2023-02-10
Shinwa Auction Japan Agreed with ARSHEXA Co. Ltd., to participate in ARSHEXA Freeport Incheon Airport PFV
On January 21st, ARSHEXA Co., Ltd. signed a business participation agreement with Shinwa Auction Co. (Shinwa WiseHoldings Co.) at the headquarters of ARSHEXA to expand the ongoing art storage(freeport) business that has been in progress since 2022. The agreement was signed in the presence of Song Moon-suk, CEO of ARSHEXA, and Kurata Yoshichiro, CEO of Shinwa Auction, along with other representatives of the two companies. The agreement included the participation of Shinwa Auction as an investor for ARSHEXA Freeport Incheon Airport PFV Co.Ltd,. which ARSHEXA is promoting. The two companies recognized that large-scale art storage facilities are necessary infrastructure facilities in the rapidly growing global art market, which exceeded 1 trillion won in market size in 2022, and the Korean art market, and expressed their determination that this event would be the starting point for the development of the art markets of both countries. The Incheon Airport Art Storage business, which is part of the Incheon International Airport Art Hub project, has a total leasing area of 43,669 sq. meters on four above-ground floors and one underground floor, After the Establishment of PFV in 2022, the process is currently in the design phase. Kurata, CEO of Shinwa Auction, who participated in the Art storage business, graduated from the Tokyo University Economics Department and has worked in the financial industry, including S.G. Warburg Securities. Shinwa Auction, Japan's largest art auction company established in 1989, has been led by Kurata since 2001.
