Frieze Seoul, which kicked off this week, has emerged as a significant barometer for the art market’s health in Asia, offering a stark contrast to the current instability plaguing Western markets. The fair has illustrated a resilient and vibrant art scene in the region, with dealers showcasing a diverse range of artworks, including paintings, sculptures, installations, and videos. This mix highlights a willingness among collectors to engage with various media, even if some pieces do not traditionally sell as well.
Despite the variety, it’s notable that very few artworks exceeded $500,000, and many galleries chose not to disclose specific sale prices. Nonetheless, the fair has been marked by several high-profile transactions.
A major highlight was the sale of Nicolas Party’s painting, “Portrait with Curtains,” which fetched $2.5 million, making it one of the highest-priced works of the event. According to a Pace Gallery representative, “The gallery saw good sales, and the overall atmosphere was positive.”
Pace Gallery also reported other significant sales, including a 1988 painting by Lee Ufan that sold for $1.2 million and a Robert Indiana bronze sculpture for $550,000. James Koch, Executive Director of Hauser & Wirth, shared his enthusiasm, stating, “We are very happy so far.” He noted that the fair has exceeded expectations from last year, with a notable increase in both international and local Korean attendees.
In contrast, other major galleries such as David Zwirner and Gagosian were more reserved, not providing detailed sales figures or specific artist sales. However, PKM Gallery stood out with a notable $1.5 million sale of a Yoo Youngkuk painting, a prominent figure in Korean abstraction. This transaction underscored the high value placed on significant works within the fair.
Lee Bul’s art was also prominently featured, with Lehmann Maupin selling two pieces from her “Perdu” series for $210,000 and $190,000 respectively. Rachel Lehmann, cofounder of the gallery, remarked, “The energy at Frieze Seoul this year has been exceptional,” highlighting a strong presence of collectors from East and Southeast Asia.
Thaddaeus Ropac Gallery also experienced successful sales, including a 2021 painting by Lee Bul, which went for $190,000, and a Georg Baselitz piece sold for $1.1 million.
Ropac commented that while initial sales were slower compared to last year, it is too early to make definitive assessments about the fair’s overall success.
The bustling art scene in Seoul is not limited to Frieze, with numerous other events including Kiaf and the Gwangju Biennale contributing to the city’s vibrant art environment. Teó Cohen of Proyectos Monclova Gallery opted to participate in both the Seoul and New York art fairs, highlighting the growing significance of the Asian market.