Frieze Seoul strengthens Asia's position in the global art market

Frieze Seoul has established itself as a significant hub for the Asian art market, with a growing presence of Asia-Pacific galleries. The fair, held at COEX in Gangnam, operates alongside Kiaf SEOUL, which is celebrating its 25th anniversary. Together, the events host approximately 300 booths.

While the fair has successfully raised Seoul's international profile and increased museum and auction attendance, the broader Korean art market has faced a contraction for four consecutive years. Despite this, the city benefits from a favorable tax regime, including customs duty exemptions on eligible original artworks and certain income tax exemptions for private sales and works by living Korean artists.

Industry professionals note that the fair provides critical networking opportunities and visibility, though questions remain regarding whether the increased international attention will translate into sustained market growth for the region.