Frieze Seoul closed its fifth edition on Sept. 5, drawing more than 130 galleries from roughly 30 countries to the COEX convention center in Gangnam, even as dealers and organizers acknowledged a more cautious mood in the Korean art market than in years past.
The fair, staged alongside the 38th edition of Kiaf Seoul, again drew heavily from the region: more than 70 percent of participating galleries are based in Asia-Pacific, and over 50 exhibitors keep permanent spaces in Seoul itself. But The Art Newspaper reported that this year's edition saw fewer international travelers than in 2025, part of a broader pullback tied to a volatile domestic economy.
Sales were led by Kukje Gallery, which sold a 1971 painting by the late Korean modernist Yoo Youngkuk for between 2.2 billion and 2.5 billion won (roughly $1.6 million to $1.8 million) — the highest price achieved by a Korean artist's work at the fair since it launched in 2022. Thaddaeus Ropac reported first-day sales of a new Adrian Ghenie canvas, "Figure with Funerary Stele," for €1.1 million, alongside a smaller Ghenie work and an Antony Gormley cast-iron sculpture that went for £750,000. Gallery Hyundai moved multiple works by Kim Tschang-yeul, known for his paintings of water droplets, in a range from $180,000 to $1.1 million.
Smaller works, younger buyers
Beneath the headline prices, dealers described a fair leaning toward lower price points and emerging names. Frieze Seoul director Patrick Lee said the market was "improving" but cautioned there was "still a lot of potential here" to realize. Kiaf creative director Kuho Jung pointed to a generational shift among buyers, noting that younger collectors "tend to have more limited budgets," which has pushed galleries toward emerging artists and more accessible pricing. One dealer, Alfred Kornfeld, said this cohort is "willing to discover new artists," with "stronger demand for smaller, more accessible works" than for blue-chip material.
The Art Newspaper also noted a liquidity dynamic running through the fair: some local collectors were said to be selling higher-value historical works to raise cash, even as they put money into younger, cheaper artists — a pattern dealers linked directly to the uncertain economic backdrop rather than any cooling of interest in Korean art itself.
Kukje Gallery said it had sold more than 30 pieces across both fairs by the second day, including works by Ha Chong-Hyun in the $253,000-to-$303,600 range and paintings by Park Seo-bo priced between $250,000 and $300,000 — steady, if unspectacular, business that dealers broadly characterized as resilient rather than booming. With Frieze Seoul and Kiaf now closed, attention in the region turns to Tokyo Gendai, which opens later this month.
