Seoul Art Market Enters New Phase Amid Global Growth And Local Shifts

(MENAFN- USA Art News) Seoul's art market is experiencing a significant shift, transitioning into a new phase as Frieze Seoul prepares for its fifth edition and KIAF marks its 25th anniversary this September. While the market recalibrates, adapting to more challenging conditions, it also shows signs of maturing, coinciding with a modest improvement in global art sales.

According to the recent Art Basel and UBS Art Market Report, the global art market expanded by 4 percent in 2025 after two years of contraction, with South Korea specifically recording 6 percent growth. However, gallerists in Seoul report a nuanced situation on the ground.“The mood has certainly changed,” stated Jason Haam, owner of his eponymous gallery, which has exhibited at Frieze Seoul since its inception. He elaborated,“A few years ago, much of the optimism surrounding Seoul was driven by the strength of the market. Korea became an exciting place for major international galleries because collectors here were buying aggressively. That particular optimism has faded, but I think that is true of the global art market as a whole.”

Haam noted that although his gallery has enhanced its international presence, sales peaked in 2021, and moving works on the secondary market has become increasingly difficult.“The easy flow of money has certainly stopped,” he said.“But the market is healthier and more mature. The collectors who remain tend to be genuinely passionate about art and are more likely to continue collecting over the long term.” Hong Chang-Hee, a Seoul-based advisor, confirmed that the speculative activity characteristic of the boom period has diminished. Elevated interest rates, economic uncertainty, and currency volatility now lead collectors to be“more conscious of liquidity” and more selective when purchasing works priced above several hundred thousand dollars.

This increased discernment also applies to artist selection. Haam has observed that Korean collectors are increasingly trusting“markets they can observe directly,” focusing on contemporary Asian artists rather than automatically opting for Western blue-chip names. Despite these changes, top-tier collectors continue to buy, according to Seoul-based advisor and curator Timmy Kim. Kim sees a bifurcated market: established collectors still acquire works over $1 million from blue-chip galleries, while younger collectors typically purchase works under $10,000, often from emerging artists at newer local galleries. Mid-career artists, who previously benefited from speculative buying, are finding fewer buyers, and their secondary market remains restricted.

Conversely, demand for Dansaekhwa artists, prominent in the 1970s, remains strong. Government support often favors younger artists, and leading galleries have limited exhibition space for mid-career artists. Sunghoon Lee, chairman of the Galleries Association of Korea, which organizes KIAF, stated that the Korean collector base has become more sophisticated:“While established artists and traditional media remain important, today's collectors are generally more informed, curious, and confident in their own tastes. As a result, we're seeing growing interest in emerging artists and a broader range of contemporary practices.”

An example of this trend is Daegu-based collectors Jaeyong Cho and Hyunji Kim, who initially bought works by blue-chip artists such as Damien Hirst and Takashi Murakami but have since diversified their interests.“Recently, we've found ourselves drawn to the diverse practices of younger artists working in the ultra-contemporary sphere,” Cho said, mentioning recent acquisitions by Korean artists Haneyl Choi and Heemin Chung. At art fairs, they now spend more time exploring unfamiliar artists and galleries.

The fair landscape is also evolving. Several dealers and advisors believe Frieze Seoul is becoming more regional, contrasting sharply with its debut, when many expected it to surpass Art Basel Hong Kong. Haam described the fair as“more local than Art Basel Hong Kong,” viewing this as a“natural evolution” as many fairs now serve regional ecosystems. This is evident in this year's exhibitor list: over 70 percent of the 133 exhibitors are from the Asia-Pacific region, and around 50 enterprises have permanent spaces in Seoul. Timmy Kim observed that fewer US collectors are traveling to Frieze Seoul compared to its first edition, partly attributing this to its timing, a month before Art Basel Paris, which makes continuous international travel less appealing for serious collectors.

However, some are more optimistic about international attendance. Mariko Kawashima, Asia-based representative for São Paulo's Mendes Wood DM, anticipates more overseas collectors this year due to the Gwangju and Busan biennales, where her gallery's artists are exhibiting. Mendes Wood DM is returning to Frieze Seoul after skipping last year's fair, which saw over 40 galleries from the previous edition not participate.

“Seoul has become an essential stop on the international art calendar,” said SoYoung Kim, director of Massimo de Carlo's Seoul operations.“Galleries, museums, collectors, and artists increasingly see it as an important place to build long-term relationships.” Instead of returning to Frieze Seoul, Massimo de Carlo will host a pop-up exhibition with Korean artist Hejum Bä in a traditional hanok, outside the main fair. Hejum Bä's I Envy the Mother Conches (2026) will be featured in her upcoming solo show at the gallery's Seoul space.

Next year, collectors will need to navigate between Frieze Seoul and KIAF at different locations, as the two fairs, locally dubbed“KIAFrieze,” will no longer be held under the same roof. Due to renovations at COEX in Gangnam, Frieze Seoul will relocate to the Zaha Hadid-designed Dongdaemun Design Plaza (DDP), near Frieze House Seoul, the fair's year-round exhibition space opened last year. KIAF will remain at COEX.

As Frieze Seoul matures, it has also increased local investment, with South Korean retail conglomerate Shinsegae Group signing on as the headline partner through 2030. While some express concern about the loss of synergies between the fairs and DDP's suitability for a fair of this scale, advisor Hong believes Shinsegae Group's extensive reach could attract new collectors.“It has the potential to bring new energy to the Korean art market, which has been somewhat subdued in recent years,” Hong commented.

Beyond the fairs, several gallery closures have affected Seoul's art scene, mirroring trends in other global art hubs. International galleries such as Peres Projects, König, and Various Small Fires have shut their Seoul outposts, alongside local space One and J. Gallery. Haam compared these closures to the period following the 2008 financial crisis.“We enjoyed a remarkably long period of growth, and today's slowdown should be understood as a long-overdue market correction,” he said, suggesting that galleries need to reconsider their operational strategies in Seoul. Despite this, other foreign dealers remain committed; for instance, Meyer Riegger opened a Seoul space last year in collaboration with Galerie Jocelyn Wolff.

We previously reported:

Pavilion Seoul, an alternative art event, will run from September 1 to 6, offering an exhibition-like approach without traditional booths.

Frieze Seoul is set to relocate its fair to the Zaha Hadid-designed Dongdaemun Design Plaza in 2027 due to redevelopment plans.

Source: ARTnews

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