KIAF Boosts Art Market Boom... Attendees Enter by Splitting Tickets in Secondary Market

General Admission Opens from 15th to 17th

An artist is performing a live drawing performance at the Korea International Art Fair (KIAF).

[Asia Economy Reporter Donghyun Choi] "If I had known, I would have prepared more artworks."

This is the lament of a young emerging artist who exhibited six paintings at the Korea International Art Fair (KIAF), the largest festival in the domestic art market. He held two solo exhibitions and a group exhibition this year, and was mentally and physically exhausted while hastily preparing for KIAF. All his works were sold out in less than an hour on the opening day, the 13th. Collectors who arrived late expressed their regret upon seeing red stickers indicating sold-out status on all of the artist’s works and had to turn away.

KIAF, the largest domestic art market held at COEX in Gangnam-gu, Seoul, until the 17th, is elevating the booming art market atmosphere that has continued since early this year to its peak. At the market held exclusively for VVIPs on the 13th alone, artworks worth 35 billion KRW were sold. This surpassed the total sales of 31 billion KRW recorded at the 2019 KIAF, the highest ever, in just one day. It also exceeded the record domestic art fair sales of 35 billion KRW set by Art Busan held in May. (☞[Exclusive] KIAF VVIPs swept up 35 billion KRW worth of artworks in just one day... Breaking all-time sales records)

Visitors are admiring the sculptures installed inside the KIAF exhibition hall.

The excitement for KIAF heated up even before the opening day. Especially, young collectors who lacked strong networks with galleries were desperate to obtain VVIP tickets, which allowed entry from the 13th, and VIP tickets, which allowed entry from the 14th. The VVIP tickets were limited to 100 and priced at 300,000 KRW, while VIP tickets were 100,000 KRW. Due to the limited number of tickets, dozens of posts seeking VVIP and VIP tickets appeared on popular domestic online secondhand marketplaces such as ‘Junggonara’ and ‘Danggeun Market.’ Since these tickets allowed ‘1+1 companion entry,’ some tickets were resold by splitting them.

VVIP and VIP ticket holders also had the privilege of entering a code number on the online viewing room, which opened on the 8th, to preview artworks in advance. Because of this, many cases of preordering artworks by contacting galleries after viewing them online occurred. Kim Jaehwan, a man in his 40s, said, "I bought a VIP code on Junggonara, quickly browsed the artworks online, and called the gallery to purchase two pieces. I plan to visit the offline event leisurely over the weekend."

From the 15th to the 17th, all visitors with general admission tickets can view the exhibition without any distinction. The number of visitors is expected to peak over the weekend. On the 13th alone, about 5,000 visitors attended. Famous celebrities such as BTS member V, actress Jun Ji-hyun, actor Lee Byung-hun and actress Lee Min-jung couple, and entertainer Noh Hong-chul also visited the exhibition hall.

JiHi's artwork is exhibited at the BHAK Gallery inside the KIAF exhibition hall.

Some of the paintings displayed during the weekend event will be replaced. Many galleries that set up booths at the venue the day before were frequently seen removing sold works and putting up new ones. A gallery official said, "After the VIP event ends, a large number of artworks will be replaced," adding, "We plan to focus on emerging artists with whom we have close relationships at reasonable prices."

Meanwhile, this KIAF features artworks such as paintings, sculptures, and videos from 170 galleries across 10 countries worldwide. Major domestic galleries such as Gana Art, Gallery Hyundai, and Kukje Gallery set up booths. Overseas, galleries with branches in Seoul such as Pace, Lehmann Maupin, and Perrotin, as well as famous galleries participating for the first time like Koenig, Esther Schipper, Perez Projects, and VSF, also took part.