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.’

Ha Chong Hyun (b. 1935) is regarded as a pioneer of Dansaekhwa (Korean monochrome painting) in contemporary Korean art. His representative series, ‘Conjunction’, has played a crucial role in introducing Korean abstract painting to the global art scene.

In the contemporary art market, George Condo is recognized for his original style and strong portrayal of characters. His works fetch high prices at auction and often appear in the collections of high-profile collectors.

On November 20th, Maurizio Cattelan’s artwork, Comedian, once again stunned the world when it sold for $6.2 million (approximately KRW 8.67 billion) at Sotheby’s in New York. This event transcends mere sensationalism, offering a philosophical lens to reassess how contemporary art functions within the capitalist system.