Frieze helps Seoul become rising art market in Asia

The inaugural edition of Frieze Seoul kicked off with a VIP opening at COEX in Gangnam District, southern Seoul, Friday. The four-day art fair invited more than 110 worldwide galleries to its packed venue ― the second-largest amount among Frieze's global runs in London, New York and Los Angeles. Yonhap

1st Seoul edition of global art fair packed with throngs of avid collectors, art lovers

By Park Han-sol

The first weekend of September in Seoul was marked by one gigantic art-filled excursion, as crowds of eager collectors and other visitors flocked to COEX in the city's Gangnam District for the inaugural landing of global art fair, Frieze.

The excitement has shown no signs of abating since the four-day event's VIP opening on Sept. 2, as evidenced by the long lines stretching down the hall on the complex's third floor.

And with over 110 worldwide galleries participating ― the second-largest amount among Frieze's global runs in London, New York and Los Angeles, according to the art fair group's CEO Simon Fox ― Frieze Seoul does not disappoint.

"We're thrilled to have now Seoul, the Korean art fair, as part of Frieze. We were definitely missing an Asian arm," the CEO said during a press conference last Friday.

It was an "easy decision" to choose Seoul as Frieze's first Asian host, Fox noted, highlighting two reasons for the selection: "The first is the number of artists, galleries, museums and collections in the city. The second is that Korean culture is having a huge impact across the world at the moment, whether that's music, film, fashion, architecture or art. I think what happens here in Seoul is globally important."

Prominent dealers that have arrived in Seoul for the very first time to participate in the fair's main section reported a string of topline sales by the close of the VIP preview day.

Hauser & Wirth sold all 15 pieces in the first hours of the fair, many of which went to collections in Korea, including American visual artist George Condo's $2.8 million painting "Red Portrait Composition."

"The reception has been great. I mean, look at this energy. We (have been) receiving collectors, curators and advisers from all over the world," Elaine Kwok, Hauser & Wirth's managing partner for Asia, told The Korea Times.

Prominent global art dealer Hauser & Wirth showcases George Condo's "Red Portrait Composition" (2022), above, which was sold for $2.8 million, and Louise Bourgeois' "Gray Fountain" (1970-71) at its booth at Frieze Seoul, Friday. Newsis

Nick Simunovic, managing director of Gagosian Gallery's Hong Kong branch, said that although the lion's share of visitors came from the Korean community, he also witnessed a pan-Asian audience from Indonesia, Singapore, Thailand, Japan, Taiwan and mainland China stop by the booth.

Pace Gallery, which was one of the first international exhibitors to establish a permanent outpost in Seoul in 2017 and expanded the space of its arts complex recently in Hannam-dong, placed a $475,000 Adam Pendleton silkscreen painting to a museum in Asia, among others.

"We came here, I'd say, with no expectations because Frieze Seoul is a new fair. We had no idea what the audience would be like. But in terms of reception at the booth, we've sold very well, especially for the contemporary program," said Amelia Redgrift, the gallery's chief communications and marketing officer.

And it was Seoul-headquartered Kukje Gallery that sold "dansaekhwa" (monochrome painting) master Park Seo-bo's piece for between $490,000 and $550,000.

Frieze Masters, one of the fair's feature sections, was presented as more of a curated peek into the millennia-spanning collection that remains significant in world art history, from a Mesopotamian cuneiform tablet to the Pablo Picasso painting, "Femme au Beret Rouge a Pompon," with an estimated value of $45 million.

"We try and deal in blue-chip, iconic artists of great quality. It's kind of what our bread and butter is. So we thought, in this instance (in Seoul), where maybe we're not as well known, we can come and show what we do in the best way possible," said Alexander Acquavella of the New York-based Acquavella Galleries, which dazzled visitors with its showcase of Picasso, Andy Warhol, Piet Mondrian, Jean-Michel Basquiat and Henri Matisse.

A visitor of Frieze Seoul takes a photo of Pablo Picasso's "Femme au Beret Rouge a Pompon" (1937), exhibited by New York-based Acquavella Galleries. The painting is the most expensive piece brought to Seoul this year, with an estimated value of $45 million. Yonhap

Dr. Jorn Gunther Rare Books, a Basel-based antiquarian dealer of medieval manuscripts and printed books, filled a glass vitrine with the museum-quality 14th-century codex once owned by the French royalty.

"Korean people (have long been) interested in papermaking, printing, scripture and calligraphy. Printing started very early over here, even earlier than in Europe. And I thought it would be interesting to show our Western culture also to the Korean people," its owner and CEO Jorn Gunther told The Korea Times.

The section also highlighted a string of Korean masters. Hakgojae Gallery called attention to Nam June Paik and Yun Suknam, the latter dubbed "the godmother of Korean feminist art," while Gallery Hyundai spotlighted three seminal figures in Korean experimental art: Park Hyunki, Lee Seung-taek and Quac Insik.

Focus Asia, another feature section, was unique to Frieze's Seoul edition, marked by its focus on 10 groundbreaking artists from the continent introduced by emerging Asian galleries that have opened their doors since 2010.

The booth of P21, one of the participating Korean galleries in the section, was crowded with visitors glued to the screen that featured Ryu Sung-sil's garish, tongue-in-cheek commentary on neoliberal Korean society's fixation with money-making schemes and media frenzy.

Visual artist Ryu Sung-sil's video installation, "Big King Travel Ching Chen Tour ― Mr. Kim's Revival 2019/2022" / Courtesy of the artist and P21

Frieze Film, a special off-site program running until Sept. 7 in two venues adjacent to Gyeongbok Palace in central Seoul, has been buzzing with excitement as well.

Co-curated by two art nonprofits, LA-based GYOPO and Seoul-based WESS, the program, titled "I Am My Own Other," was dedicated to 10 local and diasporic Korean artists and groups working in time-based media.

"I think about 120 people (showed up) per day! Many younger folks, students and artists attend(ed) Frieze Film," Yoon Ju Ellie Lee, GYOPO's co-founder and the co-chair of its steering committee, told The Korea Times, adding that the free program allowed people to access the spirit of Frieze even without purchasing pricey tickets to the fair.

"Frieze Film is a new initiative… It's something that we decided to invest in," Frieze CEO Fox said. "I would like to make Frieze Film in Seoul a bigger part of our fairs going forward."

Running alongside Frieze on the first floor of COEX was Kiaf Seoul, Korea's first and longest-running contemporary art fair. Its 21st edition is scheduled run until Sept. 6, a day longer than its counterpart.

Kiaf Seoul, Korea's first and longest-running contemporary art fair, has been taking place alongside Frieze Seoul on the first floor of COEX since Friday. Its 21st edition will run until Sept. 6, a day longer than its counterpart. Yonhap

While the event ― which invited 164 galleries from 17 countries with an emphasis on Korean and Asian exhibitors ― has proven its worth with the packed venue, it was inevitably overshadowed by the profiles of leading galleries and works introduced by Frieze.

Seemingly in anticipation of its eclipsed presence, Kiaf attempted to differentiate itself with the launch of Kiaf Plus, its first satellite art fair, at the nearby Seoul Trade Exhibition & Convention (SETEC).

The new media- and NFT-focused event targets a burgeoning group of younger local collectors, many of whom view art as a rising investment opportunity.

Seoul's ascent as potential new art hub in Asia

Many of the high-profile gallery representatives and industry personnel saw eye to eye on Seoul's status as a fast-growing art market in Asia in terms of its expanding cultural and economic network of collectors, artists, academics and exhibitors.

"I think the Korean art market is incredibly sophisticated. And there have been collectors who have been looking at international art since the 90s; that's incredibly early for Asia," Hauser & Wirth's Kwok said.

Gagosian's Simunovic similarly noted, "We know that there's been a sort of groundswell of support and interest and curiosity about contemporary art in Korea. Obviously, there's a very long-standing tradition of collecting in Korea, too. So the foundation was laid a long time ago."

Francis Belin, president of Christie's Asia Pacific, echoed the sentiment: "The city is full of passion for arts, full of energy."

On the occasion of Frieze, the renowned international auction house hosted a three-day exhibition, titled "Flesh and Soul," from Sept. 3 to 5 for the first time in Seoul at the high-end clothing store Boon The Shop. The show brought 16 masterpieces by two figurative art icons, Francis Bacon and Adrian Ghenie, worth over $440 million, to the heart of Korea's capital city.

A crowd of visitors look at Korean abstract master Kim Whanki's large blue-dot painting, "Tranquility 5-IV-73 #310," on view at Seoul-headquartered Kukje Gallery's booth at Frieze Seoul, Friday. Yonhap

However, the art dealers also pointed out that it is reductive to claim that Seoul will one day "replace" Hong Kong as the new art hub of Asia, as the two cities have distinct cultural, economic and geographical characteristics.

"There is a sort of false dichotomy that's being created between Hong Kong and Korea. Asia has an enormous geography that can accommodate many successful fairs," Simunovic said. "The success of the fair in Korea doesn't have to come at Hong Kong's expense."

Kwok added, "Hong Kong has many advantages: the geographically central location, the fact that it is an international finance hub (with no language barrier)… That said, as the Asian market grows, there will be room for many important art centers and I have no doubt that Seoul will be one of the most exciting and diverse ones."