Art Market

Beyond China. Korea's potential

International galleries in Seoul for the third edition of Frieze to meet sophisticated local collectors, but also interesting new artists

Opere di Jinju Lee esposta allo stand di Arario Gallery a Frieze Seoul 2024, fotografia di Lets Studio. Courtesy of Frieze and Lets Studio.

6' min read

6' min read

There has long been talk of rewriting the history of female art, and now Asia too is rediscovering its female artists. These days in Seoul, at the height of Frieze Week, the MMCA museum opened the exhibition "Connecting Bodies. Asian Women Artists", which investigates the experience of the body in the art of 130 women from 11 Asian countries from the 1960s to the present, while a book "Korean Feminist Artists: Confront and Deconstruct" about Korean feminists, edited by the former director of Seoul's SeMA, Hong-hee Kim, is being released by Phaidon. It includes both young artists who are growing internationally such as Mire Lee, whom we will see at the Tate Modern's Turbine Hall in October, and Ayoung Kim, who last year won the Golden Nica of the Prix Ars Electronica, the most important award for media art, and this year the ACC Future Prize of the National Asian Cultural Centre in Korea, as well as artists who paved the way for Korean feminist art, such as Na Hye-Sok (1896-1948) and Chun Kyung-Ja (1924-2015), of whom a retrospective is currently being held at the SeMA.

Un’opera di Haegue Yang esposta allo stand di Galerie Chantal Crousel a Frieze Seoul 2024, fotografia di Lets Studio. Courtesy of Frieze and Lets Studio

Feminist art

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The rediscovery stems from the need to give visibility to the many female artists of the post-war generation who gave up their careers for their families. Their plight is well represented by the painter Jinju Lee (1980), who takes up ancient Korean techniques in terms of the abundance of detail and the use of pigments and brushes, but shows an iconography far removed from tradition, in which it is the man who paints male figures, hieratic, staring at the spectator. The women in his paintings cover their faces, suffering, often pregnant. Over the past five years, her fame has grown in Korea and now also abroad: in October she will be at the Yuz Museum in Shanghai, and important international galleries such as Esther Schipper and White Cube have already included her in group exhibitions. At Arario Gallery in Seoul, prices are still under $20,000.

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The same gallery represents another Korean woman undergoing a revaluation: Park Youngsook (1941), a pioneer of feminism and photography, a medium that does not have a long history in Korea, as it does in Japan, so she has remained unnoticed. The women in her shots oppose Asian beauty standards and show bodies marked by time, while the faces - again - are covered by large irons. In October we will see her at Frieze in London (prices under $15,000).

The Korean market

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But the Koreans are ready to embrace new art. The tradition of collecting has been rooted here since the mid-1980s and now there is a new generation that is very attentive. Frieze Seoul, the third edition of which takes place from 4 to 7 September, has given international momentum and, despite China's slowdown and global political-economic instability, wars are perceived as far away. Even the report 'Korea Art Market 2023' predicted relatively more conservative transactions with more rational prices for 2024, but the rich will not stop buying. On the contrary, it is seen as an opportunity.

"Quality works continue to sell well," said Patrick Lee, director of Frieze Seoul. "It is true that there is no sense of urgency to buy, but it is a global trend. For decades Koreans have been among the most important art buyers for the whole of Asia, but until a few years ago they sourced their art from local galleries, which imported international art, so they went unnoticed in the West. With travel and generational change, there has been an opening. There is great potential and as a fair we have worked a lot with the government and local institutions to strengthen the network and infrastructure'.

During the preview of the fair, galleries reported sales of works by Korean and international artists, including Baselitz (£1m for a painting at Ropac), Gormley (£550,000 for a sculpture at White Cube) and Avery Singer ($575,000 for a new painting at Hauser & Wirth).

Beyond China

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Also convinced of this is Magnus Renfrew, co-founder of The Art Assembly, which organises three fairs in the Far East: ART SG in Singapore, Taipei Dangdai and Tokyo Gendai. "Next year we will change the dates of the Tokyo fair so that it will take place in the week following Frieze Seoul, as happens with Frieze London and Art Basel Paris," said Renfrew on a visit to Seoul. "Historically, Korea and Taiwan have a very strong collector base, which has played an important role for all of Asia, including at auction. The rich population is expected to continue to grow, especially in Taiwan. Now that Europe and the US are not as strong, gallery owners are looking to this area, where there is huge growth potential. Also, as the economic situation in China is not so positive and collectors are not so active, they are looking more and more to other Asian countries'.

Even Gagosian, which is not yet based here, has appointed a Korean representative in Seoul since last year, and has now debuted with an exhibition by Derrick Adams at the headquarters of Amorepacific, a famous beauty brand.

Rebecca Moccia, Ministries of Loneliness, 2024. Veduta dell’installazione al Dong-gok Museum of Art, Courtesy dell’artista e del Padiglione italiano alla 15ª Gwangju Biennale, fotografia di Parker McComb

Italian Art in Korea

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But Italian art also has good visibility: the Embassy in Seoul celebrated it with the exhibition "Italy at Frieze" with a focus - here too - on women. Not only the historicised ones such as Dadamaino, Accardi and Erminia De Sanctis, but also contemporaries such as Marinella Senatore, Sabrina Mezzaqui and Rebecca Moccia. The latter is the protagonist of the Italian Pavilion at the Gwangju Biennial, which also opens these days, with a large seven-channel audio-visual environment in which she continues her research on loneliness in Korea, a country where the suicide rate is very high, partly due to the stress of competition to which young people are subjected (at Mazzoleni's prices 4-30,000 euro). Another artist who represented Italy in Gwangju last year, Camilla Alberti, is continuing her career in Korea with a solo exhibition at the Hyundai Museum of Kids' Books and Art and will soon be in residence at the National Museum of Art in Seoul (prices 2,000-20,000 € at the artist's). Pietro Facchini, represented by Art Noble Gallery in Milan, was included in the inaugural exhibition of the new Sister Gallery, a gallery of Parisian origin that has now opened a branch in Seoul.

Opere di Bonalumi esposte allo stand di Mazzoleni a Frieze Seoul 2024, fotografia di Lets Studio. Courtesy of Frieze and Lets Studio.

The encounter between Italian and Korean culture was very successful in the exhibition set up by Mazzoleni inside a hanok, the typical Korean house, with works by Salvo and a still life by Morandi set up on a small altar next to an ancient Moon Jar, a historical type of Korean vase that resembles the moon in shape and whiteness. The exhibition attracted a long line of people who entered, one by one, barefoot, to meditate in front of the Morandi. Also at the fair, the gallery found interest in Bonalumi, whose blue work from 2007 sold for around €100,000 during the preview, and in the works of Nunzio and the sculptures of Enrico Castellani, presented for the first time at a fair. There were also several Salvo's in foreign galleries such as Sprüth Magers and Gladstone, which sold two of them for $375,000 and $150,000.

Koreans in international galleries

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But a trip to Korea is not just about introducing artists to local collectors. The history of art here is long and rich and contemporary art production is also sophisticated. Western gallery owners are aware of this and include both historical names and young Koreans in their programmes, driving up prices.

For instance, Yoo Youngkuk, a pioneer of abstract art, whom Pace Gallery took abroad for the first time and during the Biennale also to Venice at the Fondazione Querini Stampalia. At the fair, PKM Gallery in Seoul, which continues to represent him, sold one of his paintings for $1.5 million.

Lee Jin-Woo, on the other hand, who paints meditative abstract works, entered White Cube, while Thaddaeus Ropac, who has been frequenting Seoul for years because of his working relationship with Lee Bul, took the youngHeemin Chung on the programme, whose canvas sold for $32,000. The artist was also selected by BMW, together with Alvaro Barrington, to create a Art Car in miniature. This is a new project of the German car company, which intends to make the famous Art Cars, which over the years have been made by famous artists such as Warhol and Rauschenberg, more accessible and, at the same time, wants to support the production of emerging artists. While Barrington was inspired by American culture, hip hop music, video games and Star Trek, Heemin Chung was inspired by the relationship between man and nature, creating futuristic insect species. At the presentation of the project at Frieze Seoul, one of the seven works immediately sold for € 6,500.

Opere di Anicka Yi esposta allo stand di Gladstone Gallery a Frieze Seoul 2024, fotografia di Lets Studio. Courtesy of Frieze and Lets Studio.

Korea in Paris and New York

Heemin Chung will also be included in an exhibition dedicated to Korean art that Maison Guerlain is planning in Paris during Art Basel Paris, significantly titled "Good Morning Korea, In the Land of the Morning Calm". The exhibition will investigate the artists' relationship with nature, technology and society, reflecting the diversity of Korean identity. Alongside her will be artists from various generations, such as Anicka Yi, Hyunsun Jeon and Lee Bul. The latter will be seen before that, from 12 September, on the façade of the Metropolitan in New York four new sculptures combining abstract and sculptural elements.

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