The third theme of《Korea Art Market 2025》focuses on the structural transformation of art fairs in Korea.
 
The report defines 2025 as “a turning point from a transaction-centered era to a relationship-centered one.” While total sales volume declined, shifts in participation methods and audience quality have become new driving forces in the market.

Growth in Scale, Deepening Polarization

The total transaction volume of major Korean art fairs in 2025 reached approximately KRW 168 billion, down 12% from the previous year. However, both the number of participating galleries and total visitors increased.
 
Notably, the VIP preview audience at the 2025 Korean Galleries Art Fair rose 30% year-on-year to 6,100 visitors, while Kiaf and Frieze Seoul attracted over 120,000 visitors combined—setting a new record.
 
The report interprets this as “structural expansion rather than monetary contraction.” While ultra-high-priced transactions decreased, mid-range works priced between KRW 100 million and 500 million, as well as works by emerging artists, saw increased sales, broadening the market base.
 
At the same time, polarization between major and regional fairs has intensified. Seoul’s large-scale fairs are pursuing globalization and luxury strategies centered on international collectors, while regional events such as Art Busan, Daegu Art Fair, and Jeju Art Fair emphasize locality and accessibility, demonstrating the resilience of domestic demand.
 
This development aligns with the “internal stabilization strategies” discussed in Part 2 of the report and signals a shift toward a domestically rooted ecosystem.

Art Fairs as Platforms of Experience

According to the report, the purpose of attendance has shifted from purchase to experience. 62.3% of respondents stated that they visited to “discover new artists rather than buy artworks.”
 
Additionally, content creation for social media (42%) and participation in talk programs and live performances (31%) surpassed purchasing as primary motivations.
 
Professor Hyunwoo Lee of Seoul National University’s Center for Cultural Policy Studies notes that “art fairs are no longer short-term sales events but experiential platforms where artists, galleries, and audiences co-create narratives.”
 
This evolution represents an “expanded form of exhibition,” showing how art is transforming into a social experience within the urban environment.
 
The proportion of MZ-generation collectors rose to 24.1%, highlighting a shift in perception from “places of purchase” to “spaces of participation.”
 
They increasingly engage not only in buying artworks but also in booth design, artist talks, and content production—positioning themselves as co-producers in the art ecosystem.

Kiaf and Frieze: Turning Points in Urban Infrastructure

In September 2025, Frieze House Seoul opened in Seoul’s Yaksu-dong district.
 
Modeled after London’s ‘No.9 Cork Street’, this space integrates exhibitions, seminars, residencies, and book talks into a permanent art hub—symbolizing Frieze Seoul’s evolution from a one-time event to a sustainable urban infrastructure.

Kiaf also introduced “Kiaf PLUS” in 2025, a new section dedicated to young galleries and emerging artists, along with zones for media art, NFTs, and AI curation.
 
Researcher Yerim Hong explains that “Kiaf’s strategy is shifting from following market trends to creating new demand structures.”
 
These expansions go beyond simple sales to reshape cultural and economic structures across cities. Seoul, Busan, and Daegu are each transforming into integrated cultural, tourism, and industrial hubs through their respective fairs.
 


Audience Data and Stay Time: The New KPI

A notable shift in metrics has emerged: from sales figures to engagement indicators such as average stay time, revisit rate, participation level, and social media impact.
 
At Frieze Seoul 2025, the average visitor stay reached 2.8 hours—up 45% from 2023—with 38% of visitors reporting they stayed longer than before.

This reflects the rise of “stay-based cultural consumption” as a new standard in the art market.
 
Researcher Minseok Kim from Seoul National University’s Business Research Institute comments, “Art markets must now measure relational density rather than efficiency. Art fairs are functioning not as trade floors but as network hubs.”
 


Tasks for Sustainable Art Fairs

Associate Professor Yeonhwa Joo of Hongik University identifies three key tasks for the sustainable development of art fairs over the next three years.

 
1. Strengthening support for small and mid-sized galleries.

As fairs grow larger, entry barriers for emerging and smaller galleries rise.
 
The report calls for practical support measures such as subsidized participation fees, tiered booth pricing, and dedicated sections for new galleries.
 
These policies are not merely financial aids but structural safety nets essential to maintaining diversity in the art ecosystem.
 
 
2. Building city-level art infrastructure linkages.
 
Art fairs must evolve from temporary events into long-term “cultural infrastructures” integrating art, tourism, and industry.
 
The report suggests city-level collaboration models involving municipal governments, museums, corporations, and the hospitality sector.
 
Such frameworks can transform fairs into “urban platforms that simultaneously expand local economies and artistic ecosystems.”
 
 
3. Establishing digital platforms for long-term data accumulation and openness.

The report emphasizes the need to reduce reliance on global platforms like “Ocula” and “Artsy” and instead develop domestic, data-driven art platforms.
 
This infrastructure is crucial for both international expansion and for maintaining the autonomy of the Korean art market.
 


Conclusion: Art Fairs as Market Hubs and Cultural Platforms

《Korea Art Market 2025》concludes:

“In 2025, art fairs have evolved from simple marketplaces to social stages where art and cities form relationships.”

Cities are transforming from sites of sale to sites of experience, and audiences from consumers to participants.
 
Through this shift, the Korean art market is transitioning from “the language of transaction” to “the language of relation.” To survive, art fairs must continue evolving into platforms where art, industry, and urban culture intersect.




Source (Download): Korea Art Market 2025 (Seoul National University Business Research Institute & Paradise Cultural Foundation, 2025).
Contributors: Minseok Kim (SNU Institute of Management Research), Yeonhwa Joo (Hongik University Graduate School of Arts Management), Yerim Hong (Researcher)