In another sign of a boom in the art market, a painting by Lee U-fan set a new record at auction in just two months. 

"East Winds," Lee's work from 1984, fetched three-point-one billion won at Seoul Auction on Tuesday. The previous record for one of his paintings was two-point-two billion won. 

According to the auction house, it is the first time that a work by a living Korean artist sold for more than three billion won. 

At the same event, Kim Whan-ki's dot painting "1-Ⅶ-71 #207" from 1971 sold for four billion won, the highest price that day. 

Seoul Auction sold 20-point-three billion won of works on Tuesday, up significantly from the opening bid of 17-point-three billion won. The sale rate was 86-point-three percent.