What is the story about?
What's Happening?
The fourth edition of Frieze Seoul is taking place from September 3-6, 2025, amidst a challenging economic and political climate. The event, held at the Coex convention center in Seoul, features around 120 galleries, including major names like Gagosian and Hauser & Wirth. However, over 40 galleries from the previous year are not returning. South Korea has experienced significant political upheaval, including the impeachment of former President Yoon Suk Yeol and the election of President Lee Jae Myung. These events, coupled with economic downturns and new American tariffs, have created a climate of uncertainty in the art market.
Why It's Important?
The challenges faced by Frieze Seoul reflect broader economic and political tensions that impact the global art market. The fair's ability to attract new exhibitors despite these challenges indicates resilience and adaptability within the art community. The political and economic instability in South Korea could influence art market dynamics, affecting gallery participation and collector behavior. The situation also highlights the interconnectedness of global markets, where political decisions and economic policies in one region can have ripple effects worldwide.
What's Next?
As the political and economic landscape in South Korea stabilizes, there may be a gradual recovery in the art market. The new administration under President Lee Jae Myung could implement policies to support the arts and mitigate the impact of tariffs. Galleries and collectors will likely continue to adapt to these changes, seeking opportunities in emerging markets and diversifying their portfolios. The focus on sustainable growth and authentic cultural narratives may shape future trends in the art market.
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