This final installment of《Korea Art Market 2025》summarizes the condition of the Korean art market in 2025 by sector, based on the report’s market analysis, and considers prospects for the period ahead.
 
A synthesis of the key indicators presented in《Korea Art Market 2025》suggests that the simultaneous downturn observed across auctions, galleries, and art fairs cannot be explained simply as a cyclical economic slowdown. Rather, the analysis persuasively argues that the conventional growth model that characterized the Korean art market over the past decade has reached its limits, with the consequences of this structural exhaustion becoming concentrated over the course of this year.
 
 
 
The Auction Market: From Short-Term Trading to Long-Term Holding

In 2025, the domestic auction market showed a clear decline. Total annual hammer sales fell sharply from the previous year, dropping to levels even lower than those seen in the early stages of the pandemic. This contraction, however, is not unique to Korea, but aligns with the broader downturn affecting the global auction market as a whole.

That said, the internal dynamics reveal a more nuanced picture than a simple contraction. In certain price segments, transaction volumes were maintained or even increased slightly, while among major artist groups, short-term trading declined and was replaced by transactions premised on long-term holding. In effect, speculative demand has receded, giving way to a more conservative collecting attitude.
 
The report interprets this not as a collapse of the auction market, but as a transformation in trading behavior. Rather than focusing on the timing of a price rebound, it suggests that closer attention should be paid to the ongoing reconfiguration of market structure.
 


Galleries: The Limits of Expansion-Driven Strategies

In the gallery sector, the sense of contraction was even more pronounced. Many galleries experienced declining revenues, leading to reductions in operational scale or adjustments in art fair participation. A growing number have also begun reassessing staffing structures and fixed costs.
 
Within the industry, these shifts are increasingly viewed not as short-term responses to an economic downturn, but as signals that expansion-oriented operating models have become unsustainable. In this sense, 2025 marks a turning point rather than a temporary setback.

By contrast, a smaller group of galleries demonstrated relatively stable performance. These galleries shared a common approach: moving away from a supply-driven, artist-centered logic toward strategies oriented around collectors.
 
Those that recalibrated exhibition planning, pricing structures, and communication methods to align with changing collector preferences and purchasing patterns were able to maintain greater stability despite unfavorable market conditions.
 
The report characterizes 2025 as “a year in which galleries paused their growth strategies and began to reconfigure their operational foundations.”
 


Art Fairs: The End of the “Attend More” Strategy

Even amid the contraction of auctions and galleries, art fairs continued to function as key distribution channels. At several major fairs, visitor numbers increased, and while limited, tangible sales results were confirmed. In particular, the influx of younger collectors emerged as a positive variable for the market.

Power 20: Influence Remains Concentrated in Individuals

The《Korea Art Market Power 20》list included in the 2025 report offers a revealing snapshot of the current structure of influence within the Korean art market.
 
Taking into account not only capital scale and transaction volume, but also network-building capacity, institutional impact, and the ability to shape discourse, the list identifies those who exert real influence over the market.
 
One striking feature is that influence remains centered on individuals rather than consolidated within institutions or organizations. Figures who move fluidly across galleries, institutions, curatorial practice, and policy domains continue to play a decisive role.

This indicates that the Korean art market still relies heavily on personal judgment and relational networks rather than institutionalized systems. The report assesses this condition as one that “combines the advantage of flexibility with inherent structural vulnerability.”

Closing 2025

On December 18, the five-year extension of Frieze Seoul was formally confirmed. This decision is widely interpreted as a sign that Seoul is no longer viewed as a site for short-term events within the Asian art market, but rather as a mid- to long-term hub. It underscores the continued strategic relevance of the Korean market within the international art world.
 
Nevertheless, this development should not be read straightforwardly as a signal of market recovery. Many in the field regard the extension as having “bought time.” Over the next five years, outcomes will depend heavily on how effectively internal foundations are strengthened—through institutional reform, the development of digital archives, the cultivation of professional expertise, and the education of collectors.
 
In conclusion, while the《Korea Art Markt 2025》was undeniably subdued, the report suggests that this year should not be recorded simply as one of decline. Rather, it may be understood as a period in which the market adjusted its pace while preparing for the next phase.
 
Ultimately, the question posed by《Korea Art Markt 2025》points toward 2026 and beyond, emphasizing that only through professional decision-making aligned with global standards and reform-oriented execution that overcomes existing limitations can the market move closer to meaningful answers.



Source (Download):《Korea Art Markt 2025》(Seoul National University Business Research Institute · Paradise Cultural Foundation, 2025).