As Frieze Seoul returns in September, the question is no longer whether Seoul can host a global art fair, but whether the city can sustain a real art market around it.

When Frieze Seoul was first announced in 2022 as a joint fair with Kiaf SEOUL, it was one of the biggest pieces of news in the Korean art world. The arrival of a major international art fair brand in Seoul immediately changed the mood of the market. At the time, many in the local art scene described Korea’s art market as being at its hottest point in modern history. There was a strong belief that Seoul might become the next major Asian art market after Hong Kong.

That early excitement was not meaningless. Frieze Seoul brought leading global galleries, international collectors, museums, luxury brands and media attention into the city. It also helped Seoul’s gallery districts, from Hannam and Samcheong to Cheongdam and Seongsu, gain greater visibility on the global art map.

But the question has changed. Seoul no longer needs to prove that it can host an international art fair. It now needs to prove that it can sustain one.

Frieze Seoul returns this September at COEX in Gangnam, again alongside Kiaf SEOUL. The fifth edition will bring more than 125 galleries from 30 countries. On paper, the scale remains strong. Yet the more important question is not simply how many galleries are coming, but which galleries are returning, which are leaving, and which Asian market they choose when they cannot attend every fair.

That is why the absence of several major international galleries has drawn attention. The issue is not whether one or two galleries skip a fair in a given year. Global galleries make decisions based on cost, collector depth, sales potential and long-term relationships. Booth fees, shipping, insurance, installation, staff travel and hospitality all add up. Applause matters, but galleries return for markets that can justify those costs.

Frieze Seoul has produced major sales. Its total transaction volume is not officially disclosed, but high-value sales have been reported each year. This means Seoul is not a city without buyers. The more difficult question is whether those sales are deep enough, consistent enough and broad enough to make global galleries return year after year.

That is where Hong Kong still has structural advantages. Hong Kong is not simply an older art fair city. It sits close to mainland Chinese collectors, benefits from its financial infrastructure and has long functioned as a gateway for high-value art transactions in Asia. Seoul has cultural energy, strong galleries, museums, corporate sponsorship and the global power of Korean popular culture. But cultural appeal alone does not create a market. A market is built when collectors buy repeatedly, galleries return voluntarily, and artists circulate through international networks.

This is why Frieze Seoul matters beyond the art market itself. A successful art fair does not only sell works. It moves a city. When international galleries and collectors come to Seoul, hotels, restaurants, shipping companies, insurers, translators, installers, media platforms and tourism businesses are also activated. An art fair may last only a few days, but its economic effect can spread across the city’s cultural and service industries.

There is also a public dimension. If Frieze Seoul becomes firmly rooted in the city, Korean audiences can encounter works and galleries that they might otherwise have to travel abroad to see. A stronger art market does not only mean higher sales figures for collectors. It also means better works arriving in Korea, broader public access and a higher standard of visual experience for citizens.

This is why the September fair should be seen as more than another cultural event. It is a test of Seoul’s position in the global art economy. The excitement of the first edition brought attention to the city. The next stage will depend on structure: collectors who buy, galleries that return, institutions that collaborate, companies that invest and public programs that bring art closer to everyday life.

Frieze Seoul’s task is not simply to attract more visitors. It must show whether Seoul can become a city where art is not only viewed, but traded, circulated, collected and absorbed into civic culture. In the end, a good market brings good works, and good works change the eyes of the audience.

The next question for Frieze Seoul is not how large an art fair the city can host. It is what level of art Seoul can bring into the everyday life of its citizens.

[Sayart = Maria Kim] 
sayart2022@gmail.com