Following the declaration of martial law on December 3, prices for presidential memorabilia in South Korea have significantly declined.
According to reports from Yonhap News on Monday, a Classic model watch commemorating President Yoon Suk Yeol was sold for 80,000 won (approximately $56) on the popular secondhand marketplace Joonggonara this past Saturday. Two days earlier, a blue Sport model fetched 60,000 won (around $42) on the same platform.
The commemorative watches, which initially sold for around 200,000 won (about $140) when Yoon took office, dropped to the 100,000 won (roughly $70) range earlier this year. Prices continued to fall after the martial law declaration. There has been a noticeable uptick in fire sales of these watches in recent weeks.
Over the past year, 243 items have been listed for sale on Joonggonara. However, since the December 3 martial law announcement, the rate of new listings has increased sharply, with 12 items posted in just the week following the announcement. Previously, new listings were added at a rate of one every day or two, but now, 2 to 3 items appear each day. Six new items were listed on December 4, the day after the martial law declaration.
The prices of Yoon’s commemorative watches have dropped below those of other presidential memorabilia. For instance, watches commemorating former President Moon Jae In is listed at 180,000 won (about $126), while watches for former Presidents Park Geun Hye, Roh Tae Woo, and Chun Doo Hwan are priced at 90,000 won (approximately $63), 120,000 won (around $84), and 84,000 won (roughly $59), respectively.
In addition to watches, presidential holiday gift sets have gained traction in the secondhand market. However, whether these sets will be released for the upcoming Lunar New Year celebrations remains uncertain.
This year, the presidential office’s Lunar New Year gift sets, which included traditional liquor, Yuja tea, and beef jerky, were being sold on Joonggonara for prices ranging from 100,000 won to 200,000 won (approximately $70 to $140) per set.