South Korea’s art market correction signals maturity
Though the value of the country’s market has yet to regain its 2022 peak, it has consolidated its position as a key regional centre for art
South Korea's art market has undergone a correction, signaling the country's maturation and a more sustainable ecosystem within the wider Asian context. The Frieze Seoul fair, launched in 2022, has transformed Seoul into a focal point for international galleries, with 125 galleries from 30 countries participating in the most recent edition.
Meanwhile, Kiaf Seoul, marking its 25th anniversary, has expanded to its largest edition ever, hosting 175 galleries from 18 countries and territories. Despite a 16.6% year-on-year increase in the auction market in 2025, driven by high-value sales, the market faced challenges due to political instability, election-related ballot shortages, and stock market volatility following AI-chip sell-offs.
However, the fair and its partner, Frieze Seoul, are set to renew their partnership for another five-year term. The turnover rate of this edition's gallery lineup is over 40%, with over 50 new galleries joining the fray. This shift in the market indicates a diversification and maturity stage, with 70% of Frieze Seoul exhibitors operating across the Asia-Pacific region.
Younger collectors, making up a significant portion of Kiaf's membership, are driving demand for a wider range of artworks. The fair's success has not only bolstered Korea's international profile but also encouraged more global galleries to engage with the Korean art scene, fostering a broader intra-Asian dialogue and platforming diverse artistic practices.
Written by urgent.news from The Art Newspaper's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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