Paradise Cultural Foundation and Seoul National University published “Korea Art Market 2024”, an English report on the Korean art market.

First published in 2022, “Korea Art Market” is Korea’s first English report, designed to provide the global art world with information on the various trends and issues in the Korean art market. Now in its third edition, the 2024 report features contributions from an esteemed lineup of experts, including Henna Y. Joo, Jieon Shim, Jung-Ah Woo, Young-Ae Kim, and Sang-In Cho.

Henna Y. Joo, Associate Professor at the Graduate School of Arts and Cultural Management, Hongik University, examined the current state of the Korean gallery industry in 2024 through a survey of 17 major Korean and international galleries operating in Korea.

Her report analyzes gallery sales, changes in artworks sold, changes in customers, operational focus, and key sales and promotion channels from the second half of 2023 to the first half of 2024. It also discusses the role and attitude galleries should maintain during the ongoing art market downturn.

Following this, Jieon Shim, Editor-in-Chief of Monthly Art, explores overall trends and changes in art fairs held between the second half of 2023 and the first half of 2024. The report provides an analysis of major art fairs such as Kiaf Seoul and Frieze Seoul, as well as emerging fairs like Define Seoul, Art OnO, Diaf Plus, and The Preview Seongsu, examining their atmosphere and achievements.

Sang-In Cho, Director of the Baeksang Art Policy Research Institute, addresses the impact of biennales on the domestic auction market. The report analyzes the auction market and highlights the auction trends of artists Yoo Youngkuk, Seudja Rhee, and Lee Bae, whose solo exhibitions were selected as official collateral events at the 60th Venice Biennale this year.

Jung-Ah Woo, Professor of the Division of Humanities and Social Sciences at POSTECH, examines Korean modern and contemporary art exhibitions held abroad and discusses recent trends in reconstructing the history of Korean modern and contemporary art through these exhibitions.

Finally, Young-Ae Kim, CEO of IAN Art Consulting, analyzes the Asian art market. Unlike in the past, when Hong Kong was the center driving the Asian art market, Kim focuses on the phenomenon of the market now becoming decentralized across various cities and offers insights into the potential future of the Asian art market. 

The four interviews included in the report feature Hwang In-gyu, CEO and collector; Seokho Jeong, Director of Art Busan; artist Lee Jinju; and luxury brand communications expert Olivier Bialobos.

“Korea Art Market 2024” is available for free on the Paradise Cultural Foundation website.

References

• 파라다이스 문화재단, 코리아 아트마켓 2024 (Paradise Cultural Foundation, Korea Art Market 2024)

Ji Yeon Lee has been working as an editor for the media art and culture channel AliceOn since 2021 and worked as an exhibition coordinator at samuso (now Space for Contemporary Art) from 2021 to 2023.