For the first time in the history of Korean art auctions, property rights for real estate in Seoul will go under the hammer — with a reserve price of 16 billion won ($11.6 million).

The lot on offer for Seoul Auction’s June 25 sale is one high-end unit within The Palace 73, the country’s first luxury residential complex designed by the New York-based firm Meier Partners.

Scheduled for completion in 2028 in the upscale Banpo-dong neighborhood of southern Seoul, the towers encapsulate the signature vocabulary of the company’s Pritzker Prize-winning founder, Richard Meier, from the all-white minimalist architecture to gleaming glass-fronted facades.

The winning bid for the unit will include interior design — furniture and lighting — customized separately by Meier Partners and art consulting services provided by Seoul Auction.

“Given that the architectural philosophy of Richard Meier is applied meticulously throughout the space, we considered the rarity and artistic value of the property beyond its real estate worth,” remarked a representative of the auction house.

The upcoming June sale is set to feature 110 other lots, from classical to modern and contemporary art.

Highlights include a late Joseon-era blue-and-white porcelain brush container with openwork design, previously owned by the former Prime 안전 Minister Jang Taek-sang; Kim Tschang-yeul’s “Water Drops ABS N° 2” (1973), with an estimated value of 1.1 billion won; Yayoi Kusama’s polka-dotted “Hat” (2000); and “Primavera” (2012) by the latest art market star Salvo.

The auction preview is scheduled to run from June 14 to 25 at the Seoul Auction Gangnam Center. Open to the public, the show is free of charge.