VIP guests gathered at Seoul’s COEX convention center on Friday as the city became the first in Asia to host the Frieze Art Fair, which features works from over 110 galleries worldwide.
In a move for South Korea’s millennial-backed art market, which is set for another record year, the Fair – a closely watched showcase of major works by contemporary artists – moved for the first time beyond the confines of his traditional London, New York and Los Angeles.
“We’re thrilled to now have Seoul, the Korean art fair, as part of Frieze. We’ve definitely been missing an Asian arm,” said Simon Fox, chief executive of the Frieze group.
An art center focused on postwar and contemporary works, South Korea last year overtook Germany to rank as the fifth largest market, according to UBS Bank and Art Basel’s Art Market Report.
Sales rose 180% to a record 922 billion won ($680 million), data from the Korea Arts Management Service (KAMS) showed.
Reasons for the boom include a growing interest among millennials, who often see art as an investment opportunity, as well as a favorable tax regime.
A 36-year-old collector, Seoul office worker Lee Young-sang had been saving up for the much-anticipated fair, which opened to the public on Saturday.
“I’m very happy to see amazing works of … art in one place and have the opportunity to buy,” said Lee, who spends most of his disposable income on art and owns about 120 works.
Artwork worth under 60 million won is exempt from capital gains tax in South Korea, and sales tax is levied at a relatively low 22% to a maximum of 20% of the price.
Such factors “definitely encourage young collectors to make bold investments,” said tax accountant Kwon Min.
Riding that wave, at least five international galleries have opened or expanded their space in Seoul in 2021 and 2022.
They include global dealer Perrotin, which opens its second gallery space in the glitzy Gangnam district this week to coincide with the fair, and Thaddaeus Ropac, which opened its first last year.
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