Is South Korea Asia’s New Market Engine?
A new international premium fair and Western galleries opening up branches in Seoul are two signs that South Korea’s contemporary art market is booming. Seoul Auction, Seoul, September 2022COURTESY KOCIS, PHOTO SEOKYONG LEE / PENTA PRESS Is the Land of the Morning Calm reshuffling the deck of the global contemporary art market? According to Artprice, auction sales on the segment for fiscal year 2021-2022 in South Korea stood at nearly $66 million, with the capital experiencing an amazing 344% rise. “Not only has Seoul completely recovered from the health crisis,” the report says, “but it now ranks among the world’s