In the first half of 2024, the domestic art market remains sluggish due to ongoing economic downturns. The total transaction amount of the eight major domestic auction houses, including Seoul Auction and K Auction, reached approximately 91.7 billion won, up 13% from last year’s 81.1 billion won.
However, this is a significant drop compared to the 144.6 billion won recorded during the art market boom of 2022. In art fairs, the trading volume of so-called ‘blue-chip’ artists has also shown signs of slowing down.
Auction Trends in July
As the second half of the year began, efforts to overcome the art market’s stagnation were evident. Seoul Auction deviated from its traditional single-day live auctions to introduce a new format called ‘Art Life Balance (A-L-B)’, which spans two days: DAY1 as a live auction and DAY2 as an online auction. During DAY1, 23 high-value liquors were offered, with 11 selling.
Petrus 2004, 2005 ©Seoul AuctionNotably, two bottles of 2004 and 2005 Petrus Bordeaux wine sold for 18 million won. DAY2’s online auction featured luxury items such as Hermes and Chanel bags, as well as Hans Wegner-designed furniture. A collaboration bag between Yayoi Kusama and Louis Vuitton sold for 4.5 million won, while a rug featuring a painting by Ayako Rokkaku fetched 9 million won.
Including high-end wines, luxury goods, jewelry, and furniture in auctions represents an attempt to diversify revenue streams amid the art market downturn.
Louis Vuitton x Yayoi Kusama Bag ©Seoul Auction
Ayako Rokkaku’s painting rug ©Seoul Auction
K Auction maintained its traditional auction format but generated significant buzz by featuring rare artworks not previously seen at auctions. One highlight was Kim Yun Shin’s painting “Rest of My Soul” (2014). Although Kim’s sculptures have occasionally appeared at domestic auctions, this was the first time her paintings were offered. Starting at 9 million won, the painting eventually sold for 64 million won, surpassing the estimated high of 60 million won.
Kim Yun Shin, Rest of My Soul, 2014 ©K AuctionThis indicates strong interest in Kim’s paintings not only in primary markets like galleries and art fairs but also in secondary auction markets. The artist’s solo exhibition at the Kukje Gallery earlier this year likely influenced this auction.
Gallery and Art Fair Trends in July
In July, a notable gallery exhibition was Woo Kookwon’s solo show at Tang Contemporary, titled “My Universe,” which opened on July 20. The exhibition featured around 30 works, primarily large-scale pieces averaging 100~150F.
Woo Kookwon ©Tang ContemporaryDespite the art market downturn, Woo’s works continue to command high prices, unaffected by the drop in prices for younger artists who emerged during the 2021-2022 market boom. Woo’s solid market position suggests that established artists with consistent demand may see stable or even rising prices regardless of market conditions.
Woo Kookwon, Walden, 2024 ©Tang Contemporary
July also saw the “2024 Art Platform G-Art Market,” organized by the Gyeongju Cultural Foundation, held from July 24-28 at the Alcheon Art Museum in Gyeongju. This fair aimed to boost local art market transactions and promote artists, featuring works by 45 regional artists and 5 emerging artists selected through open calls.
Another significant event was “2024 Asia Art Fair” (July 30 – August 25), held at the former National Theater’s Baik Jang Theater behind Seoul Station. The fair provides a platform for young Asian artists and includes over 1,200 works from 500 artists across eight Asian countries.
While numerous small and large fairs continue across the country, their impact on the market remains uncertain. The hope is for these fairs to differentiate themselves with unique galleries and high-quality planning to achieve notable results.
August Art Market Forecast
The art market is inevitably influenced by economic and socio-political factors. However, it is a unique market where trends do not always align with economic conditions, as seen during the COVID-19 pandemic when the market thrived despite global economic downturns.
Without significant improvements in the current political and economic situation, the domestic art market is expected to remain stagnant. Interest is particularly focused on the upcoming Frieze Seoul in September, with expectations high for its impact on the local market.
Since the start of Frieze Seoul, August has become a preparatory period for the domestic art scene. Galleries are reserving notable works for September’s Frieze, while auctions are gearing up for increased activity in September, anticipating demand from customers who missed out at the fair. Collectors may temporarily pause spending in August, waiting for the fair.
Artist Do Ho Suh ©Museum of Contemporary Art Australia, Sydney
Museums are also ramping up efforts for late August and early September exhibition openings. Significant events and exhibitions scheduled for August include the Busan Biennale (August 17 – October 20) and the solo exhibition “Do Ho Suh: Speculations” at Art Sonje Center (August 17 – November 3). Additionally, the “2024 Incheon Universal Art Fair (IUAF)” will be held from August 13-18 at Songdo Convensia Hall 1, aiming to explore new directions for the Incheon art market.
