FRIEZE & Kiaf Seoul 2024 wrapped up amid significant buzz and anticipation, attracting approximately 70,000 visitors. Although there was no open run, the concurrent Seoul Art Week, featuring the Busan Biennale, Gwangju Biennale, and participation from various museums, galleries, and art institutions, resulted in increased attendance from prominent figures in the international art world compared to previous years.

Moreover, the diverse range of programs and associated events, both within and outside the art fair, revitalized the domestic art scene. This year’s FRIEZE & Kiaf Seoul presenting a new phase compared to last year, will be reviewed from various angles to evaluate their impact and achievements.

| FRIEZE SEOUL 2024

At this year's FRIEZE SEOUL, the volume and sales of high-value artworks priced over 1 billion won saw a decline compared to previous years. Despite this, the fair maintained a relatively positive sales environment. Notably, a significant number of works were acquired by Korean and Asian collectors on opening day. 

Hauser & Wirth made headlines by selling eight artworks, including Nicolas Party’s piece for $2.5 million (approximately 3.35 billion won) and Henry Taylor’s Blue Period (2003) for $450,000 (about 640 million won). Sprüth Magers sold a new Self Portrait by George Condo for $1.95 million (around 2.6 billion won) to a private collector from Asia. 

Gladstone Gallery quickly sold several sculptures, including Anicka Yi’s Radial Sensation (2023) for $200,000 (about 270 million won), just two hours into the fair. Anicka Yi, a Korean artist known for her innovative use of scientific elements like scent and bacteria, held her first solo exhibition in Asia at the Leeum Museum of Art. 

Perrotin, with a branch in Seoul, sold a large painting by Takashi Murakami for 804 million won, while Thaddaeus Ropac sold a Georg Baselitz painting for around 1.48 billion won.

At White Cube, Antony Gormley’s sculpture TANLE II (2023) was sold for 900 million won, and Gabriel Orozco’s Plant Journal 3 (2022) fetched 335 million won. Sadie Coles HQ also found buyers for Ugo Rondinone’s smaller sculptures and a painting priced in the 600 million won range.

Looking at the performance of domestic galleries, PKM Gallery sold a painting from Yoo Youngkuk’s prime period, which was prominently featured, for $1.5 million (approximately 2 billion won). Yoo Youngkuk, a first-generation Korean abstract artist, is currently holding a major solo exhibition at the Venice Biennale this year.

Kukje Gallery sold several works, including a recent installation piece by Haegue Yang for 60 million won, two works by Sungsic Moon(each around 60 million won), and a piece by Heejoon Lee for approximately 10 million won. Additionally, the gallery showcased its strength by selling three watercolor pieces by Ugo Rondinone (each 67 million won) and a sculpture by Jean-Michel Othoniel for 137 million won.

Johyun Gallery achieved sales of ten paintings by Lee Bae (each 75 million won), two pieces by Park Seo-bo featuring his color technique (each 107 million won), and a work by Kim Chong Hak for 87 million won.

While many mid-range artworks priced around 1 billion won were sold successfully, high-value artworks in the tens to hundreds of billions of won faced sluggish sales. David Zwirner, who sold Yayoi Kusama's Red Pumpkin (2015) for 7.7 billion won at last year's Frieze Seoul, was unable to sell Kusama's yellow pumpkin painting (2013) priced at 10.7 billion won or the pumpkin sculpture (2015) priced at 6.4 billion won this year.

Similarly, Robilant+Voena's featured piece, a large pink artwork by Andy Warhol valued at approximately 6 billion won, and the 1964 work Morning Star by Kim Whanki, exhibited by Gana Art and priced at 6.5 billion won, did not find buyers.

While FRIEZE SEOUL 2024 did not feature masterpieces by the likes of Picasso or Giacometti—works that were seen in the first and second editions of the fair—it provided a rich selection of works by renowned contemporary artists. The fair notably highlighted a range of pieces by Asian artists, indicating a rise in the status of Asian art. This focus on showcasing Asian artists appears to be a deliberate effort to carve out a distinctive identity for FRIEZE SEOUL and enhance its appeal within the global art scene.

| Kiaf SEOUL 2024

This year, Kiaf again appeared quieter compared to FRIEZE. However, unlike FRIEZE, which received criticism for its gallery booth arrangements and exhibited works, Kiaf garnered positive feedback for improvements over the previous year. This improvement is likely due to stricter gallery selection processes.

Kiaf encouraged the presentation of new works rather than older pieces and required galleries to submit detailed plans for booth layouts, reflecting significant efforts in its organization. Additionally, by expanding the exhibition space while reducing the number of participating galleries, Kiaf provided a more comfortable viewing experience, thereby increasing visitor satisfaction.

KIAF, artworks typically have lower price ranges compared to FRIEZE, with pieces priced over 100 million won often not selling. However, galleries that displayed works priced under 100 million won had a notable number of sales. 

For example, a piece by Tomás Saraceno showcased by Gallery Hyundai was sold for around 100 million won. At Chungjark Gallery, works by Kim Young-won in the tens of millions of won range attracted interest from the National Museum of Modern and Contemporary Art. Additionally, The Columns Gallery successfully sold multiple small works by Kim Kang Yong. At Kukje Gallery, which featured works by Kim Yun Shin, a sculpture was sold for $75,000 (approximately 100 million won).

References

• 프리즈 속 'K-아트' 진격…20억 유영국·박서보·이배·이진우·최종태·전준호 판매 잇따라
  
• 3년차 맞은 프리즈 서울 개막…"해외 미술계 인사 방문 늘어"
  
• 대작은 줄었어도…젊어진 국내 최대 미술장터, 프리즈ㆍ키아프 개막
  
• '프리즈 서울' 하우저앤워스 "출발 좋다…니콜라스 파티 등 8점 판매"
  
• ‘10억대 이상’ 작품 손꼽히는 프리즈 서울…한국 작가 인기는 ‘후끈’
  
• 막내린 프리즈 "입지 확고히"…키아프는 "기대 이상 성과"(종합)