The Korean contemporary art scene today is enveloped in a profound silence—the absence of art criticism. Exhibitions abound, artworks circulate rapidly through the market, and artists are consumed at speed, but there is scarcely a voice that interprets, questions, or inscribes meaning into these movements.

At some point, the phrase “good artwork” quietly disappeared from the art market’s vocabulary. In its place came expressions like “rising artist,” “sold-out exhibition,” and “best-selling series.” The value of an artwork is no longer judged by the emotions it evokes or the meaning it holds.

In contemporary life, we often speak of “value,” yet rarely do we pause to examine what we mean by it. Under capitalism, value is almost instinctively reduced to a single measure: price. Art is no exception. The inherent meaning of a work—its inner necessity and expressive urgency—has gradually been pushed aside, while marketability and investment potential increasingly dictate how art is evaluated and consumed.

At the dawn of the 21st century, the art world is undergoing a profound transformation, shaped by the rapidly evolving forces of capitalism, technological revolutions, and globalization. This transformation is not merely a sign of the times but a seismic shift that shakes the very foundation upon which art exists.

Korean contemporary art is gaining increasing attention worldwide. Major international museums and biennales are showcasing works by Korean artists, and global art markets are demonstrating a growing interest in Korean contemporary art.

The Korean art market experienced significant shifts in 2024, with notable fluctuations in auction performance and art fair dynamics. In particular, the total hammer price in Korea’s domestic art auction market saw a 26% decline in the third quarter compared to the previous year, fueling concerns over an ‘art fair crisis.’