The art world landed in Seoul this week for the inaugural edition of Frieze in Asia, as the vibrant South Korean capital looks to position itself as the region's next art hub.
"Frieze looks to cities where there is a vast appreciation of culture," Patrick Lee, the inaugural director of Frieze Seoul, told AFP. Tim Schneider, art business editor of Artnet News, said the openings by major Western galleries like Pace, Lehmann Maupin, Perrotin and Thaddaeus Ropac, followed by Frieze, confirmed that Seoul had"levelled up" on the international art stage.Art admirers look at a guide map at the Frieze art fair, in Seoul, South Korea, Sep 2, 2022.
During this time, skyrocketing housing prices prompted many young South Koreans to seek alternate investment options such as stocks, cryptocurrency and, for some, artworks."Many young people tasted bitter losses from stock and crypto investments and artwork appeared a safe bet, especially after high-profile success cases," said Hwang Dal-seung, president of the Galleries Association of Korea.
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