Frieze is seeking to capitalize on the brand strength it has cultivated in Korea with the launch of Frieze House Seoul—a new permanent venue designed to host rotating gallery pop-ups in the heart of the Korean capital. The space will debut during the fourth edition of Frieze Seoul in September and will be located in Yaksu-dong, which, as of now, is up-and-coming but not recognized as a gallery or creative district.
The initiative builds on a format Frieze explored in London with No.9 Cork Street, which launched in 2021 and has so far proved to be a valuable platform for galleries seeking to grow their audiences in the U.K. and Europe. The new Seoul flagship will occupy a building originally constructed in 1988—a pivotal year in Korea’s modern history—and will be renovated by the Seoul-based architecture studio Samuso Hyoja, with lead contractor Our Labour. Conceived as a cultural hub, the space will feature site-specific installations by Kazuyo Sejima and Ryue Nishizawa of SANAA.
Kristell Chadé, executive director of fairs at Frieze, described the launch in a statement as “a natural and exciting evolution” of Frieze’s presence in Korea. “Seoul has become a focal point for the global art world, and this new space will allow us to foster deeper engagement with the city’s vibrant art communities throughout the year,” she said. “Our aim is to create new opportunities for galleries from all over the world to establish a presence in one of the world’s most dynamic art markets.”
While the move has likely been in development for years, it arrives at a moment when Korea’s art market has cooled considerably compared to the initial boom driven by collectors in the early years of Frieze Seoul. When the fair announced the 116 exhibitors for its 2025 edition, many international galleries had dropped out after mixed results in the previous edition. Among the blue-chip participants that have confirmed are Gagosian, Hauser & Wirth, Pace Gallery, David Zwirner, White Cube, Gladstone, Thaddaeus Ropac, Lehmann Maupin, Sprüth Magers and Esther Schipper. Korean galleries bringing work to the art fair include Gallery Baton, Gallery Hyundai, Jason Haam, Johyun Gallery, Kukje Gallery, P21, PKM Gallery and Whistle. Of this year’s exhibitors, Asia-based galleries make up 64 percent of the roster—up from 48 percent last year—signaling a clear regional shift in the fair’s profile.
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This raises questions about whether international, and particularly Western, galleries will still see value in bringing their programs to Seoul now that Korean collectors have eased back from the fervent buying that defined the fair’s launch. As power-dealer Tina Kim noted in a recent interview with Observer, Korea’s institutions remain active and well-funded by the government, but as the country emerges from a period of political turmoil following a failed coup attempt by former president Yoon Suk Yeol in December 2024, the question is whether newly elected president Lee Jae-myung will continue to prioritize art and culture in public spending. South Korea currently faces stagnant economic growth (around 0.8 percent), rising household debt, youth unemployment and mounting social anxiety.
The country’s export-driven economy has also been severely affected by global trade disruptions and now faces additional threats from rising U.S. tariffs. In response, President Lee has proposed a ₩30 trillion (approximately $22 billion) fiscal stimulus package and reforms aimed at reviving growth, with a plan that includes addressing the so-called “Korea Discount” in stock valuations by boosting dividends and tightening market governance.
Despite economic headwinds, Lee emphasized during his campaign that Korean culture—K-pop, film, food and TV—is a limitless global resource still in its early stages of influence. His administration hopes to continue leveraging this cultural soft power internationally while investing in foundational technologies such as A.I., renewable energy and biotech to support creative industries. This approach offers hope for renewed momentum in Korea’s cultural sector and, potentially, a rebound in the art market.
In April, just ahead of the New York edition of Frieze, the fair was acquired by former CEO and Hollywood power player Ari Emanuel, who purchased the brand for $200 million from entertainment giant Endeavor, which he co-founded. Having overseen Endeavor’s acquisition of Frieze in 2023, Emanuel is intimately familiar with both the brand’s potential and its recent challenges (including Frieze losing ground to rival mega-fair Art Basel). Whether Emanuel’s bold acquisition proves to be a smart move will depend on whether initiatives like Frieze House Seoul can revitalize and reposition the brand more competitively on the global stage.
