Seoul Art Week draws big crowds and headline sales despite market downturn

The start of September saw hundreds of galleries flock to Seoul and major exhibitions open at many of the city’s museums as two contemporary art fairs – Frieze Seoul and Kiaf – opened to mark the South Korean capital’s annual Art Week. Now in their fourth year of partnership, the twin fairs continue to attract a huge number of international visitors even amid the slowdown in the global art market. Frieze Seoul, run by the UK-based Frieze, a rival to Art Basel, hosted 121 exhibitors from 28...

The start of September saw hundreds of galleries flock to Seoul and major exhibitions open at many of the city’s museums as two contemporary art fairs – Frieze Seoul and Kiaf – opened to mark the South Korean capital’s annual Art Week. Now in their fourth year of partnership, the twin fairs continue to attract a huge number of international visitors even amid the slowdown in the global art market. Frieze Seoul, run by the UK-based Frieze, a rival to Art Basel, hosted 121 exhibitors from 28 countries and registered more than 70,000 visitors from 48 nations over four days. Representatives from over 160 museums and institutions attended, the organisers said, including the Museum of Modern Art, Tate Modern, and well-known regional players such as Hong Kong’s M+, Japan’s Benesse Art Site Naoshima and Museum Macan from Indonesia. The number of exhibitors changed little from the year before and regular blue-chip participants such as Hauser & Wirth, Gagosian, Lisson, White Cube, Thaddaeus Ropac, David Zwirner, and local heavyweights Kukje Gallery and Gallery Hyundai maintained their presence. But more than 40 galleries did not return, including Karma and Michael Werner. Their absence was made up for by the return of previous participants and 24 galleries that made their debut – with notable participation from Hong Kong spaces including De Sarthe and 10 Chancery Lane Gallery. Headline sales came from the major players. Mark Bradford’s monumental triptych Okay, then I apologise (2025) was acquired for US$4.5 million by an Asian collector on opening day, setting a record as the highest price paid for a single artwork at Frieze Seoul.

“There was a noticeable step up in the pace on opening day this year,” said gallerist Thaddaeus Ropac, noting strong engagement from collectors across Korea, Japan, Taiwan, Thailand, the US and Europe. The fair’s Focus Asia section continued to grow, spotlighting emerging regional galleries and reinforcing Seoul’s position as a gateway for younger spaces to reach international audiences. Running for five days, Kiaf attracted more than 82,000 visitors and featured 175 galleries from over 20 countries and territories. The fair, hosted by the Korea Galleries Association since 2002, increased its international share of exhibitors to 30 per cent, with participants from Germany, Italy, France, Taiwan, the United States, Thailand and Spain presenting a wide range of works. Major sales at Kiaf included Park Seo-bo’s “Ecriture” series sold by Kukje Gallery; Ugo Rondinone’s “Color Mountain” sculptures placed in their entirety; and a work by Barbara Kruger sold by Gallery J One for more than 500 million won (US$360,000). Gallery Hyundai reported strong sales of works by Korean artists Kim Bo-hee, Kim Tschang-yeul and Kim Sung-yoon. These strong sales stood against a backdrop of contraction in the art market, both domestically in South Korea and internationally.

After surpassing a trillion won (US$720 million) in 2022 – buoyed by the arrival of Frieze Seoul – Korea’s art market declined to 669.5 billion won in 2023, according to the Korea Arts Management Service, which is under the Korean ministry of culture sports and tourism. The number of galleries fell slightly to 877 in 2024, while aggregate gallery sales dropped from 516.6 billion won in 2023 to around 350 billion won in 2024. The downturn mirrors global trends. The Art Basel & UBS Art Market Report, published in April this year, noted that total gallery and auction sales fell 12 per cent worldwide in 2023, with the slowdown most pronounced at the high end. In April, the insolvency filing of Peres Projects, a Berlin-based gallery with an outpost in Seoul, underscored the precarious environment facing even established players. Dealers that took part in Frieze Seoul this year reported that collectors are navigating the cooler climate with more caution. De Sarthe Gallery co-founder Pascal De Sarthe, who presented technology-influenced works by Mitchell F Chan, Lin Jingjing and Zhong Wei, noted strong interest from visitors but modest sales. “While our programme featured primarily Chinese artists, there was, contrary to our expectations, strong interest from visitors at the fair. However, this interest did not translate into many sales, which was disappointing,” De Sarthe said. “We secured two early sales from dedicated collectors who were highly focused in their search. Visitor interest was difficult to measure after that, as the weekend attracted many people who were merely browsing the aisles. They seemed intrigued but hesitant, as if it lay beyond their social comfort zone. “This is less a reflection of the artists’ origin and more a result of the current market sentiment,” he said.

He added that such corrections can ultimately be healthy for long-term collecting. “True collecting is a dynamic conversation, a collaboration between the collector, the artist, the gallery and the artwork that transcends mere financial exchange.” Natruja Saensanga of SAC Gallery in Bangkok noted that while the gallery did not finalise any sales during the fair, the experience was positive, generating strong interest and fostering valuable institutional connections both in Korea and abroad. “We noticed a growing openness and curiosity towards Southeast Asian artists. Collectors and institutions alike seemed keen to discover new voices from the region, which we take as an encouraging shift for the broader market,” Saensanga said. “Collectors certainly appear more thoughtful and selective in their decision-making, reflecting the current global climate. However, this doesn’t mean interest is fading; rather, it seems that collectors are looking for strong and established practices and meaningful narratives.” Galerie du Monde reported slower sales but strong institutional attention, especially on Sino-Thai artist Tang Chang’s abstract calligraphic works.

It was the Hong Kong-based gallery’s second year taking part in Frieze Seoul, where it was part of the Frieze Masters Section, which features galleries showcasing art from antiquity to the 20th century. “Tang Chang’s abstract calligraphic works were the most inquired-about pieces from booth visitors … Sales were slower compared to 2024 – most of the works in our presentation were sold to the gallery’s long-term clients,” said Lisa Dai, director of Galerie du Monde. “We feel that the cultural vibrancy in Seoul continues to be diverse, with interesting programmes across its public and private institutions. The energy is still in Seoul,” Dai added. The fairs coincided with major institutional programming across Seoul, further enriching Art Week. The Amorepacific Museum of Art opened a solo exhibition of Mark Bradford, while the National Museum of Modern and Contemporary Art (MMCA) staged a retrospective of Kim Tschang-yeul. The Leeum Museum of Art, Seoul Museum of Art, Art Sonje Centre, Amorepacific Museum of Art and SongEun all presented major exhibitions, including works by Lee Bul.

Frieze also reinforced its long-term presence in Seoul by opening Frieze House in the Yaksu district earlier this year, a permanent venue for year-round programming. Pat Lee, the director of Frieze Seoul, said Seoul’s art infrastructure remains robust, despite economic headwinds affecting all sectors. Collectors range from established patrons to younger generations, and the art scene is supported by strong public and private museums, corporate collections, galleries and cultural funding, Lee said. “Seoul has an incredibly robust world-class infrastructure,” Lee said. “Great artists, patrons, collectors, museums, galleries, schools, press – all of these were growing organically over decades. “Governmental support improved qualitatively when it comes to where they put their money. If you see the types of projects that ARKO [Arts Council Korea] has supported, they are major exhibitions.” Lee added that Frieze is in discussions with Kiaf to continue their partnership. “We’re definitely here for the long term.”