“Korea has long waited for global recognition to showcase its strengths – where there is not only a unique, rich art history, but one that also intersects with contemporary art discourses,” says Hwasun Lee, director of Barakat Contemporary, which opened in Seoul in 2016.
Since Frieze Seoul launched in 2022, global interest in the Korean art scene has skyrocketed, with galleries both opening spaces in Seoul and adding Korean artists to their programs to exhibit worldwide. But as economic difficulties shake the global art market, local actors—including fairs, biennials, and the government—are working more closely together to organize events, develop the scene’s brand, and reach a wider audience.
The Korean art market can certainly benefit from these efforts, as it is vulnerable to rising interest rates and the economic downturn. Sang-Hoon Kim, editor of the Korea Art Market 2023 report, predicts relatively conservative transactions with more rational pricing this year, given the global economic situation and geopolitical uncertainties. However, Kim also expects the downturn will not affect the market much: rich people may pause their purchases, but they will not stop. Rather, “they see the downturn as an opportunity, and the starting point of the Korean market has been set higher after the pandemic.”
Patrick Lee, director of Frieze Seoul, says the pace of the market has changed: “Good works sell. There is just no urgency. Our job is to make sure we have a large audience during the fair – collectors and institutions.” The most notable addition to the fair this year is Frieze Live, an on-site program curated by Jeyun Moon featuring performances by seven artists exploring the potential of poetry; Jesse Chun, for example, will explore non-linear language and traditional Korean folk dance.
Part of Lee’s efforts is to attract younger collectors. The Focus Asia section, which features ten galleries founded after 2012, including A-Lounge, Cylinder and G Gallery, shows “more sophisticated, installation-based works at relatively affordable prices,” says Lee. The section is designed to allow international collectors to discover emerging Asian artists and facilitate direct, sustained conversations between galleries and eager-to-learn young collectors.
More expensive artworks have also stabilized, according to Pace Gallery, which opened a space in Seoul in 2017. Director Youngjoo Lee notes that the influx of foreign galleries and increased international focus on Korea has not only fueled competition for high-quality exhibitions—in terms of artist selection and exhibition design—but has also established “works in the $100,000-$500,000 range and blue-chip artists with high potential” as reliable fixtures on the scene, suggesting that consumer behavior is becoming more attuned to international trends.
Local galleries are also now gaining global prominence. Artist-run gallery Cylinder, which opened its first space in Bongcheon-dong, an old university district, in 2020, has seen a rapid rise in recognition recently, especially after jointly winning the Frieze Seoul booth prize last year. Founder Dooyong Ro says growing global interest in young Korean artists has not only drawn attention to Seoul, but also helped his gallery expand its presence abroad. At this year’s Liste art fair in Basel, Cylinder sold works by Jongwan Jang and Rim Park to collectors from Mexico, Switzerland, Hungary and the United States.
This year, the Korean government’s efforts to boost the art market and create a sustainable ecosystem were evident. In July, the Art Promotion Act came into effect, introducing measures such as the Buyer Guarantee, which requires galleries to provide buyers with a certificate of authenticity, and an artist’s resale right that meets global standards.
There have been previous attempts by the public sector to attract foreign visitors during Frieze Week. Last year, the city of Seoul organized Seoul Art Week and the Ministry of Culture, Sports and Tourism (MCST) organized Korea Art Week. This year, however, a more coordinated approach is emerging. In April, the MCST, along with the cities of Gwangju, Busan and Seoul, announced the unified Korea Art Festival brand. Its aim is to go beyond simple joint promotions and museum discounts by encouraging closer cooperation between the private sector and government agencies, forging partnerships with more than 300 cultural organizations and coordinating the programs and schedules of exhibitions and events across the country.
Frieze Seoul has particularly benefited from the increased enthusiasm of the public and institutional sectors. “In the first year, it was difficult to organize late-night opening hours for museums in Seoul, but this year Frieze is hosting the after-party of the Busan Biennale and inviting the curators of the biennale to our lecture programs,” says Lee.
This year, the Busan Biennale opened on August 17, two weeks earlier than usual. Although this postponement is not officially linked to government policy, an official suggested that discussions between the event’s organizers and the MCST likely influenced the decision to align the biennale with Frieze. In addition, government-run events such as Dive into Korean Art, which invites international curators and critics for studio visits, have expanded beyond Seoul to Busan and Gwangju, now covering both biennials.
One of the notable public efforts to lay a foundation for further growth comes from the Korea Arts Management Service (KAMS), a government institution dedicated to the sustainable development of the Korean art scene through international exchanges. KAMS aims not only to open global channels for local galleries—such as by sponsoring ThisWeekendRoom to secure a space at Frieze’s London gallery, No. 9 Cork Street, this fall—but also to support exhibitions and English-language publications by Korean artists abroad, laying the foundation for long-term discourse.
Despite government support, the future of the Korean art scene is still at the beginning of its international recognition and long-term independence. According to art critic and former museum director Jang Un Kim, the way forward could lie in “clearly defined government goals and a focus on improving the quality of exhibitions” to ensure that today’s foundations enable sustainable growth in the future.
Frieze Seoul takes place from September 4 to 7. frieze.com
