The South Korean monthly magazine Saemteo is auctioning its art collection and original cover paintings through the K Auction online platform [1].
The sale marks the end of an era for a publication that once reached a monthly circulation of 500,000 copies [1]. The liquidation follows a period of severe financial distress that forced the magazine into an indefinite suspension of publication starting with the January 2024 issue [1].
Founded in 1970, Saemteo has long been a staple of Korean literary and cultural life [1]. The current auction includes a diverse range of high-value assets to settle the company's debts and organize its remaining holdings [1].
Among the most notable items is a large-scale work by David Hockney, measuring two meters [1]. The collection also features an original Doraemon piece by Takashi Murakami [1].
Traditional Korean art is also represented in the sale. A calligraphy piece titled "Gongsu-rae Gongsu-geo" by Lee Byung-chul, the founder of Samsung, has a starting bid price of 15 million won [1].
The auction process is being handled entirely online, allowing global collectors to bid on the magazine's historic archives and contemporary art pieces [1]. This move comes as the publication attempts to navigate the aftermath of its operational collapse [1].
“The sale marks the end of an era for a publication that once reached a monthly circulation of 500,000 copies.”
The collapse of Saemteo reflects the broader struggle of traditional print media in South Korea. The transition from a high-circulation monthly magazine to the liquidation of its art assets underscores the volatility of the publishing industry when faced with declining revenues and the shift toward digital consumption.
