On Wednesday, the Frieze art fair returned to South Korea for a second time. Dealers hoping the event would help the nation’s expanding art industry. Recover from this year’s sales dip caused by the country’s economic troubles. Art buyers went to Seoul’s COEX convention center to view contemporary pieces by up-and-coming artists, ancient artwork from
On Wednesday, the Frieze art fair returned to South Korea for a second time. Dealers hoping the event would help the nation’s expanding art industry. Recover from this year’s sales dip caused by the country’s economic troubles.
Art buyers went to Seoul’s COEX convention center to view contemporary pieces by up-and-coming artists, ancient artwork from the 20th century, and selections from reputable galleries including Gallery Hyundai, Kukje, and Gana.
Frieze art fair
Over 70,000 people attend the fair in South Korea last year, which was organize by Endeavor Group own Frieze and had its Asia premiere.
In 2022, the South Korean art market for the first time generated 1 trillion won ($750.85 million) in revenue, according to information from the Ministry of Culture, Sports, and Tourism.
According to the Korea Arts Management Service, the market declined in the first half of this year, with the number of art sales by significant South Korean auction houses falling 44.8% from a year earlier.
According to Patrick Lee, director of Frieze Seoul, the South Korean and Asian art markets are robust despite this background.
The author thinks it is sort of a natural evolution as collectors get a little bit more educated and discerning.
Lee is hopeful that this year’s four-day fair would draw more overseas visitors now that Covid travel restrictions are gone.
According to the organizers, more than half of the participating galleries—over 120 in number—operate locations in Asia.
There will be a sizable contingent of visitors from China, Japan, and other nearby nations. Many folks have received our outreach, Lee continued.
According to Seungjin Chung, the founder and director of G Gallery, the Millennial and Gen Z generation of collectors have to the recent expansion of the South Korean art market.
Young collectors began to become interested in the market about three years ago. Celebrities and powerful individuals started collecting (artwork), which I believe has had an effect.
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