After a spike in art forgery cases, South Korea has passed a law aimed at preventing more forgeries.
However, art authenticators and the government agencies are finding it easier to spot these fakes.
As a result, the South Korean government is taking active steps to building a stronger art market by creating and implementing laws that make it necessary to authenticate and track artworks.
The Ministry of Culture, Sports, and Tourism in South Korea has made a new law that makes it compulsory for galleries, auction houses and other stakeholders to obtain a license to sell art.
They are also required records of every artworks traded. Also, independent art dealers are required to report to the ministry before commencing business.
In addition, an institute of art authenticators who will investigate suspected cases of forgery.
The law, to be implemented in August 2017, categorises art dealers into three groups. The groups are, auction houses, galleries, and 'other'.
When registering for a licence to sell art, galleries and auction houses must submit a plan to prevent counterfeits. The galleries must also provide a list of represented artists while auction houses must have an official auction house and at least 177,000 Dollars in capital.
The punishment for dealing in art without a license can be a fine. Failing to keep proper records as required can result in a fine or a revoked license.
A dealer can get up to five years in prison or a fine of 44,000 Dollars if implicated in a forgery case.