How to Bid
Registration is required in order to bid or sell at K Auction.
Members can access auction results and artwork images through our website and receive e-catalogues and auction news by email and SMS.
In-person registration is available at our location. A government-issued proof of identity and identity verification is required in order to bid in live auctions. Online registration and identity verification is required in order to bid in online auctions.
You may also register online by accessing our website and agreeing to the terms and conditions. Identity verification is required in order to bid. Once you have registered and completed the identity verification online, you will be eligible to bid in both live and online auctions.
Subscription to our paid membership is available at a fee of KRW 100,000 per year. Subscribed members receive print catalogues for our 8 yearly major auctions. You can subscribe through the "Print Catalogue Subscription" tab under "My Page".
The auction lots and details can be found on the K Auction website and at K Auction’s exhibition spaces during the auction period. The preview exhibition is free of charge. All lots are guaranteed ‘as is’ at the start of the auction period, and we highly recommend that you inspect lots in person before bidding.
Absentee, saleroom, and telephone bids are accepted in live auctions. In addition, online live-bidding is available through our website's online live system.
If you have registered an absentee bid with a selected lot and maximum bid price, a K Auction specialist will bid on your behalf against other bidders on the day of the auction up to the maximum bid price. If two or more absentee bids for the same amount are received, the bid first received by K Auction will take priority. Absentee bids can be registered at our location or through our website.
You can register in advance for saleroom bidding. On the day of the auction, you can collect a paddle on-site to join the auction and bid in person.
You can register in advance for telephone bidding. A K Auction specialist will call you during the auction to bid on your behalf in the saleroom.
After applying for the online paddle number on the website in advance, you can monitor the auction progress on the online live auction page on the day of the auction and press the Bidding button to bid.
You can view the current bid of each lot and select your bid amount. You can bid in real time or select a maximum bid amount. The online live system will bid on your behalf against competing bids up to your selected maximum bid amount. Bidding will close every five minutes for groups of 10 lots each, starting from the auction closing time. If a bid is placed within the final 30 seconds, bidding on that lot will automatically be extended by a further 30 seconds. If two bids for the same amount are received, the bid first registered will take priority.
Important Notices for Bidding
Buyer's premiums (excluding VAT) and additional buyer's fees (if applicable) may be charged in addition to the hammer price.
Registration for absentee and/or telephone bidding will close one hour before the start of the auction. You can register by filling out a paper form in-person at our location or through our website.
All lots are sold "as is" at the time of the sale. Successful bids cannot be withdrawn for concerns regarding the condition of the work and/or the frame. We recommend that you inspect the lot in person during the preview period before submitting a bid.
All bids are irrevocable. Online bids in particular are accepted immediately upon clicking the "Bid" button and cannot by withdrawn or canceled for any reason.
Bidding Results and Payment
If you are bidding in person, a Successful Bid Confirmation will be delievered to you immediately. If you are bidding remotely, your bidding results will be sent to you by email after the close of the auction. If any modifications are necessary (including regarding the payment amount), our specialists will deliver all final bidding results.
As a rule, successful bids cannot be withdrawn or cancelled. In the case of unavoidable circumstances, the buyer and K Auction must agree on the withdrawal or cancellation in writing beforehand and the buyer must, within 7 days from the date of the auction, deliver the intent to withdraw or cancel the winning bid in writing and pay the amount equal to 30% of the hammer price.
Sucessful bidders must render full payment to K Auction within 7 calendar days from the close of the auction.
The buyer's premium for live auctions is 16.5% (including VAT) of the hammer price.
The buyer's premium for online auctions are as follows, depending on the hammer price.
Total Payment Amount = Hammer Price + Buyer's Premium + Additional Fees (if applicable)
|Classification||Hammer Price (KRW)||Buyer's Premium (including VAT)|
|Live Auction||All sections||16.5%|
|Online Auction||Up to KRW 10,000,000||Hammer Price x 19.8%|
|Exceeding KRW 10,000,000||KRW 10,000,000 x 19.8% + (Hammer Price - 10,000,000) x 16.5%|
ex) Buyer's premium for a hammer price of KRW 15,000,000
Live auction buyer's premium = 10,000,000 x 16.5%
Online auction buyer's premium = 1,980,000 + (15,000,000 - 10,000,000) x 16.5%
Payment can be rendered in cash, bank checks, or wire transfer.
Credit cards are accepted for buyer's premiums only (credit card payments must be done in person at our location).
Bank transfer details
Account details: KEB Hana Bank 196-910005-07204 (Account holder: K Auction Ltd.)
If the wire transfer is made under a different name from the successful bidder, please make sure to note the name of the successful bidder in the wire transfer details.
Payment Inquiries: +82-2-3479-8894 (Finance Department)
Shipping, Installation, Storage
Objects purchased in live auctions are exempt from domestic shipping fees, provided that payment is rendered in full within 7 calendar days from the closing date of the auction.
Objects purchased in online auctions must be collected within 7 calendar days from the closing date of the auction. Shipping may be requested if in-person collection is not possible. Shipping fees will be charged as below.
|Seoul||KRW 50,000||Additional fees apply|
|Seoul Capital Area (Incheon, Gyeoggi)||KRW 100,000|
|Other areas within South Korea||KRW 150,000|
KRW 10,000 for each additional object (limited to objects bought in a single auction; must be shipped to the same address on the same date)
ex) 3 objects to be shipped within Seoul: KRW 50,000 + 10,000 + 10,000 = KRW 70,000
Some products can be sent by courier, and the shipping fee is KRW 5,000 (However, KRW 10,000 for Jeju and islands and mountainous areas).
Depending on the weight or price range, delivery may not be possible.
Pick-up is the rule for luxury goods and instruments.
If you pick up by yourself, please make a reservation with the person in charge until 5 p.m. a day before the date you want. (Friday for weekends, one day before holidays)
Based on standard passenger cars, you can load up to 90*120cm in total size, so please check the space and drawing of the vehicle before pick-up.
Pick-up available time: 10:00am to 12pm Monday to Sunday, 2pm to 6pm
Unable to pick up when visiting without prior reservation
Shipping Inquiries +82-2-3479-8888
For lots purchased in K Auction sales, installation may be requested in addition to shipping. Advance notice is required for all shipping and installation requests.
For objects smaller than 145x112cm, a fee of KRW 30,000 per object (KRW 10,000 for each additional object) will be charged. Objects larger than 145x112cm will incur a fee of KRW 100,000 per object (KRW 20,000 for each additional object).
Additional fees may be charged depending on the condition of the installation site (marble, concrete, partitions, rails, etc.).
Installation may not be available if advance notice has not been received by K Auction.
All objects must be collected within 7 calendar days from the closing date of the auction. Objects remaining uncollected after this time period will incur a storage fee of KRW 30,000 per objct per day regardless of whether the purchase price has been rendered in full.