Korea’s Oldest Art Fair, Galleries Art Fair 2023, Opens April 13

The 41st Galleries Art Fair 2023 will be held from April 13 to 16, 2023 at COEX in Seoul. Hosted by the Galleries Association of Korea, the event is the oldest art fair in Korea. The exhibition has grown about 1.5 times from last year, with 156 galleries participating, the largest number ever. More than 900 artists are exhibiting and selling 10,000 paintings and sculptures. Last year, 143 galleries participated, with 53,000 visitors and sales of about USD 13.5 million (KRW 17.7 billion).

The 2023 Busan Annual Market of Art (BAMA) held in Busan in March was the first large-scale art fair held in Korea this year, attracting about 120,000 visitors. Although the number of visitors increased compared to last year, sales were estimated to be about USD 16 million (KRW 21 billion), down from about $19 million (KRW 25 billion) last year. Amid the overall wait-and-see stance, each participating gallery showed a large variation in sales. As a result, the art community is paying close attention to Galleries Art Fair 2023, which may predict the state of the Korean art market this year.

A noticeable program at this art fair is the “ZOOM-IN” special exhibition to discover new artists. The program will feature ten artists working in various genres such as painting, media, and installation. More than 480 artists applied through the contest. Min-ki Kang, Won-je Kang, Bo-min Kim, Jae-wook Kim, Yoon-ah Baek, Mo-a Son, Bong-min Shim, Hae-ban Lee, Jen-bak, and Yoon-guk Cho were selected. Among them, three people will be selected through visitor votes and screening by judges, and awards and prize money will be given out. In addition, the program has an official partnership with Porsche Korea and presents stories about each artist’s dreams and work through a theme called “Dream in Full Colour.” The program also plans to provide new artists with opportunities to enter the global market.

Additional events will also be held, with lectures for art lovers and collectors. Ji-hyun Lee, COO of “Culture and Arts for You,” will give lectures on topographic maps and trends in the art market for beginners; Se-hee Baek, a lawyer specializing in culture and arts, will give a lecture on legal common sense to be careful in purchasing and collecting art; and Joo-sam Kim, an expert on preservation and restoration, will give lectures on art restoration and proper storage.

In addition, a large number of major galleries and new members of the association will participate. Kukje Gallery will exhibit Hongseok Gim’s works, which have recently attracted attention in Art Basel Hong Kong. Gwangsoo Park’s work will be shown with Hakgojae Gallery, and Sangho Noh with Arario Gallery. Gallery Hyundai presents work by world-renowned master of monochromatic painting, Ufan Lee, as well as work by Sang-Hwa Chung and Kang-so Lee. Johyun Gallery presents a super-large mural of Jongsuk Yoon, and Leeahn Gallery presents Kun-Yong Lee’s pioneering avant-garde art.

Amid speculation that the Korean art market is in a period of adjustment due to the economic downturn, the Galleries Association of Korea has come up with support measures to revitalize the art fair and art market. The burden on sales was reduced by minimizing gallery participation fees. Through this, galleries were encouraged to showcase various works along with promotions of young artists. Additionally, all booths will be the same size so that small and medium-sized galleries can actively participate.

Dal-Seung Hwang, the president of the Galleries Association of Korea, said, “This year, gallery members of the association have joined forces to show better artists and high-quality exhibitions,” adding, “It will be an opportunity to find works of new artists that are difficult to find in other art fairs and collect works of various genres.”