KIAF Returns Offline... MZ Art Collectors' Collecting Desire Explodes

Opening of Korea's Largest Art Fair KIAF
20th Anniversary with Simultaneous Online and Offline Events
Featuring Works from 170 Galleries Across 10 Countries
Early Purchase Available with VVIP Tickets

From Next Year, Collaboration with Global Brands Planned
If 'Frieze Seoul' Succeeds Following KIAF
'K-Art' Emerges as a Powerhouse in the Asian Market

David Salle's 'Tree of Life #8'. (Photo by Korea Gallery Association)

[Asia Economy Reporter Choi Dong-hyun] Korea International Art Fair (KIAF), the largest art market in Korea, opens on the 13th. Celebrating its 20th anniversary this year, KIAF has attracted great attention even before the event, with expectations that it will elevate the booming art market atmosphere recently confirmed mainly in the auction market to its peak. A key point of interest is whether the purchasing power of the MZ generation (Millennials + Generation Z), which has rapidly emerged as major players in the art market, will be confirmed once again. It is also expected to be an opportunity to glimpse Korea’s potential to leap forward as the center of the Asian art market.

MZ Generation’s Explosive Buying Desire Even Before KIAF Opens

"Is it possible to purchase KIAF exhibited works in advance? Or could you at least provide the list?"

An official from Gallery A located in Jongno-gu, Seoul, recently revealed that they receive dozens of such calls every day. He said, "Most of the inquirers are young people in their 30s and 40s," adding, "After rumors spread that some galleries were accepting pre-orders before KIAF, inquiries about purchasing works surged."

'Linear Expression' by George Condo, exhibited at 'Kiaf Seoul 2021'. (Photo by Korea Gallery Association)

The fastest way to purchase KIAF exhibited works currently is through a VVIP ticket. Previously, only VIP tickets existed, but this was introduced for the first time this year. VVIP ticket holders can enter from 3 p.m. on this day, one day earlier than the VIP viewing day (the 14th), and purchase works in advance. The Korea Gallery Association, which hosts KIAF, sold 100 VVIP tickets in advance at 300,000 KRW each. An association official hinted, "The limited VVIP tickets sold out within two days," and "80% of the buyers were in their 30s and 40s."

In art communities mainly active among young people, there are even talks of a ‘VVVIP’ tier preceding ‘VVIP.’ It is said that if you have good relations with galleries, you can be pre-assigned KIAF exhibited works. However, such networks are mostly dominated by the 50s and 60s generation. Because of this, young people are even calling galleries and putting in effort to purchase works. Due to the surge in related inquiries, some galleries have announced a policy to conduct sales only offline during the KIAF event period.

'Double Oliver' by Alex Katz, an entry in 'Kiaf Seoul 2021'. (Photo by Korea Gallery Association)

Offline Event After 2 Years... Will Revenge Buying Demand Explode?

Last year, KIAF was held only online due to the COVID-19 pandemic. However, this year’s 20th anniversary event will be held both online and offline simultaneously. Collectors visiting the offline market, reopened after two years, are attracting attention regarding how much they will express their long-suppressed collecting desires.

The scale of the event has also recovered to previous levels. At KIAF 2019, which recorded the highest sales performance of 31 billion KRW, 175 galleries from 17 countries participated. This year, 170 galleries from 10 countries worldwide will showcase paintings, sculptures, videos, and other works. Major domestic galleries such as Ghana Art, Gallery Hyundai, and Kukje Gallery, as well as overseas galleries with branches in Seoul like Pace, Lehmann Maupin, and Perrotin, have set up booths. Overseas galleries participating for the first time, such as Koenig, Esther Schipper, Perez Projects, and VSF, are also expected to elevate the atmosphere of the event.

The works displayed at the exhibition are also splendid. Works by Korean masters such as Kim Chang-yeol, Lee Kang-so, Park Seo-bo, Lee Ufan, Yoon Hyung-keun, and Seo Seung-won will be exhibited, along with works by contemporary artists attracting attention in the art world like Yang Hye-kyu and Kang Seo-kyung. Works by internationally renowned artists such as Jean-Michel Othoniel, Alexander Calder, George Condo, Barbara Kruger, Takashi Murakami, and Jenny Holzer can also be seen.

Takashi Murakami's 'Untitled'. (Photo by Korea Gallery Association)

Now It’s ‘K-Art’

This year’s KIAF carries another significance beyond its 20th anniversary. It serves as a stage to gauge whether Korea’s cultural and artistic industries, which have gained global prominence in music, drama, and film, can also conquer the ‘art’ sector.

The association plans to conclude the standalone KIAF event this year and collaborate with the world-renowned art fair brand Frieze from next year onward. An association official said, "This KIAF also serves as a trial run for ‘Frieze Seoul,’ scheduled for next September," adding, "We will thoroughly prepare by sharing various market data obtained from this year’s event with the Frieze side."

If this year’s KIAF is a great success and next year’s ‘Frieze Seoul’ also becomes a hit, Korea is highly likely to emerge as a rising power in the Asian art market. So far, Korea still lags behind Hong Kong, Shanghai, Taipei, and Singapore. However, recently, overseas renowned galleries that have taken note of Korea’s purchasing power are opening branches in Seoul one after another, indicating growing interest. Hwang Dal-seong, president of the Korea Gallery Association, said, "Korea has no customs duties or transaction taxes on artworks, and accessibility to Incheon International Airport and Seoul is excellent," adding, "We will strive to make the Korean art market a stage like Basel or Miami, inviting foreign collectors to introduce our artists."

Works exhibited in the 'KIAF 2021 Special Exhibition.' The Korea Gallery Association is displaying these works at Incheon International Airport Terminal 1 Transportation Center on Yeongjongdo, Incheon, ahead of the opening of 'KIAF 2021.' (Photo by Korea Gallery Association)

This content was produced with the assistance of AI translation services.