The 'art service reporting system' aimed at building consumer trust in the art market will be implemented.
The Ministry of Culture, Sports and Tourism announced on July 24 that the 'Enforcement Decree of the Art Promotion Act' was approved at a Cabinet meeting, and the reporting system will take effect on July 26.
Under the new system, those wishing to operate in the art service industry must report to the head of their local government. The art service industry includes gallery operations, art auctions, art consulting, art rental and sales, art appraisal, and art exhibitions.
The reporting system imposes obligations on art service providers to manage the distribution records of artworks, disclose auction prices, and use standard appraisal forms, all aimed at enhancing transparency in the art market and protecting consumers. Failure to report or violations of these obligations may result in fines or business suspensions.
To minimize confusion and ensure the successful implementation of the system, the Ministry will operate a one-year grace period until July 25, 2027. During this period, penalties such as fines or business suspensions will be suspended, and the Ministry plans to actively guide and educate stakeholders on the reporting process and important considerations in collaboration with relevant agencies.
* This article has been translated by AI.
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