Amid volatile Korean economy, galleries at Frieze Seoul and Kiaf opt for cautious pricing and fresh faces

Frieze Seoul (running until 5 September) and the Korea International Art Fair, Kiaf (until 6 September), opened their fifth year amid South Korean stock-market volatility, currency fluctuations, and an upcoming venue change for Frieze. Galleries reported a more cautious sales strategy, emphasizing younger artists and more accessible prices, even as top-end transactions continued and South Korea’s auction sales nearly doubled year-on-year in the first half of 2026, according to the Korea Art Authentication and Appraisal Institute. Kukje Gallery reported the highest Frieze Seoul 2026 price to date with a 1971 Yoo Youngkuk painting selling for KRW 2.2–2.5bn (about $1.6m–$1.8m), and also sold a smaller Yoo work at Kiaf for KRW 600m–720m; by day two, Kukje said it had sold more than 30 pieces across both booths. Other reported sales included Thaddaeus Ropac’s Adrian Ghenie Figure with Funerary Stele for €1.1m, a Ghenie work on paper for €110,000, and Antony Gormley’s HOLD (2024) for £750,000, while Gallery Hyundai sold works by Kim Tschang-yeul and Seung-taek Lee priced from $170,000 up to $1.1m.

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