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The Ministry of Culture, Sports and Tourism has announced official guidelines regarding the formats and required details for art appraisal certificates, which provide assessments on the authenticity and value of artworks.
Introduced under the Art Promotion Act enacted last July, an art appraisal certificate is a document issued by a certified art appraiser expressing their expert opinion on the authenticity and value of an artwork.
These certificates are divided into authenticity appraisal certificates, which offer professional opinions on whether a work is genuine, and price appraisal certificates, which express the artistic, cultural, and historical significance and level of a work in economic figures.
Under the Art Promotion Act, only registered art appraisers are authorized to issue these appraisal certificates. Violators will face a fine of up to 5 million won.
Additionally, if an art appraiser issues a certificate using a format other than the official one, administrative measures such as business closure will be imposed.
However, during the grace period until July 25 of next year, no administrative penalties or fines will be levied.
The Ministry has also released the official format for authenticity certificates, which are documents issued by artists or art service providers confirming that a work is genuine and guaranteeing that the recorded information is true.
Consumers who purchase artworks can request the issuance of an authenticity certificate from the artist or art service provider.
If an authenticity certificate cannot be issued, buyers must be informed of this fact prior to the sale of the artwork.
The Ministry plans to distribute relevant practical guidelines by the end of the year to standardize the creation of art appraisal and authenticity certificates.
Jeong Hyang-mi, head of the Culture and Arts Policy Office at the Ministry, stated, "This announcement lays the foundation for the growth of South Korea's art market by protecting art consumers and bringing transparency to the market," adding, "Along with consumer protection, we will spare no continuous interest and investment to standardize and systematize art appraisals."
(Photo provided by K Auction, Yonhap News)
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