New South Korean Law May Require Galleries to Obtain Licenses


The law will require art galleries, art auctions, and distributors to obtain licenses in order to operate. They will also have to keep detailed records of every sale, as well as submit counterfeit prevention plans and lists of the artists they represent. Auction houses will have to meet certain qualifications, including having a professional auctioneer, a physical location, and at least $180,000 in capital. If these stipulations are not met, a business could face fines or have its license revoked. Anyone convicted of forgery will also face up to five years in prison or have to pay up to $45,000. The ministry aims to pass the legislation by 2017… Read more