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| ▲ This Yonhap file photo shows the Portable Shrine of Gilt-bronze Buddha Triad, a national treasure that was up for auction in Seoul in January. (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) national treasure-ownership change
(LEAD) Korean national treasure sold after garnering no offers in auction
(ATTN: UPDATES with remarks from Kansong foundation and more details in paras 3-5, 8-11; CORRECTS name of government agency in 2nd para; RESTRUCTURES)
SEOUL, March 16 (Yonhap) -- One of the two national treasures that were up for auction by the financially struggling Kansong Art Museum but attracted no bids in January has recently found its new owner.
According to the website of the Cultural Heritage Administration (CHA) on Wednesday, the ownership of the Portable Shrine of Gilt-bronze Buddha Triad, a Buddhist relic believed to be from the 11-12th century, has recently changed from the family of Jeon Hyeong-pil, the late founder of the museum, to a different name.
The identity of the new owner was withheld by the government agency.
"We understand Heritage DAO, which had raised funds in the form of cryptocurrency, purchased the national treasure," an official at the Kansong Art and Culture Foundation that runs the museum told Yonhap News Agency by phone. "Negotiations are under way over a possible donation, and we'll announce the result if there is any."
The remarks followed a report Tuesday from local cable network Channel A that an overseas branch of the Heritage DAO (Decentralized Autonomous Organization), a group of cryptocurrency-based investors who raise funds to jointly purchase cultural heritage items, purchased the treasure and reported the ownership change to the authorities on Feb. 23.
The news report also said the Heritage DAO then informed the authorities of its decision to have the national treasure under the custody of the Kansong foundation.
CHA officials said they cannot confirm the news report but said they received the report from the new owner that day and completed the administrative process to legally change the ownership Tuesday last week.
It would be the first time, if confirmed, that a cultural heritage item listed as a national treasure has been sold to a cryptocurrency-based investor group.
The DAO also reportedly expressed its intention to donate the treasure to the Kansong side for public benefits in exchange for gaining rights to issue non-fungible tokens (NFTs) for the item.
Still, the location of the Buddhist relic in Seoul and its custodians, the museum and the foundation, remain unchanged on the CHA website.
"Judging from the treasure's current location, it seems to be under custody here," a CHA official said, adding foreigners can own South Korean national treasures but are prohibited from taking them out of the country by law.
The two pieces were up for auction at the headquarters in southern Seoul of South Korea's second-largest auction house, K Auction, in January.
The bidding prices started at 2.8 billion won ($2.3 million won) for the Portable Shrine of Gilt-bronze Buddha Triad and 3.2 billion won for the Gilt-bronze Standing Buddha Triad with Inscription of Gyemi Year, but the auction quickly ended with no offers.
The second item appears to remain under the ownership of the Jeon family, as there was no change in the name of its owner on the CHA website.
The auction attracted high public attention, as it was the first time national treasures had been put up for sale.
The portable shrine, a miniature version of a Buddhist shrine inside a temple, is believed to have been made during the Goryeo Dynasty (918-1392), while the Buddhist statue is thought to be from the 6th century during the Baekje Kingdom (18 B.C.-A.D. 660), judging from the inscription on the back of the mandoria.
The two were collected by the late museum founder Jeon with his personal assets while Korea was under the Japanese colonial rule from 1910 to 1945. They were designated as national treasures in 1962.
Faced with financial difficulties, the museum has been selling works from its collection in recent years, including two rare Buddhist statues put on auction in 2020. The statues were purchased by the National Museum of Korea after they failed to attract bids in the auction.
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