

“So far, most of Picasso’s works that have been auctioned in Korea have been prints, drawings, and ceramic paintings, and there have been few oil paintings,” Seoul Auction said. “It is the first time that a portrait painted by Picasso has been auctioned [in Korea].”

Seoul Auction will also present seven pieces by Park Seo-bo, including 2010’s Écriture No. 100131 (estimate: $425,000 to $540,000), painted in yellow. In addition, works by Korean modern and contemporary art masters such as Ufan Lee, Ucchin Chang, and Jin-kyu Kwon will be auctioned.Meanwhile, Christie’s Hong Kong will offer seven works by Korean artists at the Hong Kong Convention and Exhibition Centre from November 28 to 29. Ufan Lee’s From Point (1977) and Sang-hwa Chung’s Untitled 85-12-A (1985) will be introduced at the 20/21st Century Art Evening auction on the first day. On the second day, Kim Tschang-yeul’s Water Drop and Park Seo-bo’s Écriture No. 060503 will be exhibited at the 20th Century Art Day Auction. There are also two works by Seundja Rhee, a pioneer of Korean abstract art.