SEOUL, South Korea – VIP guests packed into Seoul’s COEX convention centre on Friday, September 2, as the city became the first in Asia to host the Frieze Art Fair, which features works from over 110 galleries worldwide.
An art hub focused on post-war and contemporary works, South Korea last year overtook Germany to rank the fifth largest market, according to bank UBS and Art Basel’s Art Market Report.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.
Artworks valued under 60 million won are exempt from capital gains tax in South Korea and sales tax is levied at a relatively low 22% on a maximum of 20% of the price.