Entering the Mature Phase: South Korea’s Art Market
The 3rd edition of the Seoul Prize is set to open on September 4th amidst economic challenges in South Korea. The country is expecting a 2.5% growth in real GDP this year, showing a recovery from last year’s 1.7%. However, conservative-leaning President Yoon Suk-yeol is facing corruption allegations, with over a million Koreans signing a petition calling for his impeachment.
Art market researcher and columnist, Seo Jin-soo, observes a slowdown in the overall Korean art market this year. The launch of the 2022 Prize Seoul has sparked increased interest in the art market and raised expectations for overseas purchasing power. Despite the opening of new galleries, the market has faced difficulty in attracting collectors due to the pandemic and global economic downturn.
Short-term art investments in 2022 are declining, and high-priced artwork transactions at auctions have also decreased. Professor Seo anticipates a positive outlook and looks forward to the September art season.
Yoo Mi, in charge of business development at White Cube, emphasizes the sensitivity of the Korean art market to external factors, emphasizing the significance of September as a crucial quarter. Despite increased competition from overseas galleries and art fairs, Korean galleries and artists have contributed to the development of the local art scene.
Kim In-hye, a curator, warns that the influx of foreign galleries into Korea may have a significant impact on the local art scene, leading to intense competition in the market. However, Korean galleries are actively embracing new artists and fostering collaborations with foreign galleries.
Actions to nurture collaborative art ecosystems and create comprehensive platforms for contemporary art are ongoing between Korean institutions and the Ministry of Culture. Recent art legislations in Korea aim to enhance the art market and support local artists through various initiatives, including easing restrictions on the export of Korean artworks.
Overall, the Korean art market is showing signs of maturation, with global galleries actively engaging with Korean artists and exhibitions. The implementation of new regulations and supportive measures aims to steer the art industry in a positive direction.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.