Frieze Seoul 2026 took place at COEX in Seoul from September 2 to 5.
 
According to official figures released by Frieze after the fair, more than 70,000 people attended over four days. Visitors and collectors came to Seoul from 54 countries and regions, while representatives from 178 museums and institutions across 25 countries and regions were also in attendance. Frieze said this year’s edition attracted overseas visitors from the widest range of countries and regions to date and recorded the highest-ever level of participation by museums and institutions.
 
This year’s Frieze Seoul was held amid an ongoing correction in the global art market. Major international galleries returned to Seoul, and a number of significant sales were reported throughout the fair. In particular, sales of works by Korean artists and acquisitions by museums and institutions in Korea and abroad received considerable attention from international art media, bringing renewed focus to how effectively Frieze Seoul is connecting Korean art with networks of international galleries, collectors, and museums.

From Growth to a Test of the Market
 
After several years of rapid expansion, Frieze Seoul 2026 became a test of Seoul’s actual competitiveness as an art market.
 
Rather than simply expanding in scale, Frieze introduced changes to the fair’s structure and content. It launched Spotlight, highlighting 20th-century artists, and Material Practice, focusing on materiality and craft-based practices, while expanding the geographic scope of Focus beyond Asia. The fact that more than 70% of participating galleries were based in the Asia-Pacific region also reinforced Frieze Seoul’s distinct regional identity.
 

Major international art publications generally took a cautious view of the market.
 
The Art Newspaper noted that the overheated atmosphere of 2022 had subsided, while drawing attention to the view among industry figures that the current contraction represents less a decline than a market correction toward a more mature and sustainable ecosystem.
 
Ocula described the opening of this year’s fair as “subdued opening days,” meaning that sales were somewhat sluggish in the early days. Although visitor numbers were high, sales did not show the same pace of rapid, high-value transactions seen at major international art fairs such as Art Basel. Against this backdrop, sales of works by Korean artists and Korean galleries stood out relatively strongly.
 
Artnet likewise reported that while some galleries recorded better-than-expected sales on the opening day, this was not necessarily evidence of a broader market recovery. It pointed to varying experiences among galleries as well as mixed signals across the Korean economy.
 

The emphasis differed among the three publications, but their assessments shared a common thread: the fair remained energetic, while collectors became more selective in their purchases and galleries more cautious in both pricing and the works they presented.

Major Gallery Sales
 
Major galleries began reporting sales soon after the fair opened.

 
Kukje Gallery announced sales of works by Ha Chong-Hyun, Park Seo-Bo, Kim Yun Shin, and others. In particular, Yoo Youngkuk’s Work (1971) was reported as sold for KRW 2.2–2.5 billion (approximately $1.6–1.85 million). Frieze said it was the highest-priced work by a Korean artist sold in the fair’s five-year history. The buyer was reported to be a board member of a North American museum.
 
Gallery Hyundai said it sold five works by Kim Tschang-Yeul and three by Lee Seung-taek. According to Frieze, the highest reported prices were $1.1 million and $700,000, respectively, with combined sales of works by the two artists exceeding $2.3 million.
 
Johyun Gallery reported sales of Lee Bae’s new sculptures and drawings for $40,000–$140,000, with several works placed in international collections.
 
Thaddaeus Ropac said it sold Adrian Ghenie’s Figure with Funerary Stele (2026) for €1.1 million and Antony Gormley’s HOLD for £750,000.
 
White Cube announced the sale of Gerhard Richter’s Fuji for €625,000 and Park Seo-Bo’s Ecriture No.221121 for $300,000.
 
Hauser & Wirth reported the sale of Louise Bourgeois’s Femme for $600,000, while Rashid Johnson’s Soul Painting “Interiors” (2025) was reported as sold for $1.2 million to a major Korean institution.
 
Pace Gallery announced the sale of Anicka Yi’s HLKR£Kþ§†MLJ (2026) for $225,000. Frieze also reported the sale of a work by Yoo Youngkuk for $1.1 million.
 
Lehmann Maupin reported the sale of three works by Kim Yun Shin for $30,000–$80,000 each, with one entering the collection of a Korean museum.
 
David Zwirner also reported the sale of two paintings by Mamma Andersson to a museum in South Korea.

How Should Reported Sales Be Assessed?
 
Frieze Seoul and Kiaf do not publish official statistics showing the fairs’ total sales volume or sell-through rates. Sales reported in the media are therefore based not on the full range of transactions, but on a limited selection of sales disclosed by individual galleries.
 
For this reason, a handful of high-value transactions cannot by themselves be used to assess the overall performance of the fairs or determine whether the market is booming or recovering. The available examples do not provide a complete picture of the overall scale or pattern of sales.
 
Another issue is the verifiability of the sales information that is made public. Most reported sales are based on information provided by the galleries involved in the transactions. In some cases, the work and its price are clearly identified, while in others only the artist’s name or a price range is disclosed.
 
This does not mean that the information is inaccurate. However, because reported sales can directly affect perceptions of both a gallery’s and an artist’s market position, publicly disclosed sales should provide at least enough information to identify which work was actually sold.
 
There is no need to disclose the identity of the buyer or every transaction made at the fair. The key issue is that sales presented as evidence of market performance should be verifiable to a reasonable degree.

A New Test for Frieze Seoul in 2027
 
In 2027, Frieze Seoul will move to Dongdaemun Design Plaza (DDP) as COEX undergoes redevelopment, while Kiaf will remain at COEX.
 
Although the partnership between the two fairs has been extended through 2031, the separation of their venues will make Frieze Seoul’s own ability to attract visitors, collectors, and galleries—and its competitiveness as a marketplace—more clearly measurable.
 
If the past five years were a period in which Frieze Seoul established itself in the city and demonstrated Seoul’s potential within the international art market, the next stage will be determined by whether that impact translates into substantive growth within Korea’s art market.
 
If Korean artists continue to expand internationally, Korean galleries increase their cross-border business, and overseas collectors and institutions remain actively engaged, Frieze Seoul can evolve beyond an international fair held in Seoul into a platform that strengthens the global competitiveness of Korea’s art market.
 
 
 
References
 
Frieze, “The Breadth of Asia’s Art Market Takes Center Stage at Frieze Seoul 2026,” September 6, 2026.
Frieze, “Frieze Seoul to Take Place at Dongdaemun Design Plaza in 2027,” August 14, 2026.
Frieze, “Frieze Seoul Returns for Fifth Edition with New Curated Sections, 2–5 September 2026,” June 9, 2026.
Vivienne Chow, “South Korea’s Art Market Correction Signals Maturity,” The Art Newspaper, September 1, 2026.
Shana Wu, “Amid Volatile Korean Economy, Galleries at Frieze Seoul and Kiaf Opt for Cautious Pricing and Fresh Faces,” The Art Newspaper, September 3, 2026.
Philippa Kelly, “Strong Showing for Korean Art Amid Subdued Opening Days at Frieze Seoul,” Ocula, September 3, 2026.
Sojeong Kim, “The Market’s Up! The Market’s Down! At Frieze Seoul, Galleries Notch Sales in Uncertain Times,” Artnet News, September 3, 2026.
Artsy Editorial, “$1.28 Million Adrian Ghenie Painting Leads Opening Sales at Frieze Seoul 2026,” Artsy, September 2026.
Yonhap News Agency, “Kiaf and Frieze Close as Younger Collectors Grow and Art Transactions Remain Active,” September 6, 2026.
The Korea Economic Daily, “Kiaf and Frieze Close, with Yoo Youngkuk Work Reaching KRW 2.5 Billion as Top Reported Sale,” September 7, 2026.