Frieze Art Fair makes Asian debut in Seoul, tapping hot S.Korean market

SEOUL, Sept 2 (Reuters) – VIP company packed into Seoul’s COEX conference centre on Friday as the town grew to become the primary in Asia to host the Frieze Artwork Honest, which options works from over 110 galleries worldwide.

In a nod to South Korea’s millennials-backed artwork market, which is about for an additional record-breaking yr, the Honest – a closely-watched showcase of high works by up to date artists – moved for the primary time past its conventional venues of London, New York and Los Angeles.

“We’re thrilled to have now Seoul, the Korean artwork honest, as a part of Frieze. We have been positively lacking an Asian arm,” mentioned Simon Fox, chief govt officer of the Frieze group.

An artwork hub targeted on post-war and up to date works, South Korea final yr overtook Germany to rank the fifth largest market, in keeping with financial institution UBS and Artwork Basel’s Artwork Market Report.

Gross sales grew 180% to a report 922 billion gained ($680 million), Korea Arts Administration Service (KAMS) knowledge confirmed.

Causes for the increase embrace a rising curiosity amongst millennials, who usually see artwork as an funding alternative, in addition to a beneficial tax regime.

One 36-year-old collector, Seoul workplace employee Lee Younger-sang, has been saving up for the long-awaited honest, which opens to the general public on Saturday.

“I’m so completely satisfied to see wonderful … artwork works in a single place and have the chance to purchase,” Lee, who spends most of his disposable earnings on artwork and owns round 120 items, mentioned.

Artworks valued underneath 60 million gained are exempt from capital beneficial properties tax in South Korea and gross sales tax is levied at a comparatively low 22% on a most of 20% of the value.

Such components “positively encourage younger collectors to make daring investments,” tax accountant Kwon Min mentioned.

Using that wave, not less than 5 worldwide galleries have opened or expanded their floorspace in Seoul in 2021 and 2022.

They embrace international vendor Perrotin, which opens its second gallery house within the glitzy Gangnam district this week to coincide with the honest, and Thaddaeus Ropac, which opened its first final yr.

“(South Korea) has a tremendous infrastructure – well-educated public, nice academies, artists, museums and dedicated collectors,” mentioned Thaddaeus Ropac, founding father of the eponymous dealership which has galleries in London, Paris and Salzburg.

“(South Korea has) a surprisingly younger amassing technology, in all probability youthful than in Europe and America, which is …very thrilling for us.”

($1 = 1,356.9800 gained)

Reporting by Joori Roh; modifying by John Stonestreet

: .