The competition to put a red sticker on a masterpiece indicating it has been sold was more heated than ever.
The country’s largest international art fair Korea International Art Fair has been welcoming visitors since October 13th.
Around one-hundred-70 galleries from home and overseas are at the fair, and reportedly more than a hundred others that applied failed to qualify.
Galleries were not the only ones vying hard for a spot.
The KIAF has introduced a VVIP preview session, and all the tickets were sold out just in two days despite costing around 2-hundred-50 dollars each.
" The art sector is enjoying great popularity as people got more interested in art after the donation of late Samsung Group chairman Lee Kun-hee’s extensive collection. Generation MZ are also now considering artwork as property. We saw the highest profit in 2019 at 26 million U.S. dollars, this year we expect double that.”
Big-named international galleries such as Pace and Perrotin, along with Korea’s major galleries including Gana Art and Kukje were crowded with people looking to lay their hands on a masterpiece.
The fair boasted a wide variety of works from Korea’s own masters such as Park Seo-bo, Kim Tschang-yeul and Kim Whanki, as well as globally renowned artists like Jenny Holzer and Alexander Calder.
The founder of Perrotin art gallery, which was selling work by contemporary artist Takashi Murakami’s work, says he chose to come Korea even though the major art fair "Frieze" is currently going on in London.
For sure we have a big numbers of clients from all around the world, it is absolutely no comparison and particularly in Korea where you have a huge boom of new collectors started to collect recently. It’s very exciting.
"The art fair is also collaborating with the Frieze art fair for a joint show in Seoul which is to run for five years starting from September next year. It is expected to draw a huge inflow of international galleries and art collectors to the city."
Domestic art galleries and experts are seeing this as an opportunity to introduce Korean artists to the global art market.
"It is a great chance for the Korean art market to globally take a leap. As a participant gallery, we are looking to expand our client pool at home and abroad."
Enjoying growing popularity, the Korean art market is hoping to start a wave of K-Art.