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Is South Korea Asia’s New Market Engine?

Published on , by Virginie Chuimer-Layen

A new international premium fair and Western galleries opening up branches in Seoul are two signs that South Korea’s contemporary art market is booming.

Seoul Auction, Seoul, September 2022COURTESY KOCIS, PHOTO SEOKYONG LEE / PENTA P... Is South Korea Asia’s New Market Engine?

Seoul Auction, Seoul, September 2022

Is the Land of the Morning Calm reshuffling the deck of the global contemporary art market? According to Artprice, auction sales on the segment for fiscal year 2021-2022 in South Korea stood at nearly $66 million, with the capital experiencing an amazing 344% rise. “Not only has Seoul completely recovered from the health crisis,” the report says, “but it now ranks among the world’s new global contemporary art capitals, surpassing Tokyo, despite the latter’s 55% increase in growth.” South Korea ranks fifth in the world, just after France and ahead of Japan, Germany and Poland. On the Asian market, it seems to have checkmated the Land of the Rising Sun, moving into second place after China, where sales revenue has dropped…
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