Korea's new art market law gets off to a shaky start

South Korea’s Art Promotion Act, the country’s first law governing the art market, began implementing its first phase on 26 July, but galleries, auction houses, and dealers report confusion due to late-arriving guidance and limited infrastructure. The enforcement decree was published only two days before the law took effect, and the implementing rule appeared in the official gazette on 27 July; there is still no electronic filing system, and municipal officials received a single training session three days before launch. The Ministry of Culture, Sports and Tourism said a one-year grace period runs until 25 July 2027, after which non-compliance can bring fines up to 5 million won (about $3,500). The registration requirement covers six categories of art businesses and is estimated to affect around 5,000 entities, with critics including National Assembly member Kim Jae-won arguing the grace period should not excuse inadequate preparation.

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