Art Fairs Face Regional Shifts and Gallery Closures in 2025
In 2025, the global art fair scene faced some serious challenges, with many galleries shutting down and changes in regional participation. Tim Blum decided to close his galleries in Los Angeles and Tokyo, mentioning a major shift in the industry, even though he sold 85 percent of his space at Art Basel in Basel before the event. Taipei Dangdai, in Asia, scrapped its 2026 edition due to a 40-percent drop in exhibitors. Meanwhile, Frieze Seoul saw 40 galleries, including Michael Werner and Karma, not return, but the representation from Asian galleries grew from 48 to 64 percent. The Korean art market shrank significantly from around KRW 800 billion in 2022 to about KRW 500 billion, with many small galleries closing. In contrast, Art Basel Hong Kong thrived, showcasing more Asian-Pacific exhibitors than ever before.
Key facts
- Tim Blum closed his Los Angeles and Tokyo galleries in 2025
- Blum sold 85% of his Art Basel in Basel booth in advance but reported no meaningful conversations
- Taipei Dangdai canceled its 2026 edition after a 40% drop in exhibitors
- Frieze Seoul saw 40 galleries not return, including Michael Werner, Karma, and Sadie Coles HQ
- Asian gallery representation at Frieze Seoul rose to 64% from 48% in 2024
- Korean art market contracted from KRW 800 billion in 2022 to KRW 500 billion in 2025
- Art Basel Hong Kong had over half Asia-Pacific representatives, the highest to date
- Movana Chen's tapestry and Lu Yang's AI animation DOKU the Creator (2025) were featured in Art Basel Hong Kong's Encounters sector
Entities
Artists
- Tim Blum
- Movana Chen
- Lu Yang
Institutions
- Art Basel in Basel
- Taipei Dangdai
- Frieze Seoul
- Michael Werner
- Karma
- Sadie Coles HQ
- Peres Projects
- König
- Various Small Fires
- Art Basel Hong Kong
Locations
- Los Angeles
- Tokyo
- Basel
- Seoul
- Hong Kong
- China
- United States
- Europe
- Korea
- Singapore
- Asia-Pacific