Third Frieze Fair Marks Maturation of Korean Art Market
The third edition of Frieze Seoul is opening amidst economic and political challenges in South Korea. The country is projected to have a GDP growth of 2.5% this year, however, President Yoon Suk Yeol is facing corruption allegations. The Korean art market has been slow this year, with a decline in short-term profit-seeking investments and high-priced transactions. The art world is looking to the September season for positive news.
The art market in Korea is transitioning from rapid growth to maturity, with increased competition from international galleries. The influx of international galleries has driven growth and improvement among local galleries and artists. However, there are concerns about the long-term interest of Korean audiences in foreign art and the impact of increased competition on local artists and galleries.
Government funding and the implementation of the Art Promotion Act aim to foster a collaborative art ecosystem in Korea. The act includes measures to standardize art transactions and provide support for local artists. The implementation of artist resale royalties is expected to benefit artists, but there are concerns about the potential challenges it may pose for the struggling art market.
Overall, the Korean art market is facing challenges amidst economic and political uncertainties, but efforts are being made to support and develop the local art scene. The art world is awaiting positive developments in the upcoming months to see how the market will evolve.
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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.