Companies Become Pillars of Korea’s Art Scene: Funding, Sponsorships Grow
Creatrip Team
a month ago
Corporate support for visual arts in Korea has grown 2.5× over the last decade, reaching about ₩31.864 billion in 2024. Businesses and foundations now fund exhibitions, art fairs, and artist residencies and run programs like the Korean Mecenat Association’s “1 company–1 artist” (1기업 1미술작가) initiative, which links firms with emerging artists for multi-year grants. Major retailers such as Hyundai Department Store operate public art spaces (e.g., 현대어린이책미술관 — Hyundai Children’s Book Museum) and sponsor art fairs like KIAF; foundations and firms also back the National Museum of Modern and Contemporary Art through donations and long-term partnerships. Private support helps fill gaps left by limited government cultural budgets and lets companies pursue ESG goals, but industry voices call for improved tax incentives and policy changes to further boost philanthropy and develop Korea’s art ecosystem.
