Kiaf SEOUL 2023. Photo by Kiaf SEOUL Operating Committee. Courtesy of Kiaf SEOUL.Since the joint hosting of Frieze and KIAF (Korea International Art Fair) in Seoul, debates on the influx of foreign gallery capital have intensified among experts in the Korean art market. The Frieze and KIAF joint fair in Seoul has had a significant impact on the Korean art scene with the entry of numerous international galleries. Hankyoreh reporter Roh Hyung-seok summarized the optimism and pessimism of Korean art market experts about the influx of foreign gallery capital.
As of now, the prevailing view is more pessimistic. Experts anticipate a 30-40% decrease in revenue for Korean galleries and auction industries compared to the previous year. However, the overall size of the Korean art market is expected to reach KRW 1 trillion this year. International galleries with a presence in Korea, such as Pace Gallery, Lehmann Maupin, and Thaddaeus Ropac, do not disclose their sales figures, but it is believed that they have made a significant contribution to the Korean art market. Despite the current global economic conditions, these galleries are expanding exhibition spaces and pioneering opportunities for mid-level artists in Korea and internationally. Moreover, in 2024, private art museums like Leeum plan exhibitions featuring star artists represented by these mega galleries, further expanding their influence on the Korean art market.
However, some argue that comparing the domestic situation with foreign galleries with overwhelming capitalization is not correct. Despite the overall challenging situation in the art market, the Korean art scene maintains its status internationally. Moreover, there is a perspective that the influx of the foreign art scene has led to significant improvements in the exhibition formats and content of the Korean art scene. Nevertheless, to ensure sustained development without succumbing to foreign art capital, there is a consensus that an innovative approach to bringing new talents into the market is essential.
