In early September, Seoul was abuzz with art events, as the Korea International Art Fair (Kiaf) and Frieze Seoul ran concurrently. Despite a slowdown in the global economy, the fairs attracted significant attention from collectors across Asia, the United States, and Europe. While the pace of sales has slowed compared to previous years, Kiaf director Eunice Jung noted that collectors were becoming more thoughtful in their purchases.
Both Kiaf and Frieze Seoul welcomed large crowds, with 82,000 visitors attending Kiaf and 70,000 visiting Frieze Seoul. Celebrities, including K-pop stars, made appearances, and the city came alive with gallery openings and major museum exhibitions. The newly launched government-led Korea Art Festival (KAF) added to the vibrant atmosphere, drawing a diverse audience of curators and collectors from around the world.
Sales at both fairs remained steady, although most purchases were under the $500,000 mark. At Frieze, notable sales included a $2.5 million painting by Nicolas Party, sold by Hauser & Wirth Gallery, and a George Condo self-portrait, which sold for $1.95 million. Kiaf saw strong sales as well, with Sundaram Tagore Gallery selling a painting by Hiroshi Senju for $420,000, and Gallery B&S selling a Lee Bae painting for $194,000.
While many high-end galleries participated, some noted a cooling of the market, particularly due to the economic slowdown in China and the weaker South Korean won. David Zwirner Gallery, among others, acknowledged that buyers were more cautious but expressed optimism about long-term opportunities in the region.
The fairs also highlighted the growing influence of young Korean collectors. Several galleries, including Taka Ishii Gallery, reported strong sales to younger buyers, many of whom purchased works priced under $25,000. This new generation of collectors is seen as a driving force in the local art market, and their interest in emerging artists signals a promising future for Korean and international galleries alike.
Despite concerns about the global economy, the success of Kiaf and Frieze Seoul 2023 underlines Seoul’s growing status as a major art destination, with its vibrant cultural scene continuing to attract international attention.
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