An art piece by Kim Whan-ki (1913-1974), South Korean painter best known for his geometric, abstract paintings was auctioned off at a new historic price of 6.55 billion won ($5.8 million) to beat his previous record for the most expensive Korean artwork.

The oil painting, titled “5-IV-73 #310 (Tranquility),” by the Korean modern abstract artist was sold at 6.55 billion won at an auction arranged by South Korea’s largest fine art auction house Seoul Auction on Wednesday. The final price was 7.63 billion won with commission included.

Previously, Kim’s another oil painting titled “12-V-70 #172” sold at 6.3 billion won at Seoul Auction’s sale held in Hong Kong in October last year had been the most expensively sold art piece in Korea.

Kim’s paintings have emerged as the absolute favorite in Korean art market in recent years. Since the “19-VII-71 #209,” Kim’s painting from 1971 replaced the previous champion “The Washing Place,” a painting by Park Soo-keun, as the most expensively sold Korean artwork in October 2015, his art pieces have renewed records several times during the last two years.

Kim who is dubbed as the pioneer of abstract art in Korea was born in 1913 in Korea. The “5-IV-73 #310 (Tranquility)” was drawn up in New York, a year before he passed away in 1974.

By Lee Hyang-hwi

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