A prolonged slump continues to weigh on the global art market, with inflation, geopolitical conflict, and U.S.-imposed tariffs fueling financial unease and leaving collectors reluctant to spend.
The downturn has already reshaped the international fair circuit: Switzerland’s Art Basel reported weaker sales among mega-galleries, while New York’s The Art Show and Taipei Dangdai canceled upcoming editions altogether.
Korea has felt the chill as well. After peaking in 2022, its market has steadily contracted, further rattled by political fallout from last year’s martial law crisis.
Against this uncertain backdrop, two major fairs — Frieze Seoul and Kiaf Seoul — returned side by side on Wednesday, launching with a VIP preview at COEX.
A Record Sale Amid Uncertainty
The fourth edition of Frieze Seoul featured more than 120 galleries from 28 countries and drew a high-profile crowd, including First Lady Kim Hea Kyung, National Museum of Modern and Contemporary Art director Kim Sung-hee, and K-pop stars RM of BTS, BLACKPINK’s Lisa, and Seventeen’s The8.
Despite widespread caution, momentum built early when Hauser & Wirth closed the largest deal in Frieze Seoul’s history, selling Mark Bradford’s triptych Okay, then I apologize to a private Asian collection for $4.5 million. The gallery also placed a George Condo painting for $1.2 million and introduced works by Lee Bul — one metallic sculpture ($400,000) and one oil painting ($300,000) — following its announcement of her representation in March.
“Bradford’s works were created specifically for this fair. We also brought fresh works by Condo and Rashid Johnson,” said Lihsin Tsai, Hauser & Wirth’s senior director. “For us, Frieze Seoul has always been a long-term commitment.”
The timing proved strategic: several of the gallery’s artists are currently the focus of major institutional shows in Korea — Bradford at the Amorepacific Museum of Art, Louise Bourgeois at the Hoam Museum, and Lee Bul at the Leeum Museum — boosting their visibility.
Sales Across the Floor
Other dealers followed suit. Thaddaeus Ropac sold a Georg Baselitz for €1.8 million and an Alex Katz for $900,000, while White Cube placed another Baselitz for €1.3 million. Hakgojae Gallery led local sales with a Kim Whanki canvas fetching 2 billion won.
But buyers weren’t only chasing established names. Collectors also showed strong interest in younger artists at more approachable price points. Kukje Gallery’s booth paired monochrome(dansaekhwa) masters with emerging women artists — Jang Pa, Gala Porras-Kim, and Lotus L. Kang — injecting a fresh energy.
“It’s remarkable how introducing new names into the booth can really refresh its atmosphere,” a gallery representative said. “Sales are important, but the impression a booth leaves is just as vital.”
Emerging talent also found success at G Gallery, where works by Hwang Sue-yeon and Moon Issac drew attention. Hwang’s paper collages, layered with graphite until they gleam like metal, and Moon’s sculptures, made with Han River sand and mountain soil, offered collectors raw, tactile alternatives to blue-chip polish.
Sayart / Jason Yim yimjongho1969@gmail.com
Hauser & Wirth’s Bradford deal leads cautious but confident start as collectors eye both blue-chip names and rising talent.
A prolonged slump continues to weigh on the global art market, with inflation, geopolitical conflict, and U.S.-imposed tariffs fueling financial unease and leaving collectors reluctant to spend.
The downturn has already reshaped the international fair circuit: Switzerland’s Art Basel reported weaker sales among mega-galleries, while New York’s The Art Show and Taipei Dangdai canceled upcoming editions altogether.
Korea has felt the chill as well. After peaking in 2022, its market has steadily contracted, further rattled by political fallout from last year’s martial law crisis.
Against this uncertain backdrop, two major fairs — Frieze Seoul and Kiaf Seoul — returned side by side on Wednesday, launching with a VIP preview at COEX.
A Record Sale Amid Uncertainty
The fourth edition of Frieze Seoul featured more than 120 galleries from 28 countries and drew a high-profile crowd, including First Lady Kim Hea Kyung, National Museum of Modern and Contemporary Art director Kim Sung-hee, and K-pop stars RM of BTS, BLACKPINK’s Lisa, and Seventeen’s The8.
Despite widespread caution, momentum built early when Hauser & Wirth closed the largest deal in Frieze Seoul’s history, selling Mark Bradford’s triptych Okay, then I apologize to a private Asian collection for $4.5 million. The gallery also placed a George Condo painting for $1.2 million and introduced works by Lee Bul — one metallic sculpture ($400,000) and one oil painting ($300,000) — following its announcement of her representation in March.
“Bradford’s works were created specifically for this fair. We also brought fresh works by Condo and Rashid Johnson,” said Lihsin Tsai, Hauser & Wirth’s senior director. “For us, Frieze Seoul has always been a long-term commitment.”
The timing proved strategic: several of the gallery’s artists are currently the focus of major institutional shows in Korea — Bradford at the Amorepacific Museum of Art, Louise Bourgeois at the Hoam Museum, and Lee Bul at the Leeum Museum — boosting their visibility.
Sales Across the Floor
Other dealers followed suit. Thaddaeus Ropac sold a Georg Baselitz for €1.8 million and an Alex Katz for $900,000, while White Cube placed another Baselitz for €1.3 million. Hakgojae Gallery led local sales with a Kim Whanki canvas fetching 2 billion won.
But buyers weren’t only chasing established names. Collectors also showed strong interest in younger artists at more approachable price points. Kukje Gallery’s booth paired monochrome(dansaekhwa) masters with emerging women artists — Jang Pa, Gala Porras-Kim, and Lotus L. Kang — injecting a fresh energy.
“It’s remarkable how introducing new names into the booth can really refresh its atmosphere,” a gallery representative said. “Sales are important, but the impression a booth leaves is just as vital.”
Emerging talent also found success at G Gallery, where works by Hwang Sue-yeon and Moon Issac drew attention. Hwang’s paper collages, layered with graphite until they gleam like metal, and Moon’s sculptures, made with Han River sand and mountain soil, offered collectors raw, tactile alternatives to blue-chip polish.
Sayart / Jason Yim yimjongho1969@gmail.com
