Despite a surge in available artworks, the domestic art market is facing a prolonged slump, with both auction sales and success rates declining. Auction houses are making efforts to attract buyers by showcasing artists highlighted in BTS RM's collection and resuming auctions in Busan after four years.
According to the Korea Art Appraisal Research Center's '2026 Third Quarter Art Market Analysis Report' released on October 25, the total auction sales from seven major domestic auction houses reached 27.96768 billion won in the third quarter (July to September) of this year. This marks a 10.8% decrease from approximately 31.35967 billion won during the same period last year. The success rate also fell from 55.1% to 50.4%, a drop of 4.7 percentage points.
While the number of artworks listed for auction increased from 4,296 to 4,631, a rise of 7.8%, the number of successful sales decreased from 2,368 to 2,336, a decline of 1.4%. This indicates that although more artworks are available, fewer are being sold.
The decline in high-value transactions has also impacted the market. Last year's third quarter saw Lee Jung-seob's 'Cattle and Child' sell for 3.52 billion won, while this year's highest-priced artwork, Yayoi Kusama's 'Pumpkin,' fetched only 780 million won. Some of the ultra-high-value transactions that supported the art market in the first half of the year did not occur in the third quarter.
Transactions remain concentrated among well-known artists and major auction houses. Seoul Auction and K Auction accounted for 86.6% of total auction sales. Artists with extensive sales histories, such as Lee Bae, Lee Ufan, Park Seo-bo, Kim Chang-yeul, and Park Soo-keun, were among the top-selling works. Online auction sales increased by 38.6% to 4.55953 billion won, but much of this growth came from curated auctions featuring specific artists or collections, suggesting that demand has not broadly expanded across the market.
A similar trend was observed at last month's art fair. At Frieze Seoul, the International Gallery reportedly sold Yoo Youngkuk's 1971 work 'Work' for approximately 2.2 to 2.5 billion won. Gallery Hyundai also announced sales exceeding $2.3 million (about 3.2 billion won) for works by Kim Chang-yeul and Lee Seung-taek. However, many experts agree that the sales of high-priced artworks by certain galleries do not indicate a general recovery in the art market.
As the slump continues, auction houses are actively seeking to secure demand. Seoul Auction resumed its Busan auctions on October 23 after a four-year hiatus, targeting local collectors. The auction featured 107 pieces, including works by Busan-born artist Kim Jong-sik, as well as modern and contemporary art and antiques.
K Auction is set to hold an auction worth 11.2 billion won on October 28 at its headquarters in Sinsa-dong, Gangnam. This auction will include 16 works by seven Korean artists, including Park Soo-keun, Yoon Hyung-keun, and Kim Chang-yeul, in connection with the exhibition of BTS RM's collection at the San Francisco Museum of Modern Art. Works by well-known artists such as Yayoi Kusama and Park Seo-bo will also be featured.
* This article has been translated by AI.
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