Cassi Young, Global Fine Art Director, and Amber Shaw, Head of Business Intelligence at Art Works Group, attended Frieze Seoul 2024 with a focused agenda. As the group continues to expand its global footprint, understanding key markets like South Korea is essential to their strategy. Cassi, in her role as Global Fine Art Director, was there to assess the quality and trends in contemporary and ultra-contemporary art, identifying opportunities that align with the group’s high-value offerings. Amber, as Head of Business Intelligence, aimed to analyse market data and gather insights into collector behaviour, pricing trends, and the competitive landscape in South Korea.

Their attendance was not just about observing the artworks but also about forging deeper connections with galleries, collectors, and industry players. By closely examining the Korean art market, they are ensuring Art Works Group can provide its clients with fresh opportunities to collect and invest in art, keeping them ahead of global market trends and unlocking new avenues for growth.

Key Highlights from Frieze Seoul 2024

Frieze Seoul 2024 brought together 117 galleries from 32 countries, showcasing an impressive array of both local and international talent. This year’s event marked a significant moment for South Korea as it ran concurrently with Kiaf, a local fair organised by the Galleries Association of Korea, featuring around 200 dealers. The alignment with major cultural events such as the Busan Biennale and Gwangju Biennale further underscored the country’s ambition to cement itself as a critical player in the global art ecosystem.

“There was a fantastic energy across the city during Frieze and Kiaf that was distinct to Seoul. The two fairs were undoubtedly the focus of the week, but all across Seoul there was an appetite to celebrate contemporary art with satellite events and major exhibitions for both Korean and international artists alike.” – Cassi Young, Global Head of Fine Art, Art Works Group

One of the standout observations from Cassi and Amber was the fair’s balance between emerging and established artists, particularly with an increased focus on Korean artists. The shift towards promoting both contemporary and historical Korean works reflects a growing international interest in South Korean culture. Several international museums have showcased exhibitions featuring Korean artists, a trend that Frieze Seoul reinforced.

The fair also revealed an optimistic approach by galleries, with many opting for attractive points compared to other global fairs like Frieze New York or London. Despite a challenging macroeconomic environment, collectors were actively engaging with galleries, signalling sustained interest. Frieze Seoul’s extended VIP hours further allowed for deeper, more meaningful engagements between collectors and galleries, highlighting the importance of relationship-building in Asia.

Emerging Trends Observed

1. Increased Focus on Korean Artists

One of the most prominent trends observed at Frieze Seoul was the heightened focus on Korean artists, both historical and contemporary. Galleries went to great lengths to showcase local talent, reflecting the rising international demand for Korean art. This was further underscored by the attention Korean artists are receiving globally, with major institutions like the Guggenheim and The Met commissioning works from Korean creators. For collectors, this represents an exciting opportunity to invest in artists whose profiles are rapidly expanding on the global stage.

2. Variety of Mediums

This year’s fair displayed an increased diversity in artistic mediums, with a notable rise in sculptures, installations, and textile works. These mediums, which often provide a more immersive experience for viewers, offered a contrast to the traditional focus on paintings. Anicka Yi’s solo exhibition at the Leeum Museum in Seoul, was a standout example of an immersive exhibition which showcased her biomorphic sculptures and installations which engulfed all of the senses. Textile and embroidered pieces, in particular, saw a strong presence, marking a shift towards more tactile and multidimensional forms of expression.

3. Affordability and Pricing Trends

Frieze Seoul also revealed a notable shift in pricing strategy. While major fairs in cities like New York and London often feature higher price points, Seoul's market displayed a more cautious approach. Few works exceeded the $500,000 mark, with many galleries opting not to disclose prices. This pricing trend is likely influenced by both the local market dynamics and the fair’s overlap with major events like The Armory Show in New York. For collectors, this presents an opportunity to acquire significant works at more accessible prices, especially from emerging artists.

Comparisons to Global Markets

Size and Scope

Compared to other major fairs such as Frieze New York and Art Basel, Frieze Seoul 2024 was smaller in size and had a different energy. With fewer galleries and lower price points, the event reflected a more measured approach by both exhibitors and collectors. This may stem from the fact that the Korean art market is still evolving, with a stronger emphasis on local talent compared to the global mix seen in New York and London. However, this does not diminish the fair’s importance; rather, it underscores the unique role Seoul is playing as a hub for Asian art.

Market Maturity

One of the most notable differences observed was the maturity of the Seoul market compared to more established art centres like New York and London. While these cities feature a broad range of international artists and consistently attract ultra-high net worth individuals, Seoul’s market is still largely driven by local artists, though this is gradually changing as the city’s global influence grows. According to Cassi Young and Amber Shaw, this positions Seoul as an intriguing destination for collectors seeking new opportunities and access to less saturated markets.

Relationship-Building in Asia

A key takeaway from Frieze Seoul was the importance of relationship-building in the Asian market. Gallerists and collectors emphasised that long-term engagement and trust are critical. Seoul’s art scene, in particular, benefits from this more personal, slower-paced dynamic. Extended VIP hours at the fair reflect this priority, offering greater opportunities for galleries to build meaningful relationships with collectors.

Key Takeaways for Global Collectors

Cassi Young and Amber Shaw’s insights from Frieze Seoul 2024 reveal key takeaways for collectors interested in expanding their portfolios. First, Seoul’s evolving market, with its increased focus on both contemporary and historical Korean artists, offers unique opportunities for collectors seeking to tap into fresh, emerging talent. As Korean artists gain recognition on the global stage, investing early in this market could yield significant rewards and offers the opportunity to support artists from an early stage.

The fair’s emphasis on diverse mediums such as sculpture, installation, and textile work also highlights a shift towards more experiential and immersive art forms, providing new avenues for collectors to explore. Additionally, the more accessible price points at Frieze Seoul compared to fairs in cities like New York and London presents an opportunity to acquire high-quality works at relatively accessible prices, especially for those looking to diversify their collections.

For Art Works Group, these insights reinforce the strategic importance of engaging with both emerging and established markets globally. Frieze Seoul stands out not just as a platform for art but as a hub for building meaningful relationships—an essential factor in navigating the Asian art market. As Art Works continues to expand its influence, the lessons from Seoul will help guide clients towards new opportunities and sustained growth in the global art landscape.