BUSAN < invest Korea

According to Yonhap News,

A trendy store of 'Sotheby's Busan' will be established within the Osiria Tourism Complex.

Busan city signed an MOU with Korea Sotheby's International Realty and Sotheby's Busan at the conference room of Busan City Hall on August 23 to build Sotheby's Busan.

At the signing ceremony, the CEO of Korea Sotheby's International Realty announced an investment plan to build 'Sotheby's Busan', which will have 4 underground floors, 9 floors (above ground) on the scale of 72,682.12 gross floor area on the site within the Osiria Tourism Complex.

Its space will be structured uniquely by famous foreign architectures, equipped with online and offline contents, a car theme park, a Sotheby gallery, cafe, and museum, among others.

Sotheby's Busan said that it will create the world's only theme world, unprecedented before, by utilizing cutting-edge digital technologies such as virtual reality (VR), augmented reality (AR), optical technology, metaverse, and media facade.

Busan city revealed that Sotheby's Busan signed a contract to purchase a site within the Osiria Torism Complex, and architectural design is currently underway.

Sotheby's Busan plans to secure the project expense of KRW 1 trillion by attracting foreign investment in the coming days.

Busan-si expects that the development of competitive contents and other various cooperative projects with Korea Sotheby's International Realty and Sotheby's Busan will lead to synergy effect.

Sotheby’s was founded in 1744 by its founder Samuel Baker who held his first auction for old books. It is the the world's most renowned auction brand with 280 years of history and global reputation.

wink@yna.co.kr

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Source:Yonhap News (August 23, 2021)