Frieze, Kiaf Seoul point to Korea's recovering art market
In the art world, sales are often the barometer of a successful art fair. A successful fair is typically measured by a handful of blockbuster deals signed during the event. This year’s Frieze Seoul and Kiaf Seoul, which closed on Sunday, sent a more nuanced message. The fairs did not see any ultra-high-value sales like those that made headlines during Frieze Seoul’s 2022 debut, but they sent a…
When assessing the health of an art market, the volume and value of sales often serve as key indicators. This year's Frieze Seoul and Kiaf Seoul fairs, which concluded on Sunday, provided a more complex illustration. Unlike the headline-grabbing high-value sales witnessed during Frieze Seoul's inaugural 2022 edition, these fairs indicated that Korea's art market was on the mend, with an expanding array of purchasers, price ranges, and artists involved.
The fifth iteration of Frieze Seoul, staged at Coex from September 2-5, attracted over 70,000 visitors from 54 countries and regions, marking its most diverse global audience to date, according to organizers. Notably, the fair also welcomed 178 museum and institutional representatives from 25 nations, setting another new benchmark.
Similarly, Korea's own Kiaf Seoul, in its 25th edition, drew approximately 80,000 attendees, featuring 175 galleries from 18 countries. Organizers reported a 5 to 10 percent rise in visitor numbers during the first two days, particularly on Wednesday and Thursday.
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