Frieze Seoul Gross sales Led by $2.5 M. Nicolas Celebration, $1.5 M. Yoo Youngkuk

Speak of a turbulent artwork market within the West has been met with indicators of progress in Asia. That each one made Frieze Seoul, whose opening was held this week, an necessary occasion for market observers, because it allowed them to take the temperature of the market in Asia.

One factor was clear: many sellers right here appeared keen to take dangers. Whereas fairly a couple of cubicles had been lined with work, as is widespread at artwork festivals, a quantity additionally contained sculptures, installations, and movies—mediums that aren’t at all times assured to promote as properly. Nonetheless, it’s additionally price noting that few works for bought above $500,000 and that many galleries stated they bought items with out disclosing the costs for them.

Sellers from the mega-galleries typically appeared optimistic throughout Wednesday’s opening. A consultant from Tempo, as an example, advised ARTnews that the gallery had seen good gross sales. Whereas there are actually nonetheless artwork market woes overseas, there was no purpose be upset in Seoul, the place gross sales had been “going sturdy,” the rep stated.

At its Seoul gallery, Tempo had simply opened a two-person present for the Summary Expressionist Mark Rothko and Lee Ufan, a Korean painter related to the Mono-ha motion. There have been no Rothko work at Frieze, however the gallery did have a 1988 portray by Lee that bought on Day 2 for $1.2 million. (That sale, like most others listed right here, is self-reported.) The day earlier than, Tempo bought a small bronze LOVE sculpture by Robert Indiana for $550,000, in addition to items by Yoshitomo Nara, Robert Nava, Kenjiro Okazaki (a brand new addition to the gallery’s roster), Kylie Manning, Mika Tajima, and Torkwase Dyson.

Hauser & Wirth government director James Koch echoed Tempo’s optimism, telling ARTnews, “We’re very joyful thus far.” He stated this yr’s version “exceeded what occurred within the final yr, and the power is superb.” Koch additionally famous a extra established worldwide viewers, in addition to a powerful Korean presence on opening day.

One of many honest’s highest-priced works bought at that gallery’s sales space: a 2021 portray by Nicholas Celebration, titled Portrait with Curtains, that went for $2.5 million to an Asia-based personal assortment. Different works bought by the gallery included a 2024 Avery Singer portray (for $575,000), a 2023 Henry Taylor portray ($450,000), a mixed-media work by Angel Otero ($285,000), and a 2024 Ambera Wellmann portray ($40,000), in addition to a 2024 Rita Ackermann portray and a sculpture and work on paper by Louise Bourgeois, each for undisclosed costs.

The opposite two mega-galleries, David Zwirner and Gagosian, had been additionally readily available for Frieze Seoul, however they had been shyer about sharing their gross sales figures. Neither gallery even reported which artists’ work they’d bought. Slightly than moving into specifics, the previous gallery issued a standard-fare quote from senior companion Christopher D’Amelio, who blandly spoke of Seoul as being “undeniably one of many Asian cities deserving of a world artwork honest of this caliber.”

One of many highest-priced works on the honest altogether got here not from a mega-gallery however from PKM, a veteran Seoul house that bought a $1.5 million portray by Yoo Youngkuk, an artist extensively thought of one of many pioneering abstractionists within the nation. That made the piece one of many only a few seven-figure works bought anyplace at this version of Frieze Seoul.

Not less than two galleries introduced work by Lee Bul, who will unveil her facade fee for the Metropolitan Museum of Artwork in New York subsequent week. One in every of her sellers, Lehmann Maupin, which maintains a location within the Korean capital, bought two works by the artist from her “Perdu” collection, one for $210,000, the opposite for $190,000. The gallery additionally bought works by different Korean artists it represents, like Do Ho Suh (4 drawings) and Kim Yun Shin (5 work and a sculpture), but it surely didn’t disclose costs. Works by Arcmanoro Niles and Chantal Joffe bought at decrease values.

In an announcement, gallery cofounder Rachel Lehmann stated, “The power at Frieze Seoul this yr has been distinctive. Koreans got here in full drive and we’ve had success putting works by our Korean artists, significantly with collectors from East and South East Asia, together with quite a lot of first time patrons from the area.”

Vendor Thaddaeus Ropac, in the meantime, had a current portray by Lee, Perdu CXIII (2021), which bought to a Korean collector for $190,000. The gallery additionally bought a 2023 Georg Baselitz portray for €1 million ($1.1 million), two abstractions by Martha Jungwirth for €300,000 ($332,261), a Lee Kang-So for ₩250,000,000 ($180,000),  and a David Salle portray for $50,000.

Ropac, who additionally operates a Seoul house along with three in Europe, stated in an announcement that he wasn’t anxious about how the honest would go by its conclusion and that Day 1 gross sales, whereas slower than final yr, weren’t essentially indicative of the honest’s market draw. He added, “It’s nonetheless early within the honest and it’s too early to come to any conclusions.”

One of many week’s most exhibitions in Seoul is by Anicka Yi, whose Leeum Museum of Artwork present simply opened. Gladstone Gallery, which has a presence within the metropolis, bought a number of of Yi’s mechanized, octopus-like sculptures for $200,000 every. The gallery additionally bought a number of work by Ugo Rondinone within the vary of $70,000 to $170,000, drawings by Keith Haring for $125,000 every, and two work by Salvo, one for $375,000, the opposite for $150,000.

A survey of different blue-chip galleries’ stories suggests a gentle crop of gross sales. White Dice bought a metal Antony Gormley sculpture for £550,000 ($724,000), whereas Lisson positioned a Hiroshi Sugimoto work for $406,800 and a Kelly Akashi sculpture for $55,000. Perrotin bought a Takashi Murakami portray for $600,000, and Kukje bought a Haegue Yang art work bought for throughout the vary of €41,000–€49,200 ($45,400–$54,500) and a Sungsic Moon canvas for throughout the vary of ₩54,000,000–64,800,000 ($40,400–$48,500).

Mazzoleni bought Agostino Bonalumi’s Blu (2007) within the area of $100,000. San Francisco–primarily based Jessica Silverman Gallery bought out its sales space consisting of 10 work sizes by Hayal Pozanti, a participant on this yr’s soon-to-open Gwangju Biennale.The biggest two bought for $65,000 every. The gallery’s namesake founder referred to as the honest a “triumph.”

For these right here in Seoul, there are actually no scarcity of occasions this week, between Frieze, Kiaf, the Gwangju Biennale, and numerous museum and gallery openings. Nevertheless, the increasing scope of the honest, taking place concurrently with New York’s Armory Present, has left many feeling the squeeze.

Teó Cohen, director of Mexico Metropolis’s Proyectos Monclova gallery, stated he had to choose between the Seoul and New York festivals. In the end, his gallery opted to do each, however Cohen may solely be at one, and he determined to make it to Seoul. With the Asian market persevering with to quickly develop, he stated, he felt it was extra vital to be in Seoul.