In September, the art market showed signs of vitality, with large crowds attending Frieze Seoul and Kiaf Seoul, raising hopes for recovery. However, the excitement at these exhibitions did not translate into a broader resurgence in the art market. The domestic auction market has instead shown signs of retreat, revealing the shadow of stagnation hanging over the art sector.
According to the Korea Art Appraisal Research Center's '2026 Third Quarter Art Market Analysis Report' released on the 27th, the total sales at seven major domestic auction houses in the third quarter of this year amounted to 27.96768 billion won, a decrease of 10.82% compared to the same period last year. The auction success rate also fell from 55.1% to 50.4%, a drop of 4.7 percentage points.
While the number of artworks offered for auction increased, actual transactions declined. The number of submissions rose by 7.8%, from 4,296 pieces in the third quarter of last year to 4,631 this year, but the number of sold pieces decreased from 2,368 to 2,336, a decline of 1.4%. High-value transactions also saw a significant contraction. Last year, Lee Jung-seob's 'Cattle and Child' sold for 3.52 billion won, while this year's highest-priced piece, Yayoi Kusama's 'Pumpkin,' fetched only 780 million won.
This trend contrasts sharply with the successful atmosphere of last month's art fairs. Frieze Seoul attracted approximately 70,000 visitors from 54 countries, while Kiaf Seoul drew around 80,000 attendees. Reports indicate that international galleries sold Yu Young-guk's 1971 work 'Work' for between 2.2 billion and 2.5 billion won at Frieze Seoul. Gallery Hyundai also announced sales exceeding $2.3 million, including works by Kim Chang-yeol and Lee Seung-taek.
However, experts caution that the increase in visitors at art fairs does not necessarily correlate with expanded purchases. Jung Jun-mo, head of the Korea Art Appraisal Research Center, noted, "In Korea, there is a tendency to view domestic art fairs more as cultural events than as venues for art transactions. The key factor is not just how many people attend but how many actual purchases result from that attendance."
The sentiment on the ground is also challenging. A representative from a mid-sized gallery remarked on the current state of the art market, saying, "It's not looking good," and pointed to various factors, including cash flow and interest in artworks, that are affecting the market. At the art fairs, purchases have been more focused on mid-range and emerging artists' works rather than high-priced pieces, indicating a disparity in demand across price ranges.
Nevertheless, larger galleries with a stable collector base are maintaining relatively steady demand. A representative from a major gallery stated, "Collectors who consistently acquire artworks tend to make purchases based on the availability of good pieces from their desired artists rather than being swayed by market conditions. In contrast, auctions involve a competitive bidding process that can lead to price increases, which may deter buyers." This reflects the varying market temperatures based on customer bases and sales strategies amid economic uncertainty.
There is also a perspective that evaluating the success of art fairs solely based on immediate sales figures may be misguided. For galleries, even if sales do not meet expectations, art fairs provide opportunities to discover potential collectors and expand their long-term customer base. A gallery representative commented on this year's Kiaf Frieze Seoul, saying, "There were many visitors at our booth. Even if they don't purchase artworks right away, it can spark interest in the artists they encounter and lead to future purchases."
* This article has been translated by AI.
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