Yoo Youngkuk Sets Frieze Seoul Record at 2.5 Billion Won... Korean Artists and Galleries Gain Prominence

1971 Work Acquired by North American Museum Board Member, Surpassing Ghenie's 1.7 Billion Won Record on Opening Day

Number of Korean Galleries at Frieze Rises from 31 Last Year to 57 This Year

Seven Domestic Galleries Publicly Reported First

On the second day of the fifth edition of Frieze Seoul, the top-priced artwork changed hands. Until the previous day, the position was held by the overseas blue-chip artist Adrian Ghenie. However, it has now been overtaken by Youngkuk Yoo, a master of Korean abstract art. The buyer was not a domestic collector but instead a member of the board of a North American museum. Among the works sold at this year's Frieze Seoul, a Korean artist has now achieved the highest price.

Youngkuk Yoo's 1971 work "Work" (137x137cm). It found a new owner at a minimum price of 2.2 billion KRW over three days at Frieze Seoul. International Gallery

According to Kukje Gallery on September 3, Youngkuk Yoo's 1971 painting "Work," exhibited at Frieze Seoul, was sold for between 2.2 billion and 2.5 billion won. This is the highest price among the sales at Frieze Seoul 2026 that have been publicly disclosed so far. The buyer is said to be a board member from a North American museum visiting Korea. Just a day after the previous record, set by Thaddaeus Ropac's Adrian Ghenie painting "Figure with Funerary Stele," which was sold for 1.1 million euros (about 1.7 billion won), Yoo's painting surpassed it.

It is also noteworthy that the buyer was not a private overseas collector, but an institutional figure involved in museum operations. With a special exhibition commemorating the 110th anniversary of Youngkuk Yoo's birth currently being held at Seo-Seoul Museum of Art, the growing international interest in Korean modern and contemporary art has translated into an actual purchase. Kukje Gallery also sold Youngkuk Yoo's 1979 work "Work" for between 600 million and 720 million won at Kiaf.

This year, the number of Korean galleries participating in Frieze has increased significantly. The number of domestic galleries at Frieze Seoul rose from 31 last year to 57 this year. Compared to just 12 in its inaugural event in 2022, the scale of participation has expanded greatly over the past five years. More than 40% of the 133 total participating galleries this year are Korean. Major Korean galleries such as Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, PKM Gallery, and Johyun Gallery are welcoming collectors side by side with major international galleries inside Frieze.

Results have followed. The combined first-day sales alone of seven domestic galleries that reported figures at Frieze exceeded a minimum of 5.1 billion won. While there was no ultra-high-priced transaction above 6 billion won for a single artwork as seen last year, works by Korean artists such as Kim Tschangyeul, Park Seobo, Lee Bae, and Lee Seungtaek were traded in a wide range of values, from tens of millions to over one billion won.

On the 2nd, visitors at COEX in Gangnam-gu, Seoul attended "Frieze Seoul 2026" and admired artworks. This is the 5th edition of Frieze Seoul, featuring 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 set up booths alongside Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, and Johyun Gallery. September 2, 2026 Photo by Jinhyung Kang

At Gallery Hyundai, a Kim Tschangyeul painting sold for 1.1 million dollars, while White Cube found a buyer for Park Seobo’s “Ecriture” series at 300,000 dollars. Johyun Gallery sold seven bronze sculptures by Lee Bae, each for between 50 million and 200 million won. At Kiaf as well, works by Youngkuk Yoo and Jean-Michel Othoniel at Kukje Gallery traded for hundreds of millions of won, and pieces by young artists in the tens of millions of won also found buyers.

Sales continued into the second day. Thaddaeus Ropac sold Tony Cragg’s large wooden sculpture “Ivy” for 360,000 euros, and Alex Katz’s works “Nine Women 2” and “Eleanore” each sold for $150,000.

At Gladstone, several 2026 paintings by Ugo Rondinone each sold for $70,000, and Keith Haring’s 1982 works on paper fetched prices of $200,000 to $275,000 each. On the opening day, 10 of Haring’s works on paper were bought all at once by a single overseas collector for a total of $2.5 million, drawing attention.

The buyers’ nationalities were diverse as well. Representatives from Thaddaeus Ropac stated that, starting from the first day, works were sold not just to Korean collectors but also to buyers from Malaysia, China, Hong Kong, and elsewhere in Asia, as well as Europe and the United States. This year, over 70% of all Frieze-participating galleries are based in the Asia-Pacific region.

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, Director of Frieze Seoul. Photo by Yonhap News

Visits from overseas museum and institutional leaders also continued. Simon Fox, CEO of Frieze, told reporters that more than 140 museum and institution representatives attended Frieze Seoul this year. He assessed these visits by professional collectors and institutional figures as positive factors for the Seoul market. Over 130 exhibitions are also taking place across Seoul this week, coinciding with Frieze.

Fox cited Seoul’s emergence as a nexus linking the Asian and global art scenes as the key achievement of the past five years. He noted, “The influence of Frieze Seoul extends far beyond the fair itself, spreading throughout Seoul,” and highlighted the expansion of the art ecosystem to include not only overseas galleries and collectors, but also museums and cultural institutions.

Frieze maintains that it does not judge the strength of the Seoul market solely based on one or two high-priced sales. Citing internal sales data, Fox said, “The market is clearly stronger this year,” but also stressed the importance of collectors finding galleries with works at a range of price points.

Beginning next year, the venues for the two fairs will be separated. Due to remodeling at COEX, Frieze Seoul will move to Dongdaemun Design Plaza (DDP) for 2027–2028, while Kiaf will remain at COEX. The partnership agreement between Frieze and Kiaf runs until 2031.

Frieze Seoul runs through the 5th, and Kiaf Seoul runs through the 6th. This year, Frieze Seoul features 133 galleries from 30 countries and regions, while Kiaf Seoul hosts 175 galleries from 18 countries.

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