The Frieze Art Fair graced South Korea for its second consecutive year this Wednesday. The art community is hopeful that this event will invigorate the emerging local art scene, especially after a dip in sales due to economic challenges this year.
Enthusiasts and art connoisseurs converged at the COEX convention center in Seoul. They were treated to a panorama of art – from contemporary creations by budding artists to art from antiquity up until the 20th century. Renowned galleries like Gallery Hyundai, Kukje, and Gana were among the participants.
Frieze, backed by the Endeavor Group, introduced its fair to Asia in South Korea the previous year, attracting an impressive turnout of over 70,000 visitors.
In 2022, South Korea’s art sales touched the 1 trillion won mark ($750.85 million) for the first time, as per the Ministry of Culture, Sports, and Tourism. But the first half of this year witnessed a setback with major auction houses in South Korea reporting a 44.8% decline in art sales from the previous year, as stated by the Korea Arts Management Service.
However, Patrick Lee, Frieze Seoul’s Director, remains optimistic about the endurance of the South Korean and broader Asian art scenes. Speaking to Reuters, he commented, “As collectors mature and refine their tastes, this is a predictable trend.”
Now that the shadow of COVID-related travel restrictions has lifted, Lee anticipates a surge in international attendees for the four-day extravaganza.
The fair boasts participation from over 120 galleries across 30 countries, with a majority based in Asia. “We’re expecting significant footfall from regions including China and Japan. Our outreach has been extensive,” added Lee.
Seungjin Chung, the visionary behind G Gallery, attributes the growth trajectory of South Korea’s art market to the rising interest from Millennial and Gen Z aficionados. “The past few years have seen an upswing in young collectors. The trend of celebrities and influencers delving into art collection has further propelled this interest.”
Prominent figures, like RM from the K-pop sensation BTS, have flaunted their art collections on social platforms, thereby amplifying art’s appeal among the youth.
For Jungmin Cho, helming the Seoul-centric White Noise gallery, participating in Frieze Seoul is a fresh venture. Her gallery traditionally leans towards being an “independent, project-focused space.” She views the event as “a golden chance to globally champion the artists we back and to forge meaningful connections.”
The resurgence of the Frieze Art Fair in South Korea not only stands testament to the country’s burgeoning art scene but also signals a broader renaissance in Asia’s artistic milieu. As international boundaries in the art world blur, thanks in part to events like these and the passion of newer generations, art continues to be a universal language that transcends borders and times, drawing diverse cultures into a shared appreciation and discourse.
