From Sept. 2 to Sept. 5, Seoul hosted FRIEZE, one of the world’s top three art fairs. World’s attention was paid since it was the first time an Asian city played host. With 110 international galleries displaying works by iconic artist, the event saw a gathering of a number of VIP collectors, celebrities, and art loves. In consequence, the transaction scale of the four-day art fair is estimated at over one trillion won.
FRIEZE is planned to be held in Seoul for five years annually. As an aftereffect, the size of the Korean art market is expected to break the one trillion won mark for the first time next year. Considering that the scale was just 329.1 billion won in 2020, such rapid growth is indeed notable. Even though it still has a long way to go, Seoul is anticipated to grow as a new art hub in Asia.
Choung Yong-suk, the president of the Art Exhibition Organizers Association of Korea, shared his insights on why the global art market is paying attention to Seoul.
Choung and many other experts agree that hosting FRIEZE Seoul is in line with the international circumstances of surrounding countries. Hong Kong, which has served as a center of the Asian art market, is struggling due to an unstable economic and political situation. Moreover, China’s stricter standards for tariffs on artworks has hindered the entry of markets. According to Choung, controversies over the lack of transparency in the Chinese art market have also lingered.
He also pointed to high international expectations about Korean culture as another reason. K-pop, K-dramas, and K-movies have been a huge success overseas, and Korea is recognized to be very keen in creating and consuming trends. Choung, who has worked in the art industry for around 20 years, illustrated this with his experience.
When Choung brings overseas artworks and plans exhibitions in Korea, he decides the theme, divides sections, and designs souvenirs for the exhibition to meet the current trend and taste of audiences in Korea. Such projects get exported to Hong Kong, Taiwan, and Japan, which shows the belief in the trendiness of Korean culture.
Meanwhile, Choung said that the rise in the purchasing power of the “MZ generation” cannot be ignored for the rise of the Korean art market. Famous celebrities, like RM of BTS, are well- known art collectors and hence contribute to the popularization of purchasing artworks among the younger generation. In additions, young people have begun to appreciate the relatively stable investment value of artwork, which will enhance this phenomenon.
Choung also mentioned the donation of a number of priceless artworks to the state by the former chairman of Samsung Group, Lee Kun- hee, on his death. This enriched the Korean art reserve, and this cultural asset played a role in appealing to the selection of Korea as the host country of the fair. This is another moment when the cultural assets of a country attract the world’s attention and capital.
Both expectations and concerns exist with regard to the effect of the art fair along with the world’s attention.
Choung and art history professor Jung Ha-yoon agreed that FRIEZE Seoul is very encouraging as it has increased the exposure of Korean art and artists to the global market. Chances for artists to showcase their art to the broader world will naturally increase.
Domestically speaking, the entry of multinational galleries in Korea boosts public interest in art, leading to the purchase of artworks. Choung noted that the sale of artworks among the public, which do not necessarily have to be expensive ones, is a key factor in revitalizing art in Korea.
However, Jung revealed her concerns that the interest Korea is showing to art has the aspect of merely following trends. According to Jung, Korean people have tendency to buy artworks or visit exhibitions because it is a trend or they are popular on social media rather than being fans of art.
From a long-term perspective, it is necessary for the public to pay honorable attention to art. “It would be better if people go to FRIEZE not just because it is FRIEZE, but because his or her favorite galleries or artists are there,” Jung added.
Meanwhile, Choung emphasized the importance of governmental support for domestic artists for Korea to become an art-friendly environment, not only a mere spot for the market. Works by European artists still dominate the market, and there is a limitation for nation’s artists to achieve a certain level of exposure by themselves. Government management and marketing of Korean-based artists needs to be provided for them to receive greater appreciation.
Choung said in the case of China collectors willingly buy their domestic artworks, increasing the works’ value in the global market. In view of this, the government and collectors should not neglect their roles as partners of domestic artists.