"We are aware of concerns that requiring registration for businesses that have operated freely until now may be excessive regulation. We must implement the registration system to properly support programs for vitalizing the art services industry."
Jeong Hyang-mi, Director General for Culture and Arts Policy at the Ministry of Culture, Sports and Tourism, made the remarks at a forum on subordinate legislation for the Art Promotion Act held at the Art Korea Lab (AKL) Agora of the Korea Arts Management Service in Jongno-gu, Seoul, on March 13.
"We are preparing to implement the Art Promotion Act with a focus on how to reduce the burden of various issues raised regarding the registration system and how to provide support for vitalizing the service industry," Jeong said. "We will do our best to ensure the art industry is managed and grows in a developmental manner."
The forum was held ahead of the official implementation of the Art Promotion Act in July to explain regulations for the newly introduced "art services business registration system" and gather opinions from the art community and other sectors for stable on-site implementation. Art services businesses include galleries, art consulting, art appraisal, art auctions, art rental and sales, and art exhibitions.
A ministry official explained that the registration system will be operated "for the strategic development of the art services business and to strengthen transparency in the art market."
"Until now, there were no statistics on the art market, and accordingly, strategic support was not possible," the official said. "We need to establish a business foundation so that loans and guarantees can be provided as with other content industries."
The official outlined various registration forms including business registration and change notifications, status succession reports, penalty standards, authenticity certificates, market value appraisals, and certificates of authenticity.
Many art appraisers attended the forum and debated whether "artist signatures" should be included on certificates of authenticity. The ministry's draft proposal presented artist signatures as mandatory, though further discussions will be held.
The ministry also announced the establishment of loans and guarantees totaling 43.75 billion won ($32 million) to build a growth foundation for the arts industry ahead of the Act's implementation. The move signals a shift from subsidy-focused support to an investment approach, treating art as an "industry." The ministry had allocated a new "arts industry financial support" project in this year's budget.
The Korea Arts Management Service will administer the program, with NH NongHyup Bank and Hana Bank providing loans and the Korea Technology Finance Corporation handling guarantees. Applications for loans open March 16, while guarantee applications begin April 1.
"Riding the growth momentum of the domestic art market centered on performing arts and fine arts, we are introducing low-interest policy loans for the arts industry, similar to tourism and sports industries, and establishing guarantees to support all art sectors previously excluded from cultural industry guarantees," the ministry said.