[Exclusive] KIAF VVIP Sweeps Artworks Worth 35 Billion KRW in Just One Day... Sets Record for Highest Sales Ever

The exhibition hall view of the Korea International Art Fair (KIAF), the largest art market in Korea, which opened on the 13th at COEX in Samseong-dong, Gangnam-gu, Seoul.

[Asia Economy Reporter Donghyun Choi] Korea International Art Fair (KIAF), the largest art market in Korea, has surpassed its record sales in just one day since its opening.

A representative from the Korea Gallery Association said in a phone interview with Asia Economy on the 14th, "The sales from the VVIP event held the previous day amounted to approximately 35 billion KRW," adding, "This figure exceeds the total sales of 31 billion KRW recorded at KIAF in 2019, which was the highest sales record to date." Until now, the highest sales at a domestic art fair was about 35 billion KRW at Art Busan held last May. This record has now been broken at this year's KIAF.

KIAF held an offline market for VVIPs the day before. Last year, only online events were held due to the COVID-19 pandemic. This is the first offline market since 2019. With the recent boom in the art market, the reopening of the offline market has encouraged super collectors to start serious shopping.

About 5,000 visitors attended the event the previous day. Famous celebrities such as actors Jeon Ji-hyun, the couple Lee Byung-hun and Lee Min-jung, and Noh Hong-chul also visited the exhibition hall.

On the second day of the event, it will open for VIPs. The MZ generation (Millennials + Generation Z), who could not purchase the limited 100 VVIP tickets sold on the market, are expected to rush to buy artworks with VIP admission tickets.

Meanwhile, this KIAF features participation from 170 galleries from 10 countries worldwide. Major domestic galleries such as Ghana Art, Gallery Hyundai, and Kukje Gallery, as well as overseas galleries with branches in Seoul like Pace, Lehmann Maupin, and Perrotin, have set up booths. Overseas galleries participating for the first time, including Koenig, Esther Schipper, Perez Projects, and VSF, are also enhancing the atmosphere of the event.