The Korean art market experienced significant shifts in 2024, with notable fluctuations in auction performance and art fair dynamics. In particular, the total hammer price in Korea’s domestic art auction market saw a 26% decline in the third quarter compared to the previous year, fueling concerns over an ‘art fair crisis.’ This decline reflected both structural vulnerabilities in Korea’s art market and the broader impact of global economic downturns. Despite these challenges, key art fairs have been actively seeking new strategies and transformative approaches, signaling a potential evolution rather than stagnation.

Kiaf SEOUL, Frieze Seoul, the Korea Galleries Art Fair, Art Busan, and Daegu Art Fair (DIAF) each responded to shifting market dynamics in unique ways, aiming to capitalize on new opportunities. However, critical issues persist. What were the key achievements and shortcomings of these fairs in 2024, and what direction should the 2025 art market take to navigate upcoming challenges?

Kiaf SEOUL: Progress and Limitations of Korea’s Homegrown Art Fair

Kiaf SEOUL made strides in 2024 by enhancing exhibition quality. The number of booths was reduced, while the selection criteria for participating galleries were reinforced, elevating the fair’s overall standard. Improvements in booth design and visitor flow also created a more refined viewing experience.

In collaboration with architect Jang Yoo-jin, Kiaf significantly upgraded its spatial layout, resolving prior issues of congestion and optimizing lighting and display settings to enhance the exhibition’s sophistication. By doing so, Kiaf positioned itself not merely as a marketplace but as a cultural venue integral to the art ecosystem.

Nevertheless, when compared to Frieze Seoul, notable disparities remain in terms of international influence and gallery composition. The lack of diversity in exhibited works and the relative inconsistency in the quality of mid-career and emerging artists remain points of concern. Additionally, the limited participation of major international collectors underscores the need for proactive promotion and stronger global networking initiatives.

Frieze Seoul: Strategic Refinements Amid Limited Spectacle

Frieze Seoul took a pragmatic approach in 2024, reducing the number of participating galleries while curating a more commercially viable selection of works. Unlike previous editions, which emphasized ultra-high-value blue-chip pieces, the 2024 fair prioritized mid-range works with higher sales potential, resulting in stable revenue figures.

The fair also attracted representatives from major institutions such as the Louvre Abu Dhabi, the Museum of Modern Art (MoMA) in New York, Tate Modern, and Hong Kong’s M+ Museum, thereby strengthening its global network. However, the reduced presence of major blue-chip artists left some visitors underwhelmed.

Despite its growing influence in the Asian market, Frieze Seoul has faced criticism for marginalizing local galleries. Additionally, concerns persist regarding its repetitive curatorial approach, with limited variation in exhibition formats year after year. Practical concerns, including inadequate visitor flow management and a lack of rest areas, further highlight areas for improvement.

Korea Galleries Art Fair: The Rise of Young Collectors and the Pitfalls of Commercialization

The Korea Galleries Art Fair successfully attracted young collectors by showcasing emerging artists' works at accessible price points (KRW 2–5 million). This strategy yielded strong sales and increased engagement from a younger demographic.

Notably, the inaugural Korea Galleries Art Fair in Suwon drew over 30,000 visitors, underscoring the potential of regional art fairs. This initiative served as a valuable experiment in expanding Korea’s art fair landscape beyond Seoul, with expectations for further expansion in 2025.

However, excessive commercialization was a point of contention, with critics arguing that artistic merit was often overshadowed by market trends. Some galleries focused heavily on character art and trend-driven imagery at the expense of more conceptually rigorous works. Moving forward, the fair must strike a balance between commercial viability and artistic integrity.

Art Busan: International Growth Versus Weak Regional Integration

Art Busan recorded over 70,000 visitors in 2024, cementing its reputation as one of Korea’s leading art fairs. Works by younger artists garnered significant attention, while major galleries such as Kukje Gallery, Peres Projects, and Whitestone Gallery reported robust sales.

A special exhibition titled Herstory shed light on pioneering female artists in contemporary art, enriching the fair’s cultural depth. However, critics pointed out Art Busan’s insufficient collaboration with regional museums and galleries. Moving forward, the fair must go beyond simply attracting international galleries and foster stronger connections with Busan’s local art community.

Daegu Art Fair (DIAF): Increasing Accessibility Amid Market Challenges

The 2024 Daegu Art Fair saw a surge in family visitors and introduced interactive programs, including children’s art workshops, live artist performances, and lecture series. These efforts contributed to a 20% year-on-year increase in visitor numbers.

However, sales performance fell short of expectations due to the global economic slowdown, leading to reduced demand for high-value works. The fair also struggled to attract participation from major galleries, limiting its market impact. Another key issue was the limited exhibition opportunities for local artists, highlighting the need for a more inclusive approach.

To strengthen its position, Daegu Art Fair should expand exhibition opportunities for regional artists and diversify price points to appeal to a broader collector base. Greater collaboration with local museums and galleries could also enhance the city’s overall art ecosystem.

Looking Ahead: Key Considerations for the 2025 Art Fair Market

With global economic uncertainties persisting, the 2025 art fair market will require more strategic adaptation. Art fairs must prioritize works with strong artistic merit rather than focusing solely on commercial appeal. Elevating curatorial quality is essential to maintain a balance between marketability and cultural significance.

Expanding the collector base will also be crucial. Rather than relying solely on established high-net-worth collectors, art fairs should actively engage with corporate collectors and potential new entrants to the market.

To enhance global competitiveness, attracting a diverse selection of high-caliber international galleries is necessary. It is not enough to simply increase foreign gallery participation; ensuring that exhibited works meet rigorous quality standards is equally important.

Regional art markets should receive greater support through long-term initiatives designed to nurture local artistic communities. Providing targeted programs and funding to promote regional artists and galleries can foster a more sustainable ecosystem.

Moreover, improving digital infrastructure is a pressing need. Many existing art fair websites lack comprehensive artist and artwork information, making navigation and discovery difficult. Strengthening online platforms with multilingual content and detailed exhibition details can bridge the gap between offline and online experiences, ensuring better engagement with international audiences.

As Korea’s art fair ecosystem evolves, addressing these key challenges will be critical to maintaining its resilience and global standing. By refining exhibition quality, broadening the collector base, and strengthening digital engagement, Korea can solidify its position as a leading art market in Asia and beyond.