The city of Busan City agreed to a business agreement for the establishment of ‘Sotheby’s Busan’ with Korea Sotheby International Real Estate Co., Ltd. and Sotheby’s Busan Co., Ltd. by signing an MOU at 13:30 yesterday on the 7th-floor conference room of Busan City Hall.
The MOU signing ceremony was attended by Busan Mayor Park Heong-joon, Sotheby’s Korea International Real Estate CEO Kim Do-young, and Sotheby’s Busan CEO Kim Koo.
At the signing ceremony, Kim Do-young, CEO of Sotheby’s International Real Estate Co., Ltd., announced an investment plan to establish ‘Sotheby’s Busan’ with 4 basement levels and 9 above ground and a total floor area of 72,682.14 m2 on the site in the Osiria Tourism Complex.
According to the announcement, Sotheby’s Busan will be filled with all of Sotheby’s online and offline content, a car theme park, a Sotheby’s gallery, cafe, and museum.
In particular, she expressed her ambition to create the world’s only theme world, by utilizing cutting-edge digital technologies such as VR, AR, optical technology, metaverse, and media façade.
Kim Koo, CEO of Sotheby’s Busan Co., Ltd. also expressed his feelings that he would do his best to make Busan an international tourist attraction.
Sotheby’s Busan Co., Ltd. has already signed a contract to purchase the site in Osiria Tourist Complex where it will be built, and it is known that the architectural design is currently in progress.
It is also planning to cover up to KRW 1 trillion in business expenses through attracting foreign investment.
The city of Busan is expected to create synergies with Korea Sotheby’s International Real Estate Co., Ltd. and Sotheby’s Busan Co., Ltd. through competitive content development and various other collaborative projects.
Sotheby’s is the world’s best auction brand, boasting a worldwide reputation and tradition with a history of over 280 years since its founder Samuel Baker started auctioning antique books in 1744.
Sotheby’s plan to build Sotheby’s Busan in Osiria Tourism Complex was a high evaluation of the growth potential of the city of Busan and the Osiria Tourism Complex, which is growing into a global tourism complex.
“First, I would like to express my gratitude to CEOs Doyoung Kim and Koo Kim, who welcomed the establishment of ‘Sotheby’s Busan’ and visited Busan to sign this agreement. The puzzles to be completed are being put together one by one. We will actively support Sotheby’s Busan, one of the puzzles, to become a new landmark in Busan,” Mayor Park said.
No opening date was announced.