Stagnant art market makes small players open their wallet rather than big players

‘Art Busan 2024’ was held at BEXCO in Busan from May 9th to 12th. Visitors to Art Busan examine the exhibits. Courtesy of Art Busan

“Big works by blue-chip artists struggled, while mid-priced works by younger artists were popular.”

This is a summary of the results of Art Busan 2024, the largest art fair in the first half of the year in Korea, which ended on May 12.

Art Busan, which was held amid a cold wind blowing in the global art market due to the economic downturn and high interest rates, drew attention as a "barometer" that can gauge the direction of the domestic art market. Although it attracted some 70,000 visitors, similar to the previous year, the downturn in the art market also affected Art Busan. The wallets of “big players” who purchase works by blue-chip artists for investment purposes were not easily opened, while mid- to low-priced works by emerging artists were actively traded.

This year, 129 galleries from 20 countries participated in Art Busan. Compared to last year (146 galleries from 22 countries), the number of participating galleries decreased. The absence of large galleries, such as Gallery Hyundai and Thaddaeus Ropac, reduced the liveliness of the fair. The vacancy was filled by the “Future” section which introduced works by young artists. Works by Miyu Yamada of Japan‘s Biscuit Gallery, Yoon Il-kwon of Outhouse, and Heo Soo-young of Hakgojae sold well.

At the VIP preview held at BEXCO in Busan on the 9th, there were fewer participating galleries than last year, allowing visitors to enjoy works in a more spacious space. Busan Mayor Park Hyung-joon and Jeong Do-ryeon, Deputy Director of Hong Kong’s Mplus Museum of Art, visited the venue.

Kukje Gallery showcased works by Anish Kapoor worth 1.3 billion won, as well as works by international artists, such as Candida Hoefer, Roshelle Ottoniel, and Julian Opie, and 23 leading Korean artists, such as Park Seo-bo, Ha Jong-hyun, and Kim Yoon-sh. On the first day, Kukje Gallery sold nine pieces, including Ha Jong-hyun's artworks worth 300 million won, Hugo Londinone's artworks worth 200 million won, and two works by Jean-Michel Otoniel, as well as works by Yang Hye-gyu and Lee Hee-jun. Jean-Michel Otoniel's artworks were popular with a total of five pieces being sold.

Overall, attention seemed to be paid to mid- to low-priced works rather than high-priced works of "Blue Chip Artists." Works worth hundreds of millions of won, such as those of Lee Woo-hwan and Kim Chang-yeol, were also displayed in the booth of OKNP Gallery, but there were not many inquiries, and sales were centered on mid- to low-priced works.

A gallery representative who participated in this year’s Art Busan said, “The high-priced works of masters that were sold at the fair in the past are not doing well. The mid- to low-priced works of young and established artists are mainly traded," adding, "Compared to previous years, major galleries are not participating and the overall art market atmosphere is not good, so the fair is also in a sluggish mood.”

It is also said that “art fair fatigue” has accumulated as a new art fair, ART OnO, was held following Galleries Art Fair 2024 in April, and the Daegu International Art Fair was held just before Art Busan. While the number of art fairs has increased, the number of wallets that collectors can open is limited.

An official from a major gallery said, “The overall atmosphere seems to be quieter than last year. It‘s partly because of the economy, and partly because there were so many art fairs in the first half of this year that collectors were scattered. Collectors are not always able to open their wallets every time.” She also added, “I feel that sales are slower than previous year. With the number of art fairs increasing, it seems necessary to strengthen the unique characteristics of Art Busan."

Some of the galleries had to manage their “happy face” with good sales performance. Hakgojae sold six works by Busan-based artist Kim Gil-hoo and six works by Heo Soo-young in the “Future” section, which introduced works by young artists. “I think it’s important for art fairs to understand the characteristics of the city and collectors and organize the booth according to them,” said Woo Chan-kyu, president of Hakgojae.

Peres Projects showed good performance by selling works by Paolo Salvador from Peru, Anton Munar from Denmark, and Lee Geun-min and Choi Yoo-jung from Korea. An official from the gallery said, “We are selling works every day, and we can‘t sell them because we don’t have enough,” adding, “The works of young artists with good prices were well received.” Biscuit Gallery from Japan, which visited Art Busan for the first time, participated in the “Future” section and achieved good results. All but eight of the 27 works by Miyu Yamada, an artist with a cute drawing style, were sold.

Jung Kang-ja‘s paintings on display at the Art Busan 2024 special exhibition ’Herstory‘. Busan | Lee Young-kyung

Meanwhile, Art Busan's "Herstory" section, which was planned by appointing an outside director Ju Yeon-hwa, a professor at Hongik University for the first time this year, drew attention. In the exhibition highlighting female artists representing the first generation of contemporary art, visitors can enjoy more than 60 works by 10 female artists from both East and West, including paintings by Yayoi Kusama, Kang Jung-ja, and Xiaolu.

The “Focus Asia: China” Section introduced leading Chinese artists based in Beijing. A large series of works by Zhu Jinx, known as the master of Chinese contemporary art, were exhibited.

Galleries Art Fair 2024, held at COEX in Seoul in April, also showed results that reflected the current situation of the art market. The festival, which attracted 58,000 visitors, was also dominated by works by emerging artists. Choi Ji-hwan, secretary general of Galleries Association of Korea, said, "The deal was focused on light works that suit the collectors’ taste rather than expensive works. As the U.S. continues to raise interest rates, art lovers seem to buy more artworks to display at their homes rather than for investment," adding, "Also, the base of collectors has expanded."

ART OnO, which was launched this year by Noh Jae-myung, a former collector in his 30s, as a “young and new art fair,” also attracted attention. A number of overseas galleries that were not introduced in Korea participated in ART OnO, which focused on introducing the works of young and emerging artists. From internationally renowned galleries, such as Maryan Ibrahim and Nicholas Krupp, to Tsutaya of Japan, the 37 galleries from 20 countries participating were either new to Korea or lesser-known. ART OnO, which was held for four days from April 18, seems to have got off to a good start, receiving reviews as a "substantial art fair." A gallery official who participated in ART OnO said, "The proportion of collectors was high among visitors. It was a good opportunity to find a new customer base."

※This article has undergone review by a professional translator after being translated by an AI translation tool.