Even Without a 10 Billion-Won Jackpot, Transactions Rise... Frieze CEO Says "Seoul Art Market Is Healthier"

On the first day, Ghenie sold for 1.74 billion won, Gormley for 1.38 billion won...

Widespread transactions from tens of millions to several billion won, including 10 Keith Haring works for 3.5 billion won

Simon Fox: "Based on Frieze's inter

There was no single blockbuster sale worth 10 billion won. Instead, works ranging from tens of millions of won to the 1 billion won range were sold evenly across several booths. Amid contrasting outlooks on the possibility of a recovery in the long-stagnant art market, Frieze assessed this pattern of transactions in Seoul this year as a sign of increased 'market soundness.'

Simon Fox, CEO of Frieze (left), is speaking at a press conference held on the 3rd at COEX in Gangnam-gu, Seoul. On the right is Patrick Lee, Frieze Seoul Director. Photo by Yonhap News.

Simon Fox, CEO of Frieze, met with reporters at COEX in Gangnam-gu, Seoul, on September 3 and stated, "The market is undoubtedly stronger this year." However, he clarified that this assessment is based on transactional data Frieze collected itself, not the overall art market. CEO Fox presented the diversity of price ranges and the number of galleries exchanging works—as opposed to the one-off sale of a single super-expensive piece—as an indicator of a healthy market.

The sales during the first day of this year’s Frieze Seoul also reflected this trend. Unlike last year, when a Mark Bradford piece sold for about 6.26 billion won at Hauser & Wirth and multi-billion-won deals were common, this year’s highest publicly disclosed sale was Adrian Ghenie’s painting "Figure with Funerary Stele" by Thaddaeus Ropac, which fetched 1.1 million euros (approximately 1.74 billion won). Antony Gormley’s sculpture "HOLD" was also sold for 750,000 pounds (about 1.38 billion won).

While there were fewer ‘jackpot’ sales of ultra-high-priced pieces, the breadth of transactions widened. At Gladstone Gallery, 10 works by Keith Haring were sold in one batch to an overseas collector for a total of 2.5 million dollars, or around 3.5 billion won. Works by Ugo Rondinone were sold for roughly 150 million won per piece. At Gallery Hyundai, a painting by Kim Tschang-Yeul went for 1.1 million dollars (about 1.5 billion won), while at White Cube, Park Seo-bo's "Ecriture" series found a new owner for 300,000 dollars (about 410 million won). Johyun Gallery also sold seven bronze sculptures by Lee Bae in a range from about 50 million won to 200 million won each.

On the 2nd, visitors to "Frieze Seoul 2026" held at COEX in Gangnam-gu, Seoul, are appreciating artworks. Now in its fifth edition, Frieze Seoul features participation from 133 galleries across 30 countries and regions. Major global galleries such as Gagosian, Hauser & Wirth, David Zwirner, Pace, White Cube, Lehmann Maupin, and Thaddaeus Ropac, as well as domestic galleries including Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, and Johyun Gallery, have set up booths. 2026.9.2 Photo by Kang Jinhyung

A similar trend appeared at Kiaf Seoul, held concurrently. Kukje Gallery sold Yoo Youngkuk’s 1979 work "WORK" for between 600 million and 720 million won, and a piece by Jean-Michel Othoniel also sold for around 600 million won. Works by emerging artists, priced in the tens of millions of won, continued to find buyers. Reports indicated that the number of visitors at the VIP preview on opening day rose more than 10% from last year, and there was a notable presence of collectors in their 30s and 40s as well as international collectors on site.

Thaddaeus Ropac reported that sales were brisk from day one, with works sold not only to Korean collectors but also to collectors in Malaysia, China, Hong Kong, across Asia, and in Europe and the U.S. The fact that demand was spread across countries and price ranges, and was not concentrated among one or two major buyers, aligns with CEO Fox's assessment.

CEO Fox explained, "It's a positive sign for mega-galleries to sell high-priced works, but it's just as important that emerging galleries are able to make sales at relatively lower price levels." This year, the ‘Masters’ section—dedicated to canonical modern and contemporary artists—was absent, and some major galleries did not participate, but Fox emphasized that securing collectors for each gallery, from newcomers to mega-galleries, was a more crucial structural factor.

The Frieze team also highlighted that over the past five years, Seoul has become more than just an art fair venue and is now an established hub for the Asian art market. CEO Fox evaluated that cultural expectations for Seoul have grown and that the scale and quality of the fair have both advanced. Patrick Lee, Director of Frieze Seoul, cited the fair's identity as a bridge connecting the global art world from its base in Asia as one of its achievements. This year, Frieze Seoul featured 133 galleries from 30 countries and regions.

On the 2nd, visitors attending "Kiaf Seoul 2026" held at COEX in Gangnam-gu, Seoul, are appreciating artworks. Marking its 25th anniversary this year, "Kiaf Seoul 2026," the largest art fair in Korea, serves as a leading platform connecting the domestic and international art markets alongside the growth of contemporary Korean art. This year, under the theme of "Coexistence," enhanced content is presented, including special exhibitions, artist support programs, talks, and classical performances. September 1, 2026 Photo by Jinhyung Kang

Next year, the landscape for Frieze Seoul will change significantly. Due to COEX’s remodeling, Frieze Seoul will be held at Dongdaemun Design Plaza (DDP) in 2027–2028, while Kiaf will remain at COEX. This will mark the first time since 2022 that the two events are held at separate venues. CEO Fox commented, "We're still happily married," emphasizing that the partnership with Kiaf remains unchanged. After the construction at COEX is completed, the possibility of hosting future events there will be reconsidered.

Since DDP offers less exhibition space than COEX, Frieze plans to expand its activities outside the main venue. Building on the fact that over 130 exhibitions and events took place throughout Seoul during Frieze week this year, organizers are considering further expanding citywide programs next year. In addition to "Frieze House Seoul," which opened last year, a Korean edition of Frieze magazine will be launched, aiming to operate Frieze’s Seoul activities year-round.

It is still too soon to claim the global art market downturn has ended. However, in Seoul this year, the gap left by the absence of ultra-high-priced tens-of-billions-won deals was quickly filled by a wide range of transactions in the tens-of-millions to several-billion-won range right from the first day. CEO Fox also cited not the highest sale price of specific works, but rather the broadening base of collectors and sales price ranges as the foundation for his outlook on market recovery. Frieze Seoul will continue at COEX through the 5th.

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