Simon Fox, CEO of Frieze, Expresses Optimism After Record 6.3 Billion Won Sale on September 3
Increase in Korean Galleries Seen as Recognition of Their Talent
"Hoping for Continued Partnership with Kiaf"
On September 4, Simon Fox, CEO of Frieze, expressed his optimism regarding the record-breaking sale at Frieze Seoul the previous day. During the exhibition, Hauser & Wirth gallery sold a painting by American abstract artist Mark Bradford for 4.5 million dollars (approximately 6.3 billion won). This represents the highest official sale price ever recorded at Frieze Seoul.
Simon Fox, CEO of Frieze (right), and Patrick Lee, Frieze Seoul Director, are holding a press conference on the 4th at COEX in Gangnam-gu, Seoul. Photo by Yonhap News
In 2023, David Zwirner gallery sold Yayoi Kusama's painting "Red God's Pumpkin" for 5.8 million dollars (about 7.7 billion won at the time) at Frieze Seoul. However, Frieze explained that this was not included in the official records, as the gallery did not disclose the sales results accurately.
CEO Fox noted that, in addition to institutional collectors such as museums, a significant number of private collectors from Thailand, Japan, and China attended this year's event. He said, "Although the art market is going through a difficult period, this edition of Frieze Seoul is serving as an opportunity to bring renewed energy to the art market. I am pleased with how things are going this year."
CEO Fox also shared his vision to make Seoul a hub for various activities in the future. He emphasized, "Compared to other Asian cities, Seoul has a large number of museums and active artists, and the quality is extremely high. There is so much to see here."
He particularly highlighted the increasing participation of Asian galleries as a positive development. While there were 12 Korean galleries at the inaugural Frieze Seoul in 2022, this year the number has grown to 30. The number of galleries from other Asian countries, such as Japan and China, has also increased.
CEO Fox stated, "What we hope for is that each edition of Frieze in different regions maintains its own unique identity. Since participating galleries are selected through an open competition by a selection committee, the increase in Korean galleries this year reflects the high caliber of Korean galleries applying."
Regarding the trend of galleries shifting from exhibiting works by deceased artists to those by living artists, he said, "This is not the result of a specific strategy by Frieze. Galleries are responding to market conditions, so trends can always change."
He expressed a positive outlook on the ongoing partnership with Kiaf. Since 2022, Frieze and Kiaf have co-hosted the art fair for four consecutive years. He said, "Our partnership with Kiaf continues to strengthen. Because we are mutually beneficial, I hope and expect this to become a long-term relationship."
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