The Galleries Art Fair, Korea's longest-running art fair and a barometer for the domestic art market each year, closed on January 12 at COEX in Samsung-dong, Seoul.
Now in its 44th edition under the Korea Galleries Association, the Galleries Art Fair is an event exclusively for domestic galleries, reflecting trends in Korea's gallery-centered art market. This distinguishes it from KIAF (Korea International Art Fair), an international fair held every September. This year's event saw a record 169 galleries participate, and opening day, which began with a VIP preview, drew approximately 4,500 visitors who formed long queues in an "open run" rush.
This year also featured a special exhibition commemorating the 50th anniversary of the Korea Galleries Association's founding, demonstrating solidarity between galleries and collectors. However, due to various factors including psychological dampening from the Iran conflict and oil price instability, transactions were centered on lower-priced works, with the exception of certain popular artists.
Kukje Gallery sold works by Julian Opie, familiar to Korean audiences, priced in the 90 million won range, as well as pieces by Kim Yun-shin, currently in the spotlight with a retrospective at Hoam Museum, and Jang Pa and Lotus Kang, who have left strong impressions through recent exhibitions. Gallery Skloe reported two ceramic sculptures sold by Shin Sang-ho, who held a solo exhibition at the National Museum of Modern and Contemporary Art last year. While many galleries reported sales, transactions exceeding 100 million won ($74,000) were rare. Meanwhile, trading was brisk for mid-to-low priced works, and booths such as Rho Gallery and Kidari Gallery, which strategically featured emerging artists' works priced under 1 million won, saw such heated interest that they expected to sell out.
Organizers also encouraged solo booths focused on individual artists, considering visitor demand for information about event characteristics and artist trends. Park Ryu Sook Gallery, which filled its exhibition with works by Patrick Hughes using optical illusions that make artworks appear to move, was crowded with visitors treating it like a "photo zone." Other popular booths included Hakgojae's Chae Rim, Gana Art's Moon Hyung-tae, and Artside Gallery's Kwon So-jin. Ye Hwa Gallery drew attention by spotlighting modern painter Lim Jik-soon, while Jean Art Gallery highlighted the late artist Kevin Wendell.
"Unlike KIAF Seoul, which is an international event, the Galleries Art Fair has always seen the most transactions for works priced around 5 million won," said one mid-sized gallery director. "As the art market kicks off in earnest this year, it serves as a venue where galleries strengthen their bonds while visitors and collectors examine their own tastes while seeking value."
