Korean Art Market Remains Stagnant; Auctions See High-Value Sales
Creatrip Team
2 months ago
A report from the Arts Management Support Center finds South Korea’s art market stayed in a slump this year, with 48.4% of surveyed gallery and art-fair professionals saying sales fell and only 9.7% reporting increases. More than half of those whose sales dropped reported annual revenue under 100 million KRW, and 88% blamed overall economic slowdown and reduced consumer spending. For next year, 56.1% expect sales to remain similar and 27.1% foresee further declines. Despite the broader weakness, the auction sector showed signs of recovery: through November, eight auction houses recorded a 16.6% rise in total transaction value year-on-year, driven by a small number of very high-priced lots. Notable sales included Marc Chagall’s Bouquet de Fleurs at 9.4 billion KRW (a domestic auction record) and other works surpassing 1 billion KRW, while total lots sold fell about 20%, indicating buyer caution. Experts say the rebound may be fragile and caution that clearer improvement may only appear by mid-2026.
