The Calmer Second Frieze Seoul... 70,000 Visitors
Major Art World Figures Visit in Large Numbers... Exchange with Domestic Figures
Various Curated Exhibitions Praised, Many Promising Artists Featured
"It is precisely in times of recession that the true value of genuine collectors is revealed. During this year's KIAF and Frieze period, the collectors I met in Seoul were enthusiasts with uniquely distinctive insights."
The global art world’s spotlighted global art fairs, Frieze and KIAF Seoul, concluded on the 10th with the closing of KIAF.
This year’s fairs were held in a more subdued atmosphere compared to last year when the two events were held together for the first time. However, they revitalized the somewhat withdrawn art scene, allowing tens of thousands of visitors to fully enjoy the art festival held in Seoul.
According to Frieze and KIAF on the 10th, KIAF, which closed that day, attracted about 80,000 visitors, an increase of approximately 15% compared to last year, and Frieze, which closed a day earlier, also recorded over 70,000 visitors.
These numbers surpass those of ArtSG in Singapore (about 43,000 visitors) and Gendai Tokyo in Japan (about 20,000 visitors), which were held earlier, and are considered comparable to Art Basel Hong Kong (about 86,000 visitors), Asia’s premier art event.
Looking at the major gallery sales prices revealed by Frieze, Thaddaeus Ropac sold a painting by Georg Baselitz for $1.2 million (about 1.6 billion KRW), and Spr?th Magers sold Rosemarie Trockel’s 'The Blues' for 1.3 million euros (about 1.8 billion KRW).
Hauser & Wirth sold a work by Nicolas Party for $1.25 million (about 178 million KRW) and a painting by Rashid Johnson for $975,000 (about 1.3 billion KRW). At David Zwirner, a painting by Yayoi Kusama found a new owner for $5.8 million (about 7.7 billion KRW).
Domestic galleries also made multiple sales, including Kukje Gallery selling works by Park Seo-bo for $490,000 to $550,000 (about 650 million to 780 million KRW), as well as works by leading Korean artists such as Ha Chong-hyun, Ham Kyung-ah, and Lee Kwang-ho.
Gallery Hyundai sold two works by Lee Sung-ja at prices ranging from $400,000 to $450,000. Hakgojae Gallery’s works by Byun Wol-ryong and Ha In-du also found new owners at around 10 million KRW each.
Overseas galleries participating in Frieze Seoul gave positive evaluations of the Korean art market and collectors.
Nick Simunovich, Senior Director of Gagosian Gallery Asia, said, "Korean collectors have remarkably high insight," adding, "The Korean art scene is definitely growing."
Oshinae, Senior Director and Asia Head of Spr?th Magers, said, "I could feel that the understanding of artworks is deepening and collectors’ questions are becoming more serious," adding, "It was impressive to see collectors of various ages and tastes inquiring about multiple works."
Patrick Lee, Director of Frieze Seoul, said, "We received tremendous support and a warm welcome throughout Seoul," adding, "This interest translated into sales achievements not only for major overseas galleries but also for newly participating galleries."
Over 80,000 people visited KIAF Seoul over five days. On the 10th, when only KIAF admission was possible due to Frieze’s closing, 6,000 tickets were sold. The organizers explained that the actual number of visitors increased by about 15% compared to the previous year, indicating the vitality of the domestic art market.
Patrick Lee, Director of Frieze Seoul (right), and Simon Fox, CEO of Frieze, are listening to questions from the press at COEX in Gangnam-gu, Seoul. [Image source=Yonhap News]
Sales also achieved good results. Kukje Gallery sold works by Ugo Rondinone for $240,000 to $288,000 (about 320 million to 380 million KRW). Rondinone’s small watercolor series 'Matituk' sold out all 10 pieces on the first day. Gallery Hyundai sold several works by Ryan Gander on the first day alone, priced between ?25,000 and ?90,000 (about 40 million to 150 million KRW).
Medium-sized galleries generally sold works at levels similar to last year, while emerging gallery Obscura sold a work by Bae Byung-woo for 200 million KRW during the VIP preview.
To promote and support artists participating in KIAF, the newly established 'KIAF Highlights' award this year was given to Lee Yoo-jin, Lee Jung-ok, and Bunpei Kado. Each received a creative support grant of 10 million KRW.
It was widely assessed that the phenomenon of audiences and collectors flocking to Frieze last year was significantly alleviated this year. Learning from last year’s experience, galleries differentiated themselves with strategic planning, presenting a variety of artists and works. Medium-sized galleries introduced a diverse range of accessible small works, and emerging galleries featuring many new artists also stood out.
Additionally, various art events held throughout Seoul before and after the festival period kept visitors coming to exhibition venues day and night. Major art museums and galleries in Hannam-dong, Cheongdam-dong, and Samcheong-dong in Seoul stayed open late during the art fair period to welcome visitors. During 'Cheongdam Night' and 'Samcheong Night,' special times were enjoyed where visitors could party and view exhibitions around the gallery districts.
Key figures from the international art world visited Korea to expand art networks and participated in programs introducing the Korean art scene.
Representatives from renowned U.S. museums such as the Museum of Modern Art (MoMA) in New York, Solomon R. Guggenheim Museum, Metropolitan Museum of Art, Whitney Museum, Los Angeles County Museum of Art (LACMA), and San Francisco Asian Art Museum, as well as the Victoria and Albert Museum in the UK, Mori Art Museum in Japan, and M+ Museum in Hong Kong, visited Korea around the art fair period to tour museums, galleries, artist studios, and meet with domestic art figures.
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