Seoul has firmly established its position as a prominent global art hub, propelled by strategic partnerships and a dynamic market. The city’s ascent is notably marked by Frieze Seoul, which launched in 2022 and works in concert with the local Kiaf Seoul fair, a collaboration extended until 2031. This partnership recently drew significant attention, with the fifth edition of Frieze Seoul in 2026 attracting over 70,000 international visitors, while Kiaf Seoul’s 25th edition welcomed approximately 80,000, combining for a total of 150,000 attendees.
The Korean art market has experienced a notable evolution in its transaction landscape. While early Frieze Seoul fairs saw high-value transactions, the 2026 events signaled a shift towards a broader spectrum of buyers and price points, with an increased emphasis on overall transaction volume as a measure of market health. This evolution follows a period of significant growth, with the market achieving peak sales revenue exceeding 1 trillion KRW (approximately 870 million USD) in 2022, a substantial increase from 380 billion KRW in 2019. Despite a contraction to 615.1 billion won ($433 million) in 2025, industry insiders interpret this as a progression towards a more mature and diversified art ecosystem. Supporting this robust activity are favorable tax policies, including no tax on sales by living local artists and VAT exemption for unique imported artworks. Capital gains tax on artworks by foreign or deceased Korean artists is applied only to sales exceeding 60 million KRW and is classified as ‘Other Income,’ offering potential advantages by not combining with comprehensive income tax.
Seoul’s growing importance is further underscored by the influx of numerous blue-chip international galleries, such as Thaddaeus Ropac, Gladstone Gallery, Peres Projects, Pace, and Lehmann Maupin, which have either opened or expanded their operations in the city. Beyond commercial success, Seoul’s art scene is enriched by its diverse artistic heritage. The Dansaekhwa movement, Korean monochrome painting from the 1970s, emerged from post-war social upheaval, characterized by its minimalist aesthetic and meditative processes. Masters like Chung Chang-Sup, Park Seo-Bo, Lee Ufan, Yun Hyong-Keun, Chung Sang-Hwa, and Ha Chong-Hyun have garnered international acclaim, with their works achieving high prices at auctions and contributing to a re-evaluation of art historical narratives. Complementing this, a diverse group of contemporary Korean artists—including Kimsooja, Do Ho Suh, Haegue Yang, Lee Bul, Choi Jeong-Hwa, and Park Chan-kyong—are shaping the global art landscape through multimedia and experimental approaches. International exposure for Korean art is also expanding through museum exhibitions, with shows featuring the Lee Kun Hee Collection at the British Museum, BTS member RM’s personal collection at SFMOMA, and Dansaekhwa exhibitions at the Guggenheim and the National Museum of Modern and Contemporary Art of Korea.
A significant driving force behind the Korean art market’s boom is the ‘MZ’ generation (Millennials and Gen Z), who constitute the majority of new art buyers. These young collectors are digital natives, highly educated, and English-fluent, leveraging diverse sources like museum classes, YouTube, and social media for their art research. Their engagement is often influenced by celebrity collectors, such as BTS’s RM. MZ collectors are increasingly drawn to emerging Korean artists, partly due to more accessible price points and practical considerations, and they prioritize personal taste over prevailing market trends.
Seoul’s status as a leading Asian art capital is reinforced by robust support from both private and public sectors. South Korea boasts the third-highest number of private art museums globally, with major conglomerates like Samsung (Leeum Museum of Art), LG (LG Arts Center), Hyundai, and Hanwha (Centre Pompidou Hanwha) actively supporting cultural institutions. The South Korean government also fosters artistic growth through initiatives such as the ‘Art Promotion Act’ and funding for young artists. The Korea Arts Management Service (KAMS) provides grants and programs to promote Korean artists and galleries internationally, including support for participation in global art fairs and the publication of Korean art literature. Furthermore, government policies like the expanded ‘Culture Day’ initiative, which offers discounts and extended museum hours, have successfully increased public cultural participation by 71.1%, demonstrating a concerted effort to broaden access and engagement with the arts.