TO COUNTER ART FORGERIES, 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.

According to the Korea Times_, recent forgery cases—such as the indictment of a Korean gallerist for creating around fifty fake Lee Ufan works last June—have spurred the government to take action.

The ministry is also proposing a new police force dedicated to art forgeries and the establishment of an official organization staffed by researchers and appraisers to authenticate works. “The institute will be operated not as a government agency but as a public one, and will help improve Korea’s art authentication technology, as well as aiding with crimes, investigations, and trials related to counterfeit artwork,” vice-minister Jung Kwan-joo said.