SEOUL, South Korea – The Frieze Art Fair returned to South Korea for a second year on Wednesday, September 6, with dealers hoping the event would provide a boost for the burgeoning local art market, after economic woes triggered a slump in sales this year.
South Korea’s art market reached 1 trillion won in revenue for the first time in 2022, according to data from the Ministry of Culture, Sports and Tourism. “I think it is sort of a natural evolution as collectors get a little more sophisticated and discerning.” “From around three years ago, young collectors started to show interest in the market. Celebrities and influential people also began collecting , which I think has had an impact.”
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