Frieze Seoul 2024 concluded on September 7, once again affirming Korea’s growing prominence in the global art scene. Now in its third edition, Frieze Seoul has evolved beyond a mere art fair, transforming the entire city of Seoul into a vibrant art festival. Over the four-day event, approximately 70,000 visitors, including international curators, institutional representatives, and collectors, flocked to Coex and various venues across the city, making the event a resounding success. Held concurrently with KIAF (Korea International Art Fair), the dual events highlighted the strong connection between the Korean art market and the global art community.
From the opening day, the fair attracted attention from world-renowned galleries and collectors, with a flurry of transactions occurring. Leading gallery Hauser & Wirth saw significant success, with Nicolas Party’s 2021 artwork selling for $2.5 million (around 3.3 billion KRW), one of the highest-priced pieces at Frieze Seoul 2024. Other notable sales included Avery Singer’s work for $570,000 (around 760 million KRW) and Henry Taylor’s for $450,000 (around 600 million KRW). Hauser & Wirth exceeded expectations with these transactions, demonstrating the strong demand from Korean and Asian collectors.
Pace Gallery also recorded impressive sales. Lee Ufan’s 1988 work sold for $1.2 million (around 1.6 billion KRW), and Robert Indiana’s Chang-dong sculpture fetched $550,000 (around 730 million KRW). Additionally, works by Yoshitomo Nara, Robert Nava, Kenjiro Okazaki, Kylie Manning, Mika Tajima, and Torkwase Dyson were sold, reflecting the gallery’s broad appeal to collectors from Asia and beyond.
Korean galleries held their own, achieving significant sales during the fair. PKM Gallery made headlines with the sale of Yoo Youngkuk’s painting for $1.5 million (around 2 billion KRW), one of the few pieces sold for over $1 million at the event. Gallery Hyundai enjoyed a successful fair, selling all seven new works by artist Jun Joonho, while Kukje Gallery saw high demand for works by Yang Haegue, Moon Sung-sik, and Lee Hee-jun. Johyun Gallery also experienced strong sales, with Lee Bae’s charcoal paintings and works by Park Seo-bo, Kwon Dae-sup, and Kim Jong-hak receiving considerable attention from collectors.
Thaddaeus Ropac Gallery stood out for its success at the fair as well. The gallery sold a piece by Lee Bul for $190,000 (around 250 million KRW) and a 2023 work by Georg Baselitz for $1.1 million (around 1.4 billion KRW). Additionally, two works by Marcia Hafif sold for $330,000 (around 440 million KRW), and a piece by Kangso Lee fetched $180,000 (around 240 million KRW), reflecting the strong interest from both local and international collectors.
Gladstone Gallery was another notable player at the fair. Annika Yi’s work sold for $200,000 (around 260 million KRW), while two works by Ugo Rondinone fetched $170,000 (around 220 million KRW) and $70,000 (around 90 million KRW), respectively. Keith Haring’s drawing sold for $120,000 (around 160 million KRW), while two pieces by Salvo were purchased for $370,000 (around 490 million KRW) and $150,000 (around 200 million KRW), further emphasizing the gallery's broad appeal.
Other major galleries also performed well. White Cube sold a work by Antony Gormley for $720,000 (around 960 million KRW), while Lisson Gallery sold a piece by Hiroshi Sugimoto for $400,000 (around 530 million KRW). Perrotin secured a sale for Takashi Murakami’s work for $600,000 (around 800 million KRW), showcasing the appeal of both established and younger artists during the fair.
The success of Frieze Seoul has once again underscored Korea’s emerging role as a hub for contemporary art in Asia. James Koch, director of Hauser & Wirth, expressed his satisfaction with the event, noting Korean collectors' high level of sophistication and discerning taste. Not only has the interest from local collectors increased, but foreign collectors have also shown a growing enthusiasm for the Korean art scene, signaling the global impact of the fair.
Patrick Lee, Director of Frieze Seoul, remarked that this year’s event solidified its place on the global art calendar, further emphasizing its importance. He also highlighted the positive collaboration with KIAF, which broadened the possibilities for Korean art and introduced the depth and diversity of Korean contemporary art to the international market.
Frieze Seoul 2024, with its broad range of artworks and growing international attention, has proven to be a pivotal platform for both Korean and global galleries, further positioning Korea as a major player in the global art market.
Sayart / Maria Kim, sayart2022@gmail.com
