Young-Guuk Yoo’s 2.5 Billion Won Sale Sets Frieze Seoul Record... Korean Artists and Galleries Gain Greater Presence

1971 'Work' Acquired by North American Museum Board Member

Ghenie's 1.7-Billion-Won Record Surpassed on Opening Day

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

First-Day Public Sales by Seven Korean Galleries Exceed 5.1 Billion Won

Ropac and Gladstone Continue Sales on Second Day

Over 140 Institutional Collectors From Overseas Visit Seoul

On the second day of the fifth edition of Frieze Seoul, the top-selling artwork changed hands. While works by international blue-chip artist Adrian Ghenie had led until the previous day, it was Young-Guuk Yoo, a master of Korean abstract art, who claimed the top spot. Notably, the buyer was not a domestic collector but a board member of a North American museum. Out of all the works sold at Frieze Seoul this year, a Korean artist achieved the highest price.

Young-Guik Yoo's 1971 work 'Work' (137x137cm). At Frieze Seoul, it found a new owner for at least 2.2 billion KRW over three days. International Gallery

According to Kukje Gallery on September 3, Young-Guuk Yoo's 1971 work "Work," which was exhibited at Frieze Seoul, was sold for between 2.2 billion and 2.5 billion won. This price is the highest among all sales publicly disclosed at Frieze Seoul 2026 so far. The buyer was revealed to be a board member of a North American art museum visiting Korea. The record was set just one day after the previous highest price, when Adrian Ghenie's painting "Figure with Funerary Stele," shown by Thaddaeus Ropac, was sold for 1.1 million euros (around 1.7 billion won).

It is also notable that the buyer was not an individual collector from overseas, 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. At KIAF, Kukje Gallery also sold Young-Guuk Yoo’s 1979 work "Work" for between 600 million and 720 million won.

This year’s Frieze also saw a significant increase in the number of Korean galleries. The number of domestic galleries participating in Frieze Seoul rose from 31 last year to 57 this year, a substantial expansion compared to just 12 at the inaugural event in 2022 over the five-year period. Over 40% of this year's 133 participating galleries are Korean. Major Korean galleries such as Gallery Hyundai, Kukje Gallery, Gana Art, Hakgojae, PKM Gallery, and Cho Hyun Gallery are welcoming collectors alongside leading international galleries within Frieze.

Sales performance was also strong. The combined first-day sales publicly reported by seven Korean galleries participating in Frieze exceeded at least 5.1 billion won. While there were no ultra-high-value sales exceeding 6 billion won for a single piece, like last year, works by Korean artists such as Kim Chang-Yeul, Park Seo-Bo, Lee Bae, and Lee Seung-Taek changed hands at various price points ranging from tens of millions of won to over 1 billion won.

On the 2nd, visitors at COEX in Gangnam-gu, Seoul, attending "Frieze Seoul 2026" admired artworks. Now in its fifth year, Frieze Seoul featured 133 galleries from 30 countries and regions. Major international 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 Cho Hyun Gallery, set up booths. September 2, 2026 Photo by Kang Jinhyung

At Gallery Hyundai, a Kim Chang-Yeul work sold for 1.1 million dollars, while Park Seo-Bo’s "Ecriture" series, presented by White Cube, found a buyer for 300,000 dollars. Cho Hyun Gallery sold seven bronze sculptures by Lee Bae, each priced between approximately 50 million and 200 million won. At KIAF, Kukje Gallery facilitated multi-hundred-million-won transactions for works by Young-Guuk Yoo and Jean-Michel Othoniel, while young artists' works priced in the tens of millions of won also found buyers.

Sales continued on the second day of the opening. Thaddaeus Ropac sold Tony Cragg’s large wooden sculpture “Ivy” for 360,000 euros, while Alex Katz’s "Nine Women 2" and "Eleanore" were sold for 150,000 dollars each.

At Gladstone, several 2026 paintings by Ugo Rondinone sold for 70,000 dollars apiece, and Keith Haring’s 1982 works on paper fetched between 200,000 and 275,000 dollars for each piece. On the first day, ten works on paper by Haring were purchased simultaneously by an overseas collector for a total of 2.5 million dollars, drawing considerable attention.

Buyers came from a variety of countries. Thaddaeus Ropac reported sales on the first day not only to Koreans, but to collectors from Malaysia, China, Hong Kong, as well as from Europe and the United States. Over 70% of galleries participating at this year’s Frieze are based in the Asia-Pacific region.

Simon Fox, CEO of Frieze (left), is speaking at a press briefing 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 representatives also continued. Simon Fox, CEO of Frieze, told reporters on this day that more than 140 museum and institutional officials attended Frieze Seoul this year. He evaluated the presence of specialized collectors and institutional representatives as a positive factor for the Seoul market. More than 130 exhibitions are taking place across the city this week in conjunction with Frieze.

Fox cited as a major achievement of the past five years the fact that Seoul has become a point of connection linking the Asian and global art worlds. He stated, "The impact of Frieze Seoul extends far beyond the art fair and spreads throughout the city," emphasizing the expanding ecosystem as museums and cultural institutions participate alongside international galleries and collectors.

The Frieze team emphasized that they do not judge the recovery of the Seoul market solely by a few high-priced transactions. Citing internal sales data, CEO Fox assessed, "The market is definitely stronger this year," but also stressed the importance of galleries in various price brackets meeting collectors well-suited to them.

From next year, the two fairs will be held at separate venues. Due to the remodeling of COEX, Frieze Seoul will move to Dongdaemun Design Plaza (DDP) for 2027-2028, while KIAF will remain at COEX. The collaborative agreement between Frieze and KIAF runs through 2031.

Frieze Seoul continues through the 5th, and KIAF Seoul runs until the 6th. This year, Frieze Seoul features 133 galleries from 30 countries and regions, while KIAF Seoul has attracted 175 galleries from 18 countries.

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