The trademark rights to South Korea's historic Grand Bell Awards are heading back to the auction block for the second time in less than two years after the organization that won the previous bid failed to complete its payment obligations. The Korea Film Producers' Association, which successfully acquired the trademark rights in February 2024, only made the required down payment but failed to submit the remaining balance, forcing another auction of the prestigious 63-year-old film awards.
The bankruptcy trustee for the Federation of Korean Filmmakers, the umbrella organization that previously hosted the awards, recently announced the new auction process. A legal representative for the federation confirmed to The Korea Herald that the trademark rights would once again be put up for sale. According to court documents posted on the Seoul Bankruptcy Court website on October 24, interested bidders must submit their offers by November 10 through a stalking horse bid process.
This latest development virtually guarantees that the 60th Grand Bell Awards ceremony will not take place in 2025, following the cancellation of the 2024 ceremony. The Grand Bell Awards, which first launched in 1962, holds the distinction of being the oldest among South Korea's three major film awards, alongside the Blue Dragon Awards and the Baeksang Arts Awards. The ceremony has traditionally been held in November each year, serving as the final major film awards event of the annual awards season.
The Federation of Korean Filmmakers, which had been hosting the awards since 1986, was declared bankrupt by the Seoul Bankruptcy Court in December 2023. The nonprofit organization had reportedly accumulated more than 800 million won (approximately $560,000) in debt, an amount the court determined was too substantial for the organization to repay through membership fees and donations alone.
The trademark rights were initially put up for auction in November 2023 with a minimum bid set at 56 million won. The Korea Film Producers' Association, a nonprofit organization established in 2004 specifically to protect the rights and interests of film planners and producers, emerged as the winning bidder in that first auction. Despite announcing ambitious plans to revitalize and restore the ceremony to its former glory, the association ultimately proved unable to meet its financial commitments beyond the initial deposit payment.
Beyond its current financial difficulties, the Grand Bell Awards have been plagued by mounting controversies and internal conflicts in recent years. Disputes among member organizations and widespread criticism over opaque and questionable judging criteria have significantly damaged the ceremony's reputation and credibility within the South Korean film industry.
The awards faced a particularly damaging blow in 2015 when all nominees in the best actor and best actress categories publicly announced they would boycott the ceremony. This unprecedented action came after the organizing body threatened to withhold awards from nominees who failed to attend the event in person, sparking outrage throughout the film community.
The most recent ceremony, the 59th Grand Bell Awards held in November 2023, highlighted the extent of the awards' declining status. The event was marked by notably poor attendance, with nearly half of the invited guests choosing not to attend. This ceremony would prove to be the last time the awards were held, as the organization's financial troubles soon led to bankruptcy proceedings and the current uncertain future of one of South Korea's most historic film honors.
