Frieze Seoul CEO: 'Ultra-high-price deals not the measure of success — Korean art market has grown stronger'

"I think the Korean art market has actually grown stronger."

Simon Fox, CEO of Frieze Seoul, offered an upbeat assessment of the fair and the broader Korean art market at a press conference held Thursday at COEX in Gangnam-gu, Seoul. His message: the health of the market should be judged by its overall condition, not solely by the volume of ultra-high-priced transactions.

Responding to observations that sales of works priced above 10 billion won ($7.3 million) — common in the early days of Frieze Seoul's launch in 2022 — have declined, Fox said the success of a market cannot be measured by whether one or two expensive works changed hands. "That would be good news too, but it does not represent the health of the entire market," he said. "What matters is the total sales across all 130-plus galleries, and by that measure we judged this year to be better." He added that galleries' reaction on Wednesday was that they were "happy."

Among the most notable changes at this year's fifth edition of Frieze Seoul, Fox highlighted a rise in institutional collectors.

"Looking at the trend over five years, institutional collector participation has been steadily increasing," he said. "This year, about 140 to 150 organizations took part, including museum curators. The level of interest from what you might call professional collectors is growing." He added that he was "very satisfied with the caliber of visitors."

Fox also said Frieze's own definition of success goes beyond simple sales figures. New encounters and relationships formed among galleries, artists and collectors are themselves outcomes of the fair, he said.

On the purchasing power of Korean collectors relative to other Asian markets, Fox said China and Hong Kong rank among the world's second- and third-largest art markets by scale and are bigger than Seoul in terms of volume. "But I find the Korean market far more interesting than China or Hong Kong," he said.

Frieze Seoul Director Patrick Lee reflected on the fair's five-year run, saying he believed it had demonstrated just how remarkable Seoul's cultural landscape could be. "It was also a rewarding experience to have cast new light on the city of Seoul itself," he said.

Lee added that becoming a platform representing a wide range of galleries, institutions and collectors was equally important. "Above all, it has been truly gratifying to build an identity as a fair rooted in Asia," he said.

Fox echoed that sentiment, saying Frieze Seoul's identity lies in its role as a bridge connecting Asia with the rest of the world. "To bring that identity to life, we rely on the unique characteristics of Seoul's own art ecosystem," he said.

Frieze Seoul will leave COEX next year and move to Dongdaemun Design Plaza as the convention center undergoes renovation work.

Fox said DDP is smaller than COEX but added that the organizers are exploring various ideas to create a broader impact across Seoul beyond the exhibition venue itself.

Whether the move to DDP will be temporary or long-term remains to be seen. With the COEX renovation expected to take at least two years, the plan is to assess the situation after next year's edition.

Fox drew a line under any suggestion that the relationship with Kiaf had changed. "We continue to enjoy a happy marriage with Kiaf," he said, adding that the separation of venues starting next year was not a choice Frieze made but an unavoidable consequence of the COEX construction.