Frieze Seoul 2025 Sees Regional Shift Amid Market Uncertainty

Frieze Seoul's fourth edition, held in collaboration with Kiaf, reported steady attendance of 70,000 visitors and 121 exhibitors, but saw a decline in Western galleries, with 40 not returning, including Michael Werner, Karma, and Sadie Coles. Asian gallery representation rose to 64%, up from 48% in 2024, with new participants like Tokyo’s Ota Fine Arts and Hong Kong’s 10 Chancery Lane. High-value sales included Hauser & Wirth's sale of Mark Bradford's triptych for USD 4.5 million to a private Asian collector, and Sprüth Magers sold a George Condo painting for USD 1.8 million. Korean collectors were prominent, while those from Hong Kong, China, the US, and Europe decreased. The fair's identity shifted from international to regional focus, reflecting a broader Korean market decline from 800 billion won in 2022 to 500 billion won, with around 100 small gallery closures in Korea and international spaces like Peres Projects closing in 2025. Amid debates on market health, Artnet News journalist Katya Kazakina's article "The Storm Hits the Art Market" sparked backlash, countered by collector Kenny Schachter's Instagram post. The event highlighted conservative collecting habits versus experimental art, such as works by Korean collectives ikkibawiKrrr and AfroAsia Collective at SONGEUN. Overall, the fair emphasized regional engagement over global hype.