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Good Morning!
- The National Museum of Korea is in hot water after posting a photo of a suspected fraudster alongside its director.
- WhatsApp cofounder Jan Koum has filed a lawsuit against high-flying interior designer Remi Tessier, with a $7.8 million Picasso involved.
- Why are younger collectors buying old paintings?
THE HEADLINES
‘HITMAN’ BANG BACKLASH. A photo posted on social media has landed the National Museum of Korea in hot water, Wion News writes. According to reports, the museum uploaded a snap of its director Yoo Hong-jun standing next to Bang Si-hyuk, aka “Hitman” Bang , a South Korean music executive, record producer, and songwriter with a net worth estimated at $3.2 billion, according to the Bloomberg Billionaires Index. He’s also the founder of HYBE, a multinational entertainment company. Under the photo, which has now been deleted, the museum posted the caption: “The National Museum Foundation of Korea (NMF) signed a memorandum of understanding with HYBE to spread Korea’s cultural heritage and K-culture.” However, the post was met with criticism; one user wrote on X, “The way he’s under criminal investigation and they post this…crazy work.” Bang, it turns out, is allegedly suspected of violating the Capital Markets Act, and the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit has banned him from traveling abroad. He is also allegedly suspected of stock fraud relating to HYBE’s listing on the Korean Stock Exchange in 2019.
FRIENDLY ADVICE. Remi Tessier, one of the world’s most exclusive and high-priced interior designers, whose elite clientele includes billionaires like Larry Ellison and Ken Griffin, is now facing serious allegations from one of his most prominent patrons: WhatsApp cofounder Jan Koum. The New York Post reports that Koum has filed suit against Tessier for engaging in an alleged “pattern of predation ,” claiming the designer inflated prices and misrepresented the quality and origin of luxury goods procured on Koum’s behalf. Tessier had worked with Koum on an extravagant portfolio that includes five homes, like two $100 million estates in California, as well as two nearly identical 330-foot yachts, with a combined value of over $700 million. “This has never been about personal gain,” Koum’s attorney, Orin Snyder of Gibson Dunn, said. “Jan has pledged to donate any recovery to charity in France. This is about protecting others.” One example cited in the filing involves Koum purchasing a $7.8 million Picasso painting on Tessier’s advice. Koum alleges that Tessier secretly received a $600,000 commission from the gallery, without disclosing it.
THE DIGEST
Belgium’s Flemish museum landscape is being “thoroughly redesigned” to realize “the ambitions of scaling up and internationalisation,” announced Flemish culture minister Caroline Gennez on Monday. [Belga News]
Sotheby’s has appointed Evelyn Lin as its Asia chairman of modern and contemporary art. She will assume her new role on November 3. [Sotheby’s]
Raiders have broken into one of Wales’ most beloved museums and stolen gold jewelry from the bronze age. [The Guardian]
The Musée d’Orsay has puts Manet on (mock) trial for obscenity charges. [ARTnews]
THE KICKER
YOUNG BLOOD, OLD PAINT. Why are young collectors buying old art? This is what Artnet News asked Frieze Masters director Emanuela Tarizzo ahead of the art fair next week, writing that “she takes the reins of the fair at a moment of broader market downturn—but increased interest in Old Masters works.” According to a recent Artnet report, global auction sales of Old Masters rose 24 percent in the first half of 2025. So why are younger buyers snapping up Old Masters? “This shift corresponds to the generational transfer of wealth from the Boomers to the Millennials,”Tarizzo said. “We are seeing a shift in taste. You notice it in interiors, in magazines—there is a growing appetite for what some call ‘maximalist’ or more idiosyncratic styles, where older artworks, antique furniture, and contemporary pieces all sit together.”
