Artelex Launch Interview: Koo Bon-jin –
Enhance the Value of Your Art Collection with Art Law Services
Koo Bon-jin, Lead Attorney at The Kim Law Firm, Creates Art Law Platform
Comprehensive management for purchase, inheritance, guarantees, and donations
From Korea’s first handwriting expert and collector of 3,000 pieces to a pioneer in art law, including copyright law
Koo Bon-jin, lead attorney at The Kim Law Firm, discusses Artelex, his newly launched art law platform, in front of a painting by artist Jo Young-nam displayed at the firm’s headquarters in Seoul’s Samseong-dong on the 16th. / Reporter Lee Sol
“A former prosecutor who once relaxed over tea with colleagues in the criminal division of the Seoul Central District Prosecutor’s Office while discussing the art world, a handwriting expert who studied criminal handwriting to become Korea’s first handwriting analyst, a PhD in copyright law, and an art enthusiast with a personal collection exceeding 3,000 pieces.”
Koo Bon-jin (59, 20th Class of Judicial Research and Training Institute), lead attorney at The Kim Law Firm, has added yet another achievement to his career with the launch of Artelex—the nation’s first online art law platform. The platform’s name is a fusion of ‘arte,’ meaning art in Spanish, and ‘lex,’ meaning law in Latin. Koo shared his vision, saying, “I want to contribute to making the Korean art market more transparent.”
During the interview at The Kim Law Firm headquarters in Seoul’s Samseong-dong on the 16th, Koo expressed his desire to invigorate the art market by intersecting the worlds of art and law. “Since Frieze, one of the top three international art fairs, arrived in Korea in 2022, the domestic art market has been growing rapidly. With the number of art collectors increasing and more Korean artists expanding internationally, the business opportunities are endless,” he said confidently.
Koo’s connection to the art world spans 30 years. Back when it was nearly impossible to afford a single piece of art on a prosecutor’s salary, Koo and four senior prosecutors formed a syndicate. Each month, they would pool ₩200,000 each and take turns purchasing artwork worth ₩1 million. The first piece they acquired was ‘Forest-Life’ by artist Lim Cheol-sun, which still hangs in Koo’s living room.
Koo explained, “As the economy grew, art prices skyrocketed, leading many to turn to art as an investment.” Art has also gained attention as an effective means of tax reduction, offering benefits such as exemption from acquisition, registration, and holding taxes that apply to real estate and stocks. Although capital gains tax applies, it is only levied on sales above ₩60 million or works by living domestic artists. However, where large sums of money gather, so do crimes. The recent Gallery K art investment fraud, which resulted in hundreds of investors losing over ₩100 billion, is a prime example. “Profiting from art investment is no easy task because artistic merit and market value don’t always align,” Koo noted. “To make sound investments, one must first have the discernment to appreciate art, coupled with diligent study. This is where laws related to art value, like copyright law, become crucial.”
Artelex aims to provide comprehensive legal advisory services for every aspect of art transactions, from buying and selling artwork to inheritance, authenticity appraisals, financial investments and third-party guarantees, copyright protection, litigation, theft recovery, and even charitable donations. Koo also plans to form strategic partnerships with international art law firms, transforming Artelex into a cross-border platform.
— Reporter Jang Seo-woo, suwu@hankyung.com