"A strong start."
The global art fair Frieze Seoul kicked off with a flurry of high-value sales on its opening day.
According to Frieze Seoul, on September 2, a painting by Adrian Ghenie sold for 1.1 million euros (approximately 1.7 billion won), while a sculpture by Antony Gormley found a new owner for 750,000 pounds (about 1.4 billion won). Among Korean artists, several works by Kim Chang-yeul were sold, priced between $180,000 and $1 million (up to about 1.5 billion won).
International galleries commented in a press release the night before that "the purchasing power in the Korean market remains strong."
Nick Simunovic, managing director of Gagosian, stated, "It was a powerful opening," noting that major works by Damien Hirst were sold to prominent collections. However, Gagosian did not disclose specific prices for individual transactions.
James Green, associate partner at David Zwirner, remarked, "The purchasing power in this region is still strong," while Rachel Lehmann, co-founder of Lehmann Maupin, added, "We sold a significant number of works on preview day, with many buyers being Asian, indicating that the Asian art market remains robust."
Sales data released by Frieze showed that Thaddaeus Ropac sold Ghenie's painting 'Figure with Funerary Stele' (2026) for 1.1 million euros, marking the highest price disclosed for an individual work on that day. Gormley's cast iron sculpture 'HOLD' (2024) was sold for 750,000 pounds.
Thaddaeus Ropac, the gallery's founder, noted, "The fair had a strong start with rapid sales. While many buyers were Korean collectors, there were also collectors from Malaysia, China, and Hong Kong, and some works were sold to European and American collectors."
Korean artists also saw active sales. Gallery Hyundai sold several works by Kim Chang-yeul and Lee Seung-taek during their duo exhibition. Kim's works were priced between $180,000 and $1.1 million (up to 1.5 billion won), while Lee's works ranged from $170,000 to $700,000 (up to about 900 million won). Frieze did not disclose specific sales prices for individual works.
White Cube sold Gerhard Richter's 'Fuji' for 625,000 euros (about 1 billion won). Two major works by Park Seo-bo also found new owners, with 'Ecriture No.221121' selling for $300,000 (about 400 million won). Another cast iron sculpture by Gormley, 'SMALL CLAIM,' was sold for 250,000 pounds (450 million won).
International Gallery sold Ha Chong-hyun's mixed media work 'Post-Conjunction 21-512' (2021) for between $253,000 and $303,600 (up to about 400 million won), while Park Seo-bo's 'Ecriture No.220611' (2022) sold for between $250,000 and $300,000 (up to about 400 million won).
Hauser & Wirth sold major works by Louise Bourgeois, Rona Simpson, Jenny Holzer, Jeffrey Gibson, and Ángel Otero for prices ranging from $185,000 to $600,000. At Leeahn Gallery, Lee Kang-soo's acrylic painting sold for 320 million won.
Gladstone sold several works by Keith Haring, each priced between $200,000 and $275,000 (approximately 270 million to 370 million won). At Cho Hyun Gallery, seven bronze sculptures by Lee Bae sold for between $40,000 and $140,000 (50 million to 190 million won).
David Zwirner sold works by Giorgio Morandi from 1942, as well as pieces by Alice Neel, Luc Tuymans, Ruth Asawa, Dana Schutz, and Michaël Borremans. A new painting by Lucas Arruda was sold to an Asian museum, but the transaction price was not disclosed.
Frieze Seoul runs until September 5.
* This article has been translated by AI.
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