November 27, 2024

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TGS Group CEO Lee Jae-sun (fourth from left) and The Korea Herald CEO Choi Jin-young (fifth from left) pose for a photo during a signing ceremony for a memorandum of understanding. (The Korea Herald)

TGS Group’s art investment business unit ArtFin signed a memorandum of understanding with The Korea Herald on Monday in a pledge to share Korean art with the world.

Through the non-binding agreement, the two companies will cooperate to create a new wave of art investment, nurture a better environment and a bigger market for artists and investors. They will also support Korean artists to enter the global market.

They plan to do so by exhibiting, planning and selling artworks, discovering and fostering new talent and releasing promotional materials both domestically and abroad.

Established in February, ArtFin -- a portmanteau of “art” and “fintech” -- stands at the forefront of TGS’ future direction, the group said. It is dedicated to becoming the center of Korea’s art community and network, especially by targeting young people, who are increasingly interested in the art market.

The art investment firm launched its first boutique-style community center in Cheongdam-dong, southern Seoul in March.

TGS also recently opened an NFT marketplace for C-Cash, the company’s own hybrid cryptocurrency, where all of the artworks displayed and traded by ArtFin are sold in the form of irreplaceable NFTs.

By Yu Ji-soo (jisooyu123@heraldcorp.com)