Frieze, Kiaf Seoul point to Korea's recovering art market
Visitors look around art works at Frieze Seoul 2026 at Coex in Seoul, Wednesday. Courtesy of Frieze
Twin fairs see over 150,000 visitors with sales across various price points, from Korean modern masters to emerging artists
In the art world, sales are often the barometer of a successful art fair. A successful fair is typically measured by a handful of blockbuster deals signed during the event.
This year’s Frieze Seoul and Kiaf Seoul, which closed on Sunday, sent a more nuanced message.
The fairs did not see any ultra-high-value sales like those that made headlines during Frieze Seoul’s 2022 debut, but they sent a clear enough signal that Korea’s art market was regaining its footing, with a broader range of buyers, price points and artists.
The fifth Frieze Seoul, held at Coex from Sept. 2-5, drew more than 70,000 visitors from 54 countries and regions, its most internationally diverse audience to date, according to the fair organizers. Some 178 museums and institutional representatives from 25 countries also attended, marking another record.
Likewise, homegrown Kiaf Seoul attracted about 80,000 visitors to its 25th edition until the last day on Sunday, bringing together 175 galleries from 18 countries. Fair organizers said attendance on its opening Wednesday and Thursday saw a 5 to 10 percent jump from last year, while about 8,000 people visited on Sunday alone.
The fairs arrived after years of adjustment in Korea’s art market when the rapid buying and speculation of the pandemic-era boom gave way to more cautious collecting.
But this year’s sales suggested that interest was extending beyond a limited group of established, high-net-worth buyers.
A visitor looks around art works at Frieze Seoul 2026 at COEX in Seoul, Wednesday. Courtesy of Frieze
At Frieze, the top reported transaction was Kukje Gallery’s sale of a 1971 painting by Korean modernist Yoo Young-kuk for between 2.2 billion won ($1.63 million) and 2.5 billion won ($1.85 million). Yet the broader pattern was seen in the sales across much lower price tiers.
Frieze CEO Simon Fox said the health of an art market should not be measured by one or two blockbuster deals, but by the volume of transactions across price categories.
“We do not define the success of the market by one or two large sales,” Fox said at a press conference during the fair. “The reason I believe the market is successful and stronger is the total volume of transaction at various price points is healthy.”
Jose Graci, director of Mazzoleni, an Italian gallery specializing in modern and contemporary art, said, "We have been particularly encouraged by the strong engagement of Korean collectors, whose interest has extended across both modern masters and contemporary voices. Overall, the fair confirmed the sophistication and curiosity of the Korean audience."
James Green, associate partner at David Zwirner, another art gallery, said Korea’s collector base had evolved into one with “a deep knowledge of Western artists” and “the buying power in the region remains strong.”
Frieze said it has seen a younger profile among fairgoers and a growing pool of potential first-time collectors in Korea and across Asia, prompting it to cultivate audiences year-round through expanded regional VIP teams, partnerships with local institutions and programming. It will also launch a Korean-language edition of Frieze magazine next year, extending its engagement with younger art enthusiasts and art professionals beyond the fair week.
Visitors look around art works at Kiaf Seoul 2026 at Coex in Seoul on its closing day, Sunday. Courtesy of Galleries Association of Korea
A similar pattern appeared at Kiaf Seoul.
Gallery Hyundai reported more than $2.3 million in sales from five works by Kim Tschang-yeul and three by Lee Seung-taek. Meanwhile, newer galleries reported brisk sales of emerging artists’ works at prices accessible to first-time collectors.
The Galleries Association of Korea said the fairs showed a market entering a gradual recovery phase, with continued interest in established artists among a broader appetite for contemporary midcareer and emerging artists.
“The participation of younger and new collectors expanded, showing that the base of the art market is widening,” the association said.
Kiaf’s newly appointed creative director, designer Chung Ku-ho, attributed that shift to a generation less inclined to treat art solely as an investment.
“Whereas art collection in the past was often investment-oriented, younger generations are becoming more centered on personal taste,” Chung said. ”Rather than following the blue-chip artists their parents liked, they are looking for artists they want themselves.”
Chung redesigned Kiaf around the theme “Coexistence,” introducing a clearer circulation route, special exhibition and rest areas throughout the the venue.
“I thought a fair should not have blind spots,” Chung said. “The goal was to make visitors go around and see every corner by using special exhibitions as a reason to explore.”
Visitors look around art works at Kiaf Seoul 2026 at Coex in Seoul, Wednesday. Yonhap
Outside Coex, Frieze Week extended through late-night gallery openings in Euljiro, Hannam-dong, Cheongdam-dong and Samcheong-dong, alongside major museum exhibitions.
For Frieze Seoul director Patrick Lee, the fair’s significance lies in those long-term relationships as much as its sales.
“Frieze coming here really is more of a validation of the incredible cultural landscape here in Seoul,” Lee said. “One of the most rewarding things is how we are able to shine a spotlight on what is happening here.”