The 2027 edition of Frieze Seoul, which has established itself as Asia's leading art fair, faces an uncertain future. As a result, the blueprint to grow the Korean art market into an Asian hub centered on "Kiafrieze" is expected to encounter setbacks.
According to the art industry on Oct. 30, Frieze Seoul has not applied to rent the large exhibition hall at COEX in Samseong-dong, Seoul, for the art fair period scheduled for September 2027. The venue has become unavailable as COEX will undergo an 18-month renovation starting in July next year. The work is part of the Yeongdong-daero underground complex development, including the GTX transfer center in front of COEX, as well as underground connections and interior renovations tied to the construction of Hyundai Motor's new headquarters across the street. Since launching in 2022, Frieze Seoul has been held annually in Halls C and D on the third floor of COEX, while Kiaf has taken place in Halls A and B on the first floor. The renovation will close 60 percent of the total exhibition space.
Frieze's London headquarters said: "For now, we are focused on the successful opening of Frieze Seoul 2026. Based on our firm trust in Seoul, we intend to continue building Frieze's long-term future in this city."
The Galleries Association of Korea's Kiaf has been confirmed to have applied alone for COEX rental for next year's art fair, but whether it will actually take place remains unclear. COEX announced its rental application plan for next year's large exhibition hall on Oct. 24, but the schedule will only be finalized once applicants decide on contracts by early next month.
Lee Sung-hoon, chairman of the Galleries Association of Korea, remained measured in his comments. "The direction for the joint hosting of Kiaf and Frieze is firm, but the issue of the venue has emerged," he said. "We are discussing the matter with Frieze while also consulting with COEX, so nothing has been decided at this point." A senior association official familiar with Kiaf's internal situation, identified as A, said: "We have applied for the rental, but there is widespread skepticism about inviting audiences to an art fair held at a COEX that will be in disarray due to construction. We need to look into other spaces where joint hosting would be possible, such as Goyang KINTEX and Seoul DDP (Dongdaemun Design Plaza)." Another senior official, identified as B, explained: "At the Galleries Association board meeting scheduled for May 11, opinions are likely to converge on whether to hold the event at COEX as originally planned next year or move it elsewhere. Frieze will also need internal coordination with its headquarters."
Frieze, which has established itself as one of the world's two largest art fairs alongside Art Basel, began in London in 2003, building on the eponymous art magazine launched in 1991. It drew attention as an innovative art fair that set up tents in London's Regent's Park to create its space. After expanding to New York in 2012 and later to Los Angeles, Frieze chose Seoul as its first Asian destination in 2022 and has conducted a five-year joint hosting arrangement with Kiaf. In 2023, Frieze grew larger by acquiring New York's Armory Show and Expo Chicago. When Hollywood media mogul Ari Emanuel acquired Frieze last year, the Financial Times and other media reported it as "a $200 million big deal." In November this year, Frieze also announced that it would hold "Frieze Abu Dhabi."
Frieze Seoul successfully settled into the Korean art market by adopting the "one roof, two art fairs" system of joint hosting with Kiaf. At the same time, it drew key figures from the overseas art world, helping drive the Korean art market into the "1 trillion won era" and creating a foothold for Seoul to stand alongside Hong Kong as a hub for the Asian art market. Around this event, which even coined the term "Kiafrieze," the Seoul city government has linked cultural facilities and exhibition programs through "Seoul Art Week," while the central government has supported the sector by running the "Korea Art Festival" in September. The greatest achievements cited from the simultaneous hosting include an increase in overseas art world figures and VIP collectors visiting Kiaf, along with improvements in exhibition quality and artist discovery capabilities, all contributing to the spread of "K-art."
While Frieze is searching for a new venue, the prevailing outlook is that it will not be easy. The Seoul city government had previously proposed that Frieze hold some events at the Songhyeon Park site in Jongno-gu, but construction work will also begin in that area around the second half of next year. KINTEX stands out as the most likely alternative given its similarity to COEX, but critics note that domestic and international VIP collectors have low preferences for the venue. Considering Frieze's experimental approach to spatial management, symbolized by its tents, using outdoor spaces linking Gwanghwamun Square and Sejong Center would be possible, but weather conditions such as early September typhoons and securing convenience facilities pose challenges. The DDP, designed by world-renowned architect Zaha Hadid, offers high spatial appeal and accessibility, but would require unprecedented support at the level of a full-venue rental aligned with the event period. Though a minority view, some voices call for encouraging regional hosting to spread the "Frieze effect" nationwide.
Kim Tae-hee, head of Seoul's Culture Headquarters, said: "Concerns about the shortage of convention space in Seoul, a major city, have been raised for more than a decade. As long as Frieze Seoul's commitment to hosting is firm, we will actively help, from utilizing public squares to supporting venue rentals." This year, Frieze Seoul runs from Sept. 2 to 5 and Kiaf through Sept. 6 at COEX Halls C and D and Halls A and B, respectively.
