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Art Market Overview: Seoul is Happening!

Published on , by Agathe Albi-Gervy

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.

  Art Market Overview: Seoul is Happening!
 

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.

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