The results of this year’s Kiaf and Frieze Art Fair show that Korea has not yet proven itself as the hub of the Asian art market. Nevertheless, the tangible sales achieved by young artists and the steady performance of mid-sized Korean galleries revealed that the Korean market is no longer merely a site of consumption. Instead, it is increasingly showing potential to become a market where both production and distribution operate together.

Through an international-level fair such as Frieze, the Korean art market has expanded its scope. If the experiences accumulated over four editions of Frieze Seoul can be actively utilized, it is clear that Korea not only has the potential to become the center of the Asian art market through systematic market management, but also the capacity to project itself onto the global stage.


 
Young artists’ achievements signal new vitality in the market

One of the most notable changes at Frieze Seoul was the active sales of works by young artists. Mire Lee sold a work at Sprüth Magers for around 48 million KRW (≈ $36,000), drawing attention on the international stage. Heemin Chung sold a painting at Thaddaeus Ropac for about 30 million KRW (≈ $22,000), while Suki Seokyeong Kang’s sculpture sold at Tina Kim Gallery for approximately 20 million KRW (≈ $17,000), raising her profile among overseas collectors.

ThisWeekendRoom, a young gallery, also attracted notice. Jinhee Kim’s paintings sold for between the high 20 million to low 30 million KRW range (≈ $22,000–$24,000), while Jiwon Choi and Seoul Kim each sold works in the high 20 million KRW range (≈ $22,000).

These transactions confirmed that demand in the market is not confined to Dansaekhwa masters or modern artists. Works by younger generations, currently active in the field, are also meeting substantial demand. Particularly, sales in the $20,000–$50,000 range play an important role as an entry point for new collectors.

The steady performance of mid-sized galleries demonstrates self-sustaining growth

Mid-sized Korean galleries also showed solid results. Hakgojae sold a 1960s work by Kim Whanki for about 2 billion KRW (≈ $1.45 million), while also selling a painting by Song Hyun-Sook in the 100 million KRW range (≈ $75,000), thereby demonstrating its capacity to span both modern and contemporary artists. Kukje Gallery sold a painting by Ha Chong-Hyun for more than 200 million KRW (≈ $145,000), a work by Kibong Rhee in the 100 million KRW range (≈ $75,000), an embroidery piece by Kyungah Ham in the 50 million KRW range (≈ $36,000), and a painting by Kim Yun Shin around 30 million KRW (≈ $22,000).

Tina Kim Gallery reported sales including a painting by Ha Chong-Hyun in the high 300 million KRW range (≈ $275,000) and a painting by Kang Seokho for around 60 million KRW (≈ $44,000). These results show that Korean mid-sized galleries are capable of attracting international collectors through their own brands and rosters of artists, without relying solely on mega-galleries. This provides important evidence of the self-sustaining growth potential of the Korean art market.

The limits of a repetitive blue-chip strategy

Nonetheless, the market’s limitations remain. Many galleries have for years repeated exhibitions centered on the same blue-chip artists, focusing on stable sales. While such strategies may be effective in generating short-term revenue, they restrict the inflow of new collectors and hinder market expansion.
 
The reason young galleries have gained attention in recent years lies precisely here. They discovered new artists and introduced works that reflected a contemporary sensibility. The active transactions at young galleries’ booths at Frieze Seoul reaffirmed that new names and new attempts are the most crucial factors in driving market growth.



Structural changes required for market specialization and systematization

For the Korean art market to grow further, it needs to go beyond mere expansion and pursue specialization and systematization.
 
First, the criteria for selecting galleries at art fairs must be strengthened. Beyond simple sales records, curatorial capacity to discover young artists and present contemporary relevance should be reflected as a key requirement. This would make portfolios that balance “half stability and half experimentation” possible.
 
Second, transparency in transaction data is essential. Once again, Kiaf and Frieze did not release full sales results, with only selected highlights shared through press channels. Going forward, sales data from international art fairs such as Frieze Seoul should be standardized and archived, to be used for market analysis and policy development. The current closed and opaque structure undermines trust in the market and discourages the participation of international collectors and institutions.
 
Third, the collector base must be broadened. Mechanisms should be in place to facilitate first purchases, particularly for works priced in the $20,000–$50,000 range. Entry-level education and tour programs, artwork storage and insurance guides, and tax incentive information could be provided. Such measures would help build not just one-time buyers but sustainable collector communities.
 
Fourth, supportive policies and systems must follow. Tax benefits for art donations, inheritance tax relief, and public art leasing systems would stimulate the circulation of high-value works. Practical measures such as easing overseas export and import procedures and supporting international shipping are also needed.
 
Finally, stronger links with the secondary market are important. For price formation to stabilize and artist career management to be effective, the auction market and the primary market (galleries, fairs) must be organically connected.


 
Strategic tasks for entry into the global market

For the Korean art market to be recognized globally, it must move beyond merely “exporting” works and function as a producer of international discourse. This requires joint exhibitions and co-production projects with overseas institutions. Galleries and institutions should actively collaborate with global networks to integrate Korean artists into international debates.
 
In addition, partnerships with global corporations and collaborations with international foundations can demonstrate that Korean art is not just a consumer product but a creative partner. The collaborative exhibitions and projects staged alongside Frieze Seoul highlighted this potential. Moving forward, these efforts must become institutionalized rather than remain one-off events.


 
Conclusion: New attempts will decide the future of the Korean art market

Frieze Seoul showcased both the current state of the Korean art market and its challenges. Young artists’ sales confirmed the vitality of the market, while the steady performance of mid-sized galleries proved the possibility of self-sustaining growth. At the same time, the repetitive blue-chip focus exposed clear limitations, underlining the urgent need for market systematization and specialization.
 
What is required now is transparent data, the discovery of new artists, expansion of the collector base, and policy support. Above all, it is crucial to create a structure in which new attempts are rewarded. Only then will the Korean art market go beyond a merely expanded stage and establish itself as a credible hub of production and distribution in the global contemporary art scene.