'MZ Trade Among Themselves'... Art-Free Exhibitions Targeting MZ Generation Continue

2021 Domestic Art Market Size 922.3 Billion KRW... Nearly Triple Growth
Young Generation Emerges as Key Customers... A Global Phenomenon
Exhibitions Featuring Young Artists Also Gaining Popularity
Experts Say "Young Generation Does Not Follow Traditional Art Conventions"

The 'Drawing City' exhibition held at Culture Station Seoul 284 in Jung-gu, Seoul. Source=Drawing City, Photo by Cho Geun-woo (Studio Offbeat)

[Asia Economy Reporter Kang Wooseok] Recently, centered around the MZ generation (those born between 1980 and 2000), the domestic art market has been rapidly growing, and exhibitions showcasing and selling works by young artists are being held, attracting the interest of the younger generation. There is also an analysis that the young generation's tendency to reject the obvious leads to a preference for artists of their own age group.

The domestic art market continues to grow steadily. According to the '2021 Korean Art Market Report' by the Arts Management Support Center under the Ministry of Culture, Sports and Tourism, last year the size of the domestic art market reached a total of 922.3 billion KRW, combining galleries (440 billion KRW), auction markets (328 billion KRW), and art fairs (154.3 billion KRW). Compared to 2019 and 2020, which were 381.2 billion KRW and 329.1 billion KRW respectively, the market size has nearly tripled.

A major reason for the rapid growth of the domestic art market is the diversification of art demand following changes in the cultural environment after the spread of COVID-19 in 2020. In particular, the MZ generation has emerged as a key customer base. According to Seoul Auction, an art auction company, the number of new regular members last year was 10,738, more than four times the 2,624 in 2019, with 68% of them being young people in their 20s to 40s.

The occupational groups of new customers have also changed. According to the Arts Management Support Center, half of last year's new collectors were identified as workers in the IT industry, startups, and online shopping malls, where many young people are employed. This marks a shift from the traditional professional and wealthy classes.

This phenomenon is not limited to Korea. Globally, the MZ generation is establishing a new presence in the art market. According to the '2022 Global Art Market Report' jointly published by Art Basel, the world's largest art fair organizer, and Swiss financial group UBS, the proportion of MZ generation collectors among art collectors reaches 58.7%.

The 'Drawing City' exhibition held at Culture Station Seoul 284 in Jung-gu, Seoul. Source=Drawing City, Photo by Cho Geun-woo (Studio Offbeat)

As a result, exhibitions targeting 'young collectors' are drawing significant attention. From the 17th to the 19th of last month, the exhibition 'Geurimdosi' (Picture City), featuring over 80 teams of young artists, was held at Culture Station Seoul 284 in Jung-gu, Seoul. 'Geurimdosi,' which is based on the concept of a 'virtual city where artists gather,' has been held annually since 2016, but this year it attracted particularly strong interest. Yoon Youngbin, CEO of Yesulgoraesanghoe who planned the exhibition, stated, "In this exhibition, there was an increase in sales revenue compared to previous years, and the proportion of artists selling original works was much higher than in past years."

The age and gender of visitors have also become more diverse. CEO Yoon said, "This year, the age groups and gender ratios of visitors became very diverse. While previously female visitors were predominant, this exhibition saw changes such as men in their 20s and 30s coming alone."

'Geurimdosi' is the first exhibition of the '2022 Jakga Misul Jangteo' (Artist Art Market). Organized by the Arts Management Support Center, the 'Jakga Misul Jangteo' has been held since 2015 to provide opportunities for exhibition and sales of artworks by local active artists and young emerging artists. The exhibition features mid- to low-priced works under 3 million KRW, characterized by the unique individuality of emerging artists, making it accessible without heavy financial burden to new consumers entering the art market, such as the younger generation.

The exhibition will be held 15 times at 9 locations nationwide, including Paju, Busan, Suncheon, Gwangju, and Chungju, from June starting in Seoul through October.

Experts explain that the younger generation's pursuit of their own uniqueness leads to interest in artists of their own age group. Professor Eunhee Lee of Inha University's Department of Consumer Studies said, "The younger generation has a characteristic of rejecting conventional art grammar and the obvious. Ultimately, they make choices that suit their tastes and gain satisfaction, which leads to enthusiasm for peer and emerging artists. Along with self-satisfaction, the desire to show off the ability to recognize lesser-known works may also be a factor."