Dealers Are Betting on the Future of South Korea Despite Measured First-Day Sales at Frieze and Kiaf
Frieze Seoul opened its fifth edition at COEX in Gangnam in partnership with Kiaf Seoul, drawing heavy VIP attendance alongside biennial openings in Gwangju and Busan, though first-day sales were described as measured amid a broader market correction. Dealers said buying has become more cautious, with many works placed on hold and typical price points in the five- to six-figure range, with occasional four-digit sales. Thaddaeus Ropac, who has built a Seoul presence over five years, said Korean audiences are among the most sophisticated in Asia and noted growing cultural demand even as some collectors buy less than two or three years ago; his gallery recently opened a Georg Baselitz solo show following the artist’s death in April, coinciding with a retrospective at Seoul’s Sehwa Museum of Art. Adviser Gladys Lin, who works between Taipei and New York, observed increased participation by younger audiences that has not yet fully translated into purchases.
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