Marking its 43rd edition, the 2025 Korea Galleries Art Fair (KIAF) boasted participation from 168 galleries and drew over 60,000 visitors, once again earning the label of a “record-breaking” event. But the expansion in numbers does not necessarily signal a qualitative transformation. Was this year’s fair simply a well-executed event, or could it be read as a sign of more fundamental change in the art market?

The most talked-about keyword was the “rise of MZ generation collectors.” Young visitors actively engaged with the event, and social media was flooded with photos and reviews. Organizers touted their presence as a driving force for structural change in art fairs. Yet, we must ask: is this generation’s involvement truly indicative of “sustainable demand,” or is it closer to fleeting trend consumption? Diagnosing generational characteristics based solely on age and social media response is a hasty generalization. Furthermore, the so-called “mid-range price market” they are said to lead may simply be another repackaging of the recurring “emerging artist boom.”

Particularly notable this year was the “solo booth” format, which was praised for its artist-centered curation. However, whether it has had a meaningful impact on the structure of the art market remains debatable. Some booths did report sold-out shows, yet the depth of engagement with the work and the inner loyalty of collectors remain unquantified. The fair continues to grapple with transparency issues—undisclosed sales figures, repeated appearances by the same artists, and inflated visitor counts through wide distribution of VIP passes all cast doubt on the market’s credibility.

Another new initiative was the fair’s branding as a “relationship-centered platform,” aiming to transform the fair from a purely transactional marketplace into a broader cultural content experience. Talk sessions, partnerships, and participatory programs certainly enriched the visitor experience. However, these efforts still warrant scrutiny when it comes to the core question: do they translate into meaningful transactions? While the diversification of platforms is important, the long-term viability of the art market ultimately depends on the quality of the work and the trust of collectors.

In the end, what the 2025 Korea Galleries Art Fair revealed was less a radical evolution than a “strategically crafted repetition.” While artists in their 30s and 40s are beginning to carry more weight, and certain galleries achieved strong sales, these remain localized successes rather than signs of broad market recovery. As the lines blur between participation and transaction, what truly constitutes a “success” in today’s art market remains an open question.

Undeniably, the Korea Galleries Art Fair remains one of the most sensitive barometers of the Korean art market. Precisely for that reason, the expectations and assessments it receives must be rigorous. Event-based success and market recovery are not the same. Genuine recovery begins with deeper engagement, more refined curation, and more thoughtful collecting. What the market needs now is not merely a reflection of current trends, but a structural plan to restore trust.