Ghenie Sold for 1.74 Billion Won, Gormley for 1.38 Billion... KIAF and Frieze Seoul Heat Up on Opening Day

KIAF and Frieze open at COEX with transactions exceeding 1 billion won on the first day

Ten Keith Haring works sell for a total of $2.5 million; high demand for pieces by Do Ho Suh and Yoo Youngkuk

New works by Korean artists, including Heem

"This year feels faster than expected."

On the 2nd, visitors at COEX in Gangnam-gu, Seoul, attending 'Frieze Seoul 2026' were photographing the bronze sculpture "Flowers Offering My Whole Heart to the Sky" (2018) by the recently deceased Yayoi Kusama. The price of this artwork is 4 million dollars (approximately 5.472 billion won). 2026.9.2 Photo by Jinhyung Kang

On September 2, KIAF Seoul and Frieze Seoul, which opened simultaneously at COEX in Gangnam-gu, Seoul, were bustling with domestic and international collectors and art industry professionals from the very first VIP preview day. Immediately after opening, visitors flocked to major gallery booths to ask about artwork prices or discuss purchases, and works ranging from tens of millions of won to those priced over 1 billion won quickly found new owners. Contrary to concerns surrounding the prolonged slump in the art market, the atmosphere on the first day was more vibrant than anticipated.

One of the most attention-grabbing sold works was the large-scale painting "Figure with Funerary Stele" (2026) by Adrian Ghenie presented by Thaddaeus Ropac. It was sold for 1.1 million euros, approximately 1.74 billion won. Antony Gormley's cast iron sculpture "HOLD" (2024) also changed hands for 750,000 pounds, about 1.38 billion won.

At the same booth, a painting by Marta Jungwirth sold for 170,000 euros (about 270 million won), Alex Katz’s "Study for Emma" sold for 150,000 dollars (about 200 million won), and David Salle's "Blue Trunks" sold for 220,000 dollars (about 300 million won).

Romanian star artist Adrian Ghenie’s large-scale painting 'Figure with Funerary Stele' (2026) found a new owner for 1.1 million euros (approximately 1.74 billion KRW). Tadeus Ropac.

Works by Korean artist Jung Heemin also quickly found buyers. "Siren Anemoia on the Wrecked Ship 6" sold for 24,000 dollars (approximately 33 million won), "Wetland Arising" for 28,000 dollars (about 38 million won), and "Arcadian Dusk 2" fetched 33,000 dollars (about 45 million won). The CEO of Thaddaeus Ropac noted that sales extended beyond Korea to collectors in Asia—including Malaysia, China, and Hong Kong—as well as Europe and North America, evaluating that Seoul Art Week has reached a new level of maturity.

Gladstone also saw strong sales of Keith Haring’s works. All 10 works on paper from 1982 were sold, making for a total transaction value of 2.5 million dollars, or approximately 3.4 billion won. The price per work ranged from 200,000 to 275,000 dollars.

Sculptures by Ugo Rondinone sold for 110,000 dollars (about 150 million won) each, and Andro Wekua’s "Rose" was purchased for 110,000 euros (about 170 million won). Anicka Yi's seaweed lighting artwork sold for 125,000 dollars (about 170 million won), Robert Rauschenberg's work sold for 200,000 dollars (about 270 million won), and a drawing by Matthew Barney changed hands for 110,000 dollars (about 150 million won).

On September 2nd, visitors to "Frieze Seoul 2026" held at COEX in Gangnam-gu, Seoul, admired the works of Koo Jungah. Now in its fifth year, Frieze Seoul featured 133 galleries from 30 countries and regions. Major global galleries such as Gagosian, Hauser & Wirth, David Zwirner, Pace, White Cube, Lehmann Maupin, and Thaddaeus Ropac, along with local galleries including Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, and Cho Hyun Gallery, set up booths. Photo by Kang Jinhyung, September 2, 2026.

Hauser & Wirth also recorded sales on the first day. Louise Bourgeois's bronze sculpture "Femme" was sold for 600,000 dollars (about 820 million won), and two large paintings by Lorna Simpson sold for 425,000 dollars (about 580 million won) and 400,000 dollars (about 550 million won), respectively. Angel Otero’s abstract painting "Sea Fans" sold for 145,000 dollars (about 200 million won).

Works by Korean artists were sold at several booths as well. Kukje Gallery sold Yoo Youngkuk’s 1979 work "WORK" for between 600 million and 720 million won. At the Frieze booth, works by Ha Jonghyun, Park Seobo, Lee Kibong, Kang Seogyeong, Julian Opie, Lee Kwangho, Park Jina, Kim Saeeun, Yang Haegue, and Koo Bohnchang found buyers, while at KIAF, works by Gilseong, Ahn Kyuchul, Hong Seunghye, Julian Opie, and Jean-Michel Othoniel were sold.

Seobo Park Ecriture No.221121 2022 Pencil and oil on Le Matin newspaper on canvas 100 x 69 cm, 39 3/8 x 27 3/16 in. White Cube

There was also strong interest in the works of Doho Suh. At Singapore's STPI, Doho Suh's 2025 silk drawing "Breathing Home" was sold shortly after the opening. Solo booths for Doho Suh, set up by both Lehmann Maupin and STPI, drew crowds of viewers. This trend coincided with his solo exhibition at the National Museum of Modern and Contemporary Art this year, illustrating how institutional interest has carried over into purchases at the art fair.

At White Cube, a late-period "Ecriture" by Park Seobo sold for 300,000 dollars (about 410 million won). At Hakgojae, a work by Lee Joon sold for 150 million won, and a painting by Song Hyunsook sold for 100 million won. At Gallery Hyundai, several works by Kim Tschang-Yeul and Lee Seung-taek were transacted, while at Johyun Gallery, four sculptures by Lee Bae were mainly purchased by American collectors.

On the 2nd, visitors at COEX in Gangnam-gu, Seoul, admired artworks at "Frieze Seoul 2026." Now in its fifth edition, Frieze Seoul featured 133 galleries from 30 countries and regions. Major global galleries such as Gagosian, Hauser & Wirth, David Zwirner, Pace, White Cube, Lehmann Maupin, and Thaddaeus Ropac, along with Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, and Johyun Gallery, set up booths. 2026.9.2 Photo by Jin Hyung Kang

Younger artists also saw sales. At Soluna Fine Art from Hong Kong, which participated in Frieze for the first time, a work by Park Jongjin, who received the Loewe Craft Prize this year, was sold for 46 million won. In the Frieze "Focus" section, works by artists such as Oh Myochio and Woo Hanna were purchased. At KIAF, Jung Jungyeob’s work from Gallery MIM sold for 22 million won, and work by Kwon Inkyung sold for 24 million won, each finding new owners.

This year, a notable characteristic of the first day was that sales were spread across various price ranges from tens of millions to hundreds of millions of won, rather than being concentrated only in a handful of ultra-high-priced pieces. Not only established big-name collectors in their fifties and sixties were active, but also new collectors in their thirties and forties stood out. Overseas collectors also came from a wide range of regions, including not only Korea but also China, Hong Kong, Malaysia, the United States, and Europe.

On the 2nd, visitors at "Frieze Seoul 2026" held at COEX in Gangnam-gu, Seoul, are appreciating artworks. This is the 5th edition of Frieze Seoul, with 133 galleries participating from 30 countries and regions. Major global galleries such as Gagosian, Hauser & Wirth, David Zwirner, Pace, White Cube, Lehmann Maupin, Thaddaeus Ropac, as well as booths from Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, and Johyun Gallery were set up. 2026.9.2 Photo by Gang Jinhyung

It is too soon to conclude that the art market has recovered based on the first day's sales alone. Actual purchasing decisions were made cautiously compared to the number of people viewing the artworks, and, unlike last year, there have not yet been consecutive sales of ultra-high-value pieces in the tens of billions of won. However, contrary to concerns that only crowds would gather and works would not actually sell, it is an encouraging sign that transactions are taking place across various galleries and price points.

Gallery representatives on site commented in unison, saying, "With the consistent influx of collectors in their thirties and forties, a culture of purchasing works according to individual preferences is clearly taking root."

This year, KIAF Seoul saw participation from 175 galleries across 18 countries, and Frieze Seoul from 133 galleries in 30 countries. Frieze Seoul runs until the 5th, and KIAF Seoul continues until the 6th. With both people and artworks in motion from the very first VIP day, whether this enthusiasm will carry over into the general admission period is expected to serve as an important test for the future direction of the stagnant domestic art market.

This content was produced with the assistance of AI translation services.