Seoul Art Week 2025
- hub asean
- Sep 29
- 5 min read
This analysis draws from Michele Chan's report in ArtAsiaPacific, supplemented by data from Art Basel & UBS market reports, Asian Development Bank research, and peer-reviewed academic studies.
The fourth edition of Frieze Seoul has revealed a fundamental shift in Asian art market dynamics that carries significant implications for cultural policy makers across the region. Rather than representing market decline, the fair's evolution from international showcase to regional hub demonstrates how sustainable cultural ecosystems can emerge when grounded in authentic regional networks rather than unsustainable global expansion.
The Numbers Tell a Regional Story
Seoul's transformation becomes clear through the data. Asian gallery representation surged to 64 percent, up from 48 percent in 2024 and just 35 percent in the fair's inaugural years. This wasn't simply a case of Western galleries choosing not to participate – established international players like Michael Werner, Karma, and Sadie Coles made strategic decisions not to return, while galleries from Tokyo (Ota Fine Arts), Hong Kong (10 Chancery Lane, de Sarthe), Beijing and Shanghai (Hive Center for Contemporary Art), and Yogyakarta (kohesi Initiatives) claimed their space.
The market rewarded this regional focus with substantive transactions. Mark Bradford's triptych "Okay, then I apologize" achieved $4.5 million – the highest price in Frieze Seoul's history. Works by George Condo reached $1.2 million and $1.8 million respectively, while a Georg Baselitz painting that sold for $770,000 in 2020 found a new home for $1.5 million. Korean modern master Kim Whanki's "Cloud and the Moon" (1962) crossed the million-dollar threshold at $1.4 million.
More telling than individual sales figures, however, was the performance differential across gallery scales. Mega galleries with Seoul presence thrived, while smaller international galleries faced mixed results. Shanghai's Linseed Gallery sold most works by Paris-based Chinese artist Liang Fu, and Hong Kong's Kiang Malingue nearly sold out their booth featuring Taiwanese artist Tseng Chien Ying. By contrast, Indonesia's kohesi Initiatives acknowledged that sales would "require time," and Taipei's PTT Space reported no deals by the third day.
Academic Research Confirms Regional Patterns
These observations align with broader academic research on Asian art markets. The most recent Art Basel & UBS Art Market Report shows global art sales declined 12 percent to $57.5 billion in 2024, yet transaction volume increased by 3 percent, indicating market democratization toward more accessible price points. The report documents that 44 percent of dealers' buyers were new to their businesses, with first-time buyer share reaching 38 percent.
A comprehensive bibliometric analysis published in March 2025 examined 676 research papers on Asian art from 1997 to 2023, identifying the Chinese Academy of Sciences, National University of Singapore, Griffith University, and Nanyang Technological University as leading research institutions. This academic infrastructure provides the intellectual foundation for the practical market developments we observe in Seoul.
Research by cultural economists at Renmin University and Tsinghua University documents the emergence of millennial and Gen Z collectors from finance, film, media, and technology sectors who focus on both contemporary art and historical treasures. These collectors, many educated overseas, return home with goals of building foundations and institutional collections while working closely with both domestic and international market players.
Regional Networks Replace Western Validation
The Seoul case demonstrates how mature regional art ecosystems can develop sustainable networks independent of Western markets. Cross-border institutional collaborations exemplify this trend: Antony Gormley exhibitions spanned Seoul venues (Ropac, White Cube) and Museum SAN in collaboration with Japanese architect Tadao Ando. Lee Bul's retrospective at Leeum Museum coincided strategically with her works' presentation at Frieze Seoul, where both pieces reportedly sold to an Asian foundation.
Korean masters continue providing market stability across mid-to-high six-figure ranges. Galleries including Kukje Gallery, Gallery Hyundai, PKM Gallery, Tina Kim Gallery, and Paris-based Mennour reported transactions for works by Lee Ufan, Park Seobo, Ha Chonghyun, Yun Hyongkeun, Chung Sanghwa, and Kim Tschangyeul. The timing proved strategic: Kim Tschangyeul's major retrospective at MMCA Seoul provided institutional validation that translated directly into market activity.
Strategic Implications for Cultural Policy
The Seoul data suggests several strategic directions for cultural policy makers across the region. First, seasonal coordination between major markets creates complementary rather than competitive dynamics. Seoul's September positioning provides natural progression from Hong Kong's March Art Basel, allowing for sustained regional circulation throughout the year.
Second, collector development initiatives yield measurable returns. Korean collectors maintained strong local support while Western collector presence declined, demonstrating how domestic cultural investment can sustain market activity during global uncertainties. The Arts Economics survey of over 3,660 high-net-worth individuals across 14 Asian markets found 91 percent optimistic about art market performance in 2024, up from 77 percent in 2023.
Third, institutional collaboration frameworks across borders amplify individual market effects. Museum partnership agreements, artist residency networks, and shared acquisition programs can formalize the type of cross-regional activity that already occurs organically around major events.
The Broader Economic Context
Seoul's experience must be understood against broader market contractions. The Korean art market declined from approximately $573 million in 2022 to roughly $350 million currently – a 30 percent decrease. Roughly 100 small galleries closed over four years, while international galleries including Peres Projects, König Galerie, and Various Small Fires shuttered their Seoul operations in 2025.
Yet strong cultural infrastructure and government support sustained artistic momentum despite these contractions. Seoul maintains one of Asia's most progressive contemporary art scenes through high-caliber institutional exhibitions, city-wide cultural initiatives, and dedicated government support. The emergence of artist collectives like ikkibawiKrrr and AfroAsia Collective, whose research-based and socially engaged practices were highlighted at SONGEUN, demonstrates continued innovation at the grassroots level.
Looking Forward: Regional Integration Over Global Competition
Michele Chan's analysis argues that market discourse should shift from anxiety about global competition toward prioritizing art, talent, and critical discourse through regional collaboration. As markets recalibrate to what she terms a "post-hype old normal," success requires genuine engagement with emerging artistic practices rather than reverting to established gatekeepers and safe artistic choices.
The Seoul case provides concrete evidence that regional consolidation offers more sustainable growth than Western-dependent models. The emerging intra-Asian art circuit – with its Tokyo-Seoul-Hong Kong-Shanghai backbone and growing Southeast Asian participation – suggests that cultural policy makers should focus on strengthening regional networks rather than pursuing unsustainable global expansion.
For ASEAN and APEC cultural economy initiatives, Seoul demonstrates how government investment in cultural infrastructure, combined with strategic fair positioning and institutional collaboration, can maintain artistic vitality even during market contractions. The 64 percent Asian gallery representation achieved in Seoul provides a benchmark for regional consolidation that other markets might adapt to their specific cultural and economic contexts.
The path forward involves building formal mechanisms for gallery exchange programs, coordinating fair calendars to maximize regional circulation, developing complementary rather than competitive positioning for emerging markets, and supporting smaller markets through capacity building initiatives. Seoul's experience suggests that authentic regional cultural networks, supported by appropriate policy frameworks, can provide more sustainable foundations for creative economy development than attempts to replicate Western market models.
Further Reading