Auction News Network

Failed Busan Bank’s Art Collection To Sell

When Korea’s Busan Bank failed last year, after a drama involving a large scale influence peddling scheme, its substantial collection of western and Chinese Contemporary art was seized. The 2,000 items being offered tomorrow in Hong Kong are an eclectic mix, with rare books of Buddhist sutras, and works by Robert Indiana, Dan Flavin and Julian Schnabel, as well as canvases by Chinese masters Zhang Xiaogang, Seng Fanzhi, Feng Zhengjie. The top lot at Seoul Auction is expected to be Kim Whanki’s “Garden,” expected to sell for $1.15m-$1.4m.