23. Has Korea Survived the Hype? Frieze Seoul, Gwangju Biennale (with Vivienne Chow)

The Korean art market has evolved significantly since its 2022 peak, transitioning from speculative, rapid-growth behavior to a more mature, long-term engagement model. While the initial surge was fueled by favorable tax policies and a younger generation of collectors, the market has since contracted, yet remains substantially larger than pre-pandemic levels. International galleries are now embedding themselves locally through permanent spaces and collaborations, moving beyond transactional fair participation. Meanwhile, the Gwangju Biennale serves as a critical cultural anchor, recently emphasizing focused, artist-centric curation over expansionist models. Despite geopolitical tensions, such as the controversy surrounding the Taiwan Pavilion, the region is fostering deeper inter-Asian cultural dialogues. The rise of K-culture, including the global export of Korean talent and artists, further solidifies Korea’s position as a vital, interconnected hub within the broader Asian art ecosystem.