Live Auction “Contemporary Art Sale” at
Seoul Auction ©Seoul Auction
The "2024 3rd Quarter Art
Market Report," released on October 31 by the Korea Art Authentication
& Appraisal Research Center's corporate research lab KAAI, indicated that
the slump in the Korean art market continues.
In the third quarter of 2024
(July, August, September), the total sales amount in the domestic auction
market decreased by 26.19% year-on-year, reaching 23.75 billion KRW. The
average sale price of artworks also fell by 8.5%. Total sales of the top three
domestic auction houses also showed a downward trend, with Seoul Auction down
by 28%, K Auction by 12%, and MYART Auction by 52% compared to the same period
last year.
July
Auction at K Auction ©K Auction
Meanwhile, K Auction saw a 45%
decrease in offline sales but achieved the highest total sales due to a
2.6-fold increase in online sales.
Online auctions are relatively more
accessible for lower-priced works or works by artists with a weaker market
presence compared to offline auctions. This performance by K Auction suggests a
growing need for platforms like online auctions, which cater to lower-priced
pieces, especially in a current market where sellers outnumber buyers.
Frieze
Seoul 2024 ©Frieze and Lets
Studio. Photo: Lets Studio.
The
report stated that "the domestic art market has experienced its worst
third quarter," and predicted, "if this trend continues, recovery
will be difficult to expect in the near future."
It
also offered a negative outlook on the sustainability of Frieze Seoul, which
began in 2022. The report suggested that if the current state persists, it
would be challenging for the event to continue after the initial five-year
contract ends.
The
report analyzed that “Major domestic buyers are increasingly inclined to attend
the main leagues of art fairs in London, New York, and Switzerland, where
high-value works are presented, rather than purchasing lower-priced pieces at
Frieze Seoul.” It suggested that the challenges facing franchise art fairs
might be a natural progression.
References
Ji Yeon Lee has been working as an editor for the media art and culture channel AliceOn since 2021 and worked as an exhibition coordinator at samuso (now Space for Contemporary Art) from 2021 to 2023.
