Over the past five years, Seoul’s art market has undergone such a transformation that it now forms the decisive duo with Hong Kong for contemporary art sales in Asia, according to Artprice.
Its attractive tax system, the absence of import and transfer tax and exemption from sales fees with works by living artists with a value under 60M won (about €43,000) are all telling assets. By the end of 2021, South Korea was the 6th most dynamic country in the world, with an annual sales revenue of over $200 M (ahead of Italy, Switzerland, and Japan). And yet only 3,000 works were sold there last year. The Fine Arts sector posted a 310% increase in two years (and a 149% increase in the number of works sold), rising from $57.8 M to $237 M. This dynamic energy has led Frieze to set up in Seoul: its first edition (September 2-5) attracted 70,000 visitors, half-aged between 20 and 30.
Print the article
